Smashing Pumpkins frontman Billy Corgan, previously a producer at TNA Wrestling, was named president of TNA’s parent company Impact Ventures earlier this year. Corgan recently sued TNA. He had given the company three loans in recent months and argued that due to an equity pledge agreement and “multiple events of default,” he gained the legal right to majority shareholder Dixie Carter’s voting rights, and therefore, the ability to “remove the managers of Impact Ventures, LLC” and replace them with his own team. He also requested a temporary restraining order, which would prohibit TNA from doing business without his consent. Today, a Nashville chancellor rejected Corgan’s attempt to gain control of the company, The Tennessean reports.
Chancellor Ellen Hobbs Lyle said that Corgan did not meet the burden of proof required for an injunction of its kind. The restraining order was dissolved and Corgan’s temporary injunction request was denied. Impact Ventures has reportedly been ordered to repay Corgan by November 1. Corgan commented on today’s events on Twitter:
For those asking, I'm in no way disappointed in the judges ruling regarding TNA. Rather, I'm grateful the judge considered the case
— WPC (@Billy) October 31, 2016
It's important to note is these proceedings have brought forth facts which illuminate business practices I have fought against for a reason
— WPC (@Billy) October 31, 2016
And I suggest that a careful reading on the judge's ruling supports there can be no claim of victory by anyone in a position of authority
— WPC (@Billy) October 31, 2016
via Evan Minsker
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