In an update on the lawsuit filed by TNA Wrestling President Billy Corgan against TNA Wrestling, its parent company IMPACT Ventures LLC, TNA Wrestling Chairman Dixie Carter, her husband Serg Salinas and TNA Wrestling’s Chief Financial Officer Dean Broadhead, a report from PWInsider.com notes that during the telephone conference call regarding whether certain documents would be unsealed in the lawsuit Corgan brought against the above, it was decreed that the lawsuit and exhibits used to support it would remain under seal by the Chancery Court of Nashville, Tennessee until October 25th at 3pm Central time and that after that, it will be public record. Corgan’s attorneys will be allowed to file a redacted version of their lawsuit to protect certain materials from being brought to public light due to what Corgan has claimed is ‘sensitive information’ that could fall into the hands of competitors and that version will be released to the public on October 25th.

The report notes that the court has agreed that financial information in the suit should remain sealed under Tennessee State law, but that the agreements between the parties may fall under public information. The court also noted that additional filings in the lawsuit, from either side, would have any requests for material in those documents to be sealed and reviewed on a per document basis by the Court and that the next hearing in the case is set for October 26th, the day after the lawsuit would be unsealed. One of the documents unsealed was Corgan’s request for a temporary restraining order against the defendants, which was approved and is still active through the hearing scheduled for October 26th in Nashville, Tennessee before the Chancery Court. The request included the following passage, “As demonstrated in the memorandum of law filed herewith, plaintiff is likely to prevail on the merits of its claims because IMPACT Ventures LLC is insolvent, and as a result, plaintiff is entitled to exercise controlling voting rights in the company pursuant to an equity pledge agreement between the plaintiff, Ms. Salinas and IMPACT Ventures. Furthermore, if not enjoined, defendants’ conduct will cause irreparable hard to Plaintiff.”

The report goes on to state that the temporary restraining order was approved on October 13th, requiring Corgan to file a $25,000 bond, with Chancellor Ellen Hobbes Lyle writing, “Considering the motion and the verified complaint, in particular, the verified allegations concerning the insolvency of IMPACT Ventures at paragraphs 30-35 and Plaintiff’s authority and rights alleged in paragraphs 21-29, together with all the other papers and pleadings filed in this action, the Court finds that the Plaintiff’s rights are being or will be violated by Defendants, and that Plaintiff will suffer immediate and irreparable injury, loss, or harm before notice can be served and a hearing held.”

The order currently includes the following:

– IMPACT Ventures LLC is not allowed to take any action without the consent of the Plaintiff (Billy Corgan) obtained in accordance with the process set forth in the Operating Agreement of IMPACT Ventures and/or applicable law.

– TNA Entertainment LLC is not allowed to take any action without the consent of the Plaintiff (Billy Corgan) obtained in accordance with the process set forth in the Operating Agreement of TNA Entertainment and/or applicable law.

– Neither side shall ‘sell, assign, transfer and/or pledge IMPACT Ventures, its tape library and/or assets (except for transactions in the ordinary course of business) of IMPACT Ventures until further order of the Court.

For those wondering, what that means is that TNA Wrestling can’t create any new business deals, unless Corgan signs off on them, until the restraining order has been removed and that technically, the should not even be able to sign any talents to a new contract should one expire, unless Corgan gives the approval. The report also states that it is important to note that neither side can sell their ownership in the company, or even license the tape library to a third party unless the court signs off on it, putting TNA into a pretty hard position as this process winds its way through the court system and that it would also prevent Corgan from selling his claim to TNA to someone like WWE as an example.

The report states that while the lawsuit itself will remain sealed until next week, insight can be gained from Corgan’s motion for expedited discovery as in the United States court system, discovery enables the parties to know before the trial begins what evidence may be presented so that they can properly prepare for court and that the expedited discovery request notes that Corgan, Dixie Carter and IMPACT Ventures LLC entered into a Pledge and Security Agreement on August 11th and makes reference to an Operating Agreement for IMPACT Ventures that was executed on August 7th, but does not make reference to whom may have signed that Operating Agreement.

In the request for expedited discovery, Corgan has requested that TNA Entertainment LLC, its parent company IMPACT Ventures and TNA Wrestling Chairman Dixie Carter admit that IMPACT Ventures is insolvent as that term is used in Section 7 (e) (i) of the Pledge Agreement, admit that Corgan notified you of the occurence of an Event of Default under Section 7 of the Pledge Agreement on September 29th, 2016, admit that Corgan currently has the right under the Pledge Agreement to exercise the voting rights associated with your equity interest in IMPACT Ventures LLC, admit that Corgan has the right under the Pledge Agreement and the Operating Agreement to remove the managers of IMPACT Ventures and replace them with the designees of Corgan’s choosing and that if the Defendants do not admit the above, then they are being asked to hand over all documents related to IMPACT Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1st, 2016 to the present, all documents sent to or received from World Wrestling Entertainment or any of its representatives from January 1st, 2016 to present and all documents sent to or received from ANY third party regarding that third party’s potential acquisition of IMPACT Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity.

The report notes that all of this helps to add context into why Billy Corgan filed the lawsuit on October 12th, but notes that the full story won’t become available until the lawsuit is unsealed on October 25th.