Billy Corgan’s temporary injunction against against Dixie Carter, Serg Salinas, Dean Broadhead, Impact Ventures LLC. has been denied by the Nashville Chancery Court according to The Tennessean. His temporary restraining order against the company has also been dissolved.
Chancellor Ellen Hobbs Lyle rulred that the temporary injunction Corgan was seeking did not meet the burden of proof needed to obtain it. Billy Corgan will not gain control of TNA, and the current management team can now legally make any business decisions they feel necessary without getting Billy’s approval.
Corgan is due to be paid back the $1.8 million dollars he loaned the company on November 1st.
Billy Corgan posted the following comments on Twitter following the ruling:
For those asking, I'm in no way disappointed in the judges ruling regarding TNA. Rather, I'm grateful the judge considered the case
— WPC (@Billy) October 31, 2016
It's important to note is these proceedings have brought forth facts which illuminate business practices I have fought against for a reason
— WPC (@Billy) October 31, 2016
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
— WPC (@Billy) October 31, 2016
Billy joined up with TNA in 2015, and started working behind the scenes. He started investing in the company earlier this year and eventually became a majority owner. In August it was announced that Billy Corgan had been appointed the new president of TNA, and shortly after that Billy made it clear that he hoped to purchase TNA wrestling.
As the weeks went on, more and more rumors regarding TNA’s future began to surface, and that’s when Billy Corgan filed his lawsuit. Corgan filed the lawsuit in hopes of getting control of the company, but unfortunately for him it didn’t work out.
You can check out some footage from the court room below.
