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News From TNA Lawyers At Hearing: TNA Cash Flow Problems And Tax Issues, Billy Corgan’s Loans, More
- Updated: October 26, 2016
As noted, there is a hearing this afternoon between Billy Corgan and TNA at the Chancery Court in Nashville, TN. Nate Rau of The Tennessean is at the hearing, and live tweeted ( @tnnaterau ) the following from the hearing from TNA attorney Travis Parham:
* Parham called the lawsuit a scheme by Corgan to force out Dixie Carter and take over the company.
* Parham said the lawsuit has created a creditor crisis and hurt their financial standing.
* He called TNA a “valuable, well known commodity.” It was noted that Carter owns 92.5%, Anthem owns 2% and Aroluxe owns 5%.
TNA has good will, notoriety, merchandising, licensing and is an international brand.
— Nate Rau (@tnnaterau) October 26, 2016
* Parham said that TNA anticipated short terms cash flow problems. He argued that TNA knew its business model would be a challenge.
* He argued that Corgan gave a loan that could be transferred to equity. He said that Corgan lent more money in July and had the right to convert the loan to 12.5 % interest.
* Parham argued that TNA is not insolvent.
* Corgan provided a third loan in August, and Parhan argued that the loans were opportunistic to benefit himself.
He says …
