Early this week, Smashing Pumpkins leader Billy Corgan lost his lawsuit against TNA Wrestling. Now, just a few short months after being named president of parent company Impact Ventures, he's officially been given the boot.
Today (November 3) Anthem Sports & Entertainment and Impact Ventures issued a statement saying Corgan is no longer with the company, offering no further info other than that. However, as TMZ points out, Corgan now appears ready to take further legal action against TNA.
Corgan took to Twitter today to voice his plans:
FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge. Yesterday they asked for a day to 'get $ together'— WPC (@Billy) November 3, 2016
Upon which, (yesterday or today) they'd 'reach out directly' to settle ALL claims. So they lied again and have used the time as a weapon— WPC (@Billy) November 3, 2016
As previously reported, Corgan was seeking to gain legal ownership of TNA but lost his case in court on Monday (October 31). Apparently, he had given TNA three loans in recent months, with the most recent loan coming with the stipulation that if the company went insolvent, Corgan would gain control of the company.
FACT: I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 pct. equity— WPC (@Billy) November 3, 2016
However, the court did not rule in Corgan's favour, saying instead that TNA must instead pay back the loan.
According to TMZ, Corgan lent the wresting company a massive $1.8 million.