Post by Mark on Dec 20, 2010 22:29:33 GMT -5
ACW Declares Bankruptancy; Final Episode To Air In Near Future
by Dave Meltzer
While sources have been speculating over the past few months as to whether ACW would continue to survive with a diminished roster & dying interest - the rumors were confirmed early Monday morning during the quarterly stockholder meetings.
Chairman Of The Board, Samuel Hawthorne, commented on the reason for bankruptcy - stating, "I entered ACW while it was on a sinking ship because they thought I was the best man for the job. I did the best I could, but unfortunately - the end of Alpha Championship Wrestling was inevitable. Jonathan Gingerdude's late business decisions and revolving door contracts help contribute to the end of this company, and fortunately for me - I prolonged the inevitable."
He then continued with, "I thank those wrestlers who stayed on board within our final months - but the end is here. There will be no government bailout, no second revival - as of right now, the company that provided entertaining television & capitivating for the past 6 and a half years is coming to an end, just as it should."
With the alarming buyrates for the last few PPVs, the need to cut an entire show entirely, and the demise of the pseudo-brand Fallout - the signs showed that things were coming to an end. When asked if there would be a last show he responded, "There will be one final show that's currently in the works. We're using the rest of the money we have to bring it back to the big budget producation that were featured in the old days of ACW and bringing in some old talent to give ACW a proper send-off."
Another notable question asked was if Hawthorne informed previous Chairman of the Board, Jonathan Gingerdude, about the major breakthrough announcement to which he responded, "No. I didn't feel the need to. The way Chairman Gingerdude left ACW hanging dry was very unprofessional, and I while I have never met the guy, I do not approve of the way he does business. If he manages to pick up the news paper or signs on online from whatever cave he lives in, he can find out like the rest of the world.
Credit: Wrestling News Observer
by Dave Meltzer
While sources have been speculating over the past few months as to whether ACW would continue to survive with a diminished roster & dying interest - the rumors were confirmed early Monday morning during the quarterly stockholder meetings.
Chairman Of The Board, Samuel Hawthorne, commented on the reason for bankruptcy - stating, "I entered ACW while it was on a sinking ship because they thought I was the best man for the job. I did the best I could, but unfortunately - the end of Alpha Championship Wrestling was inevitable. Jonathan Gingerdude's late business decisions and revolving door contracts help contribute to the end of this company, and fortunately for me - I prolonged the inevitable."
He then continued with, "I thank those wrestlers who stayed on board within our final months - but the end is here. There will be no government bailout, no second revival - as of right now, the company that provided entertaining television & capitivating for the past 6 and a half years is coming to an end, just as it should."
With the alarming buyrates for the last few PPVs, the need to cut an entire show entirely, and the demise of the pseudo-brand Fallout - the signs showed that things were coming to an end. When asked if there would be a last show he responded, "There will be one final show that's currently in the works. We're using the rest of the money we have to bring it back to the big budget producation that were featured in the old days of ACW and bringing in some old talent to give ACW a proper send-off."
Another notable question asked was if Hawthorne informed previous Chairman of the Board, Jonathan Gingerdude, about the major breakthrough announcement to which he responded, "No. I didn't feel the need to. The way Chairman Gingerdude left ACW hanging dry was very unprofessional, and I while I have never met the guy, I do not approve of the way he does business. If he manages to pick up the news paper or signs on online from whatever cave he lives in, he can find out like the rest of the world.
Credit: Wrestling News Observer
