TNA News: Bankdirect Capital Finance, LLC files lawsuit against TNA
The saga of lawsuits and insolvency just seems to go on and on for TNA. Yet another lawsuit has been filed against the company that has had its fair share of legal trouble .
According to Dave Meltzer of the Wrestling Observer Newsletter, this lawsuit is for $207,612.29 and it was filed by BankDirect against TNA on 29th September. BankDirect paid TNA $400,146.00 so that TNA could pay insurance premiums.
An agreement was made for TNA to give money back to BankDirect, but they are still $207,612.29 behind on paying them back. TNA was supposed to make ten monthly payments of $41,032.45.
The lawsuit was filed from Cook County, Illinois and the charges pressed are for late charges, interest and attorney fees.
TNA has lawsuits filed by the following parties:
Audience Of One production company – $223,000 plus interest and post-judgment costs
Billy Corgan – most of the lawsuit details are sealed
Bischoff-Hervey Entertainment – $114,500.02
American Express Travel Related Services Company – $269,040.50
Billy Corgan’s lawsuit reportedly demands that TNA proves that they are insolvent, a claim which TNA has refuted. Corgan has asked the judges to ensure that TNA proves their claims of not being able to pay their debts back.
Among other things, Corgan also demanded to know about the offer made by WWE to buy TNA which all happened under his nose. He also demanded to know the location of the TNA tape library that WWE is also potentially interested in.
There was a report that The Fight Network was willing to pay off the money owed to Corgan so that he can move on and the company can run as is. Rather bizarre, but at the moment they haven’t commented too much on the situation.
It wouldn’t be surprising to see more parties step forward with lawsuits against TNA.
Here is Dave Meltzer talking about the lawsuits situation
Jim Cornette too had his opinions on the whole debacle
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