TNA Wrestling: Billy Corgan gets “PumpkinSmashed”by Tennessee courts!

5f01093bAnother sad day for TNA Wrestling. Billy Corgan loses his lawsuit against Dixie Carter. It’s been a crazy couple of weeks since word came out that Corgan was suing Dixie for ownership of TNA. Corgan claiming that his most recent of the the three payments was to purchase ownership of TNA. Corgan case was based that once TNA became insolvent (meaning their debt is higher than its net worth) and that due to an equity pledge agreement “multiple events of default,” he was legally entitled to majority shareholder Dixie Carter’s voting rights. Corgan also wanted to remove current management at Impact Ventures and put it in his own team memebers.

Corgan also requested a restraing order, that would prohibit TNA from doing any further business without his consent. The Tennessee courts saw other wise, Chancellor Ellen Hobbs Lyle stated that Corgan did nit have enough evidence to support his claim. The Chancellor threw out the restraing order and  declared Corgan loans was just that  and for TNA ie. Dixie Carter to payback him back with interest by November 1st according  to The Tennessean. To me if TNA ie. Dixie Carter can’t payback all its other 3 million debt, how’s Corgan to be repaid? I’m not sure how business law works exactly, but TNA seems to be insolvent and can’t repay it’s debts. If I was Corgan I’ll let TNA go down, and rebuild from scratch. I believe the talent will trust in Corgan and follow. Dixie Carter tried her best, as the the woes continue with the negative press from this case and now losing TV spot in UK, it’s time for Carter to gracefully bow out.

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