Billy Corgan Loses Legal Battle to Take Over TNA Wrestling
Published Oct 31, 2016While the last few weeks have been legally messy ones for Smashing Pumpkins leader Billy Corgan, they just got even worse, as he has lost his lawsuit against TNA Wrestling.
As the Tennessean reports, Corgan — who was recently named president of Impact Ventures, the company responsible for TNA Wrestling — was seeking to gain legal ownership of TNA, but he had his hopes squashed today (October 31) in court, as Chancellor Ellen Hobbs Lyle rejected his request.
Along with filing a restraining order against TNA owner Dixie Carter, Corgan had sued the TNA chairwoman and other executives, looking to gain control of the company. Apparently, he had given TNA three loans in recent months, the Tennessean reports. The most recent loan came with the stipulation that if the company went insolvent, Corgan would gain control of the company.
But the court has now ruled that TNA must simply repay Corgan with interest. He is to be paid back by November 1.