Billy Corgan Suffers Setback in Wrestling Lawsuit
Billy Corgan's bid to assume control of a Nashville-based wrestling promoter was rebuffed by a judge on Oct. 31, but his legal battle against the company is far from over.
Corgan, who has served as a senior producer for Total Nonstop Action Wrestling for nearly two years — and was named the president of its parent company in August — had argued that the terms stipulated in loans he'd made to the company gave him legal grounds to take a controlling interest. As the Tennessean reports, the judge disagreed, saying the loan agreement was legally non-binding and "unenforceable."
Also at issue was whether, as Corgan claimed, TNA Wrestling is technically insolvent — a condition that might have enabled him to strip chairwoman Dixie Carter of her 92.5 percent voting rights. After hearing Corgan's lawyers argue that TNA was allegedly unable to pay its bills, the court deemed the organization's financial state "ambiguous" — reportedly in part because they have potential offers on the table to sell.
After the ruling, Corgan took to Twitter to explain his reaction to the ruling, and underscore his commitment to the case. "I'm in no way disappointed in the judge's ruling regarding TNA," he wrote. "Rather, I'm grateful the judge considered the case. It's important to note is these proceedings have brought forth facts which illuminate business practices I have fought against for a reason. 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."
Corgan's lawyer, meanwhile, has pointed out that the fast-tracked hearing prevented their side from gathering as much information as they'd have liked — and sounded an optimistic note regarding future court dates. "Mr. Corgan looks forward to the opportunity to conduct full discovery into these matters," attorney Scott Sims told reporters, "and present his case in its entirety to the Court at a later date."
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