It has been a very ugly state of affairs regarding TNA as of late. Not only have there been a number of lawsuits issued toward them this year alone, but it has been exposed that the company is notorious for defaulting on financial promises by just flat out not paying their creditors.
This issue has become so severe, that a person who has been in their corner, Billy Corgan, has turned on them due to falling victim to their gross mismanagement of funds and seemingly insurmountable level of debt.
As a result of TNA failing to pay him his loans issued to them this year, totalling nearly two million dollars, Corgan has been involved in a contentious legal proceeding against the company and feels duped that he has not been told everything that he should have as a President.
Corgan, who isn’t someone who uses Twitter on a frequent basis, has been sure to utilise this media stream as an outlet for his emotional vents regarding this case.
Most recently, Corgan gave an update on the status of TNA being ordered to pay him the money back from his loans by November 1. Apparently, the company has once again reneged on this promise.
This should not be a surprise, seeing how they owe so many companies money at this time.
FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge. Yesterday they asked for a day to 'get $ together'— WPC (@Billy) November 3, 2016
Upon which, (yesterday or today) they'd 'reach out directly' to settle ALL claims. So they lied again and have used the time as a weapon— WPC (@Billy) November 3, 2016
FACT: I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 pct. equity— WPC (@Billy) November 3, 2016
TNA losing the creativity of Billy Corgan could be one of the biggest mistakes the company has ever made. With spiking numbers generated from segments such as Final Deletion and Delete or Decay, the weekly Impact Wrestling show has somewhat thrived of late.
However, with Corgan only staying with the company for a short amount of time, one would have to wonder whether these angles would be attested to him and subsequently removed from television programming with his departure.
Moreover, with ideas such as Matt Hardy’s Total Nonstop Deletion being delayed due to the ongoing financial issues (according to comicbook.com), not only do these legal problems affect the direction of the company but most importantly, the fans.
Unfortunately, the more the company implodes, the less interest people have to support the brand, thus reducing overall viewers of the show.