Billy Corgan has come up short in his latest effort to gain control of TNA. The Nashville Chancey Court denied Corgans' request for a temporary injunction against Impact Ventures LLC, Dixie Carter, Serg Salinas and Dean Broadhead.
Corgan's temporary restraining order against the four has been dissolved. TNA is still obligated to repay Billy Corgan's loan of $1.8 million, in which he provided to save several sets of TNA television tapings in 2016. Corgan can, however, opt to convert his loaned amount into an ownership stake totaling 36%. TNA has to pay back Corgan by November 1. Anthem Media have said that they're open to doing that.
This also means that Dixie Carter will retain a minority stake in the company, but Aroluxe and Anthem will likely be majority owners due to their loans made to the company throughout the year. They are able to operate as a business without Corgan's approval.
Corgan had ruled that the company was insolvent, but TNA attorneys have argued that Corgan actually plotted the loans in an effort to take control of the company. Hobbs Lyle said in her ruling that Corgan did not meet the burden of proof required to gain the injunction.
From what we're told, the company is still behind on pay, something that was blames on Corgan.
- From The Web