As reported here on Fightful.com, Smashing Pumpkins front man and TNA President Billy Corgan is in a bitter lawsuit with Dixie Carter and company for control of TNA Wrestling, however, he might be fighting an uphill battle.
Corgan is claiming that he bailed out TNA Wrestling on three separate occasions this year with loans, and also claims that debts have risen during that period. Corgan says that he is owed company ownership due to the lack of repayment of these loans. He was also kept in the dark about several discussions TNA had about potential investors throughout the process.
Lesley Floyd, a lawyer in the state of Tennessee, cited to Fightful.com Tennessee Code Ann. 45-151-1005, which she says could very well destroy Corgan's case. According to this, you're not able to make a title pledge loan in the state of Tennessee without being registered. Corgan isn't registered, and it very well could ruin the case for him.
Floyd notes that unless Corgan got licensed under an entity name, it's quite possible that he could walk away with nothing. That statute that Floyd cites could mean that he also may have forfeited the rights to repayment from Dixie Carter and TNA as well.
Chancellor Hobbs Lyle will rule on the matter Monday, but TNA has a bevy of lawsuits to handle outside of Corgan's.
- From The Web