The saga of Billy Corgan’s $1.8 million loan to fund TNA on three separate occasions continues to play itself out in the Twitter-sphere.
As noted yesterday, Corgan has asserted that Anthem Sports and Entertainment has not yet reimbursed him for the debt. Per the public record of the hearings that happened on this case, Anthem was prepared to reimburse Corgan on November 1, but had since asked for additional time to gather funds. Corgan took to Twitter yesterday to air that complaint in the wake of Anthem’s press release stating that they would fund TNA.
Anthem, via their @FightNetwork account, responded to Corgan’s tweets, chiding him for taking to social media about the issue. They posted:
Corgan retorted that their comments were a “terrible way to start (their) future relationship,” adding that he felt Anthem’s press releases over the past week were also public discourse of their issues.
Bill Says: Anthem didn’t need to address Corgan in their press release, which we covered here – especially knowing Corgan was not yet paid for the debt. They also know he can convert is debt to ownership equity, so that also could add fuel to the fire. With how this got rolling, it felt like “meet the new boss, same as the old boss” in terms of how this initial announcement was handled.
BUT WAIT, THERE’S MORE!
Today, Corgan took back to Twitter again to express his displeasure with the lack of repayment of his loan. He threatened TNA with further legal action if Anthem Sports and Entertainment does not provide payment for his loans to the company. Corgan said that the loan repayment was stalled because they didn’t know where to find him. He also threw out a not so veiled threat to sell his shares to a “PW Titan” (WWE?), saying it doesn’t require a court order to do so. Those tweets are shown below:
Bill Says: I find it incredulous, especially with Anthem owner Leonard Asper rumored to be very wealthy, that Anthem has gone into issuing press releases and comments as they have but did not have a plan in place to reimburse Corgan. Worse yet, they made these commitments in front of a judge in court! This should be a simple transaction for Anthem if indeed the resources are there as rumored. Corgan has a right to be upset, and Anthem/TNA continues to look like bumbling fools. If Anthem or TNA responds publicly, we’ll update accordingly.