As noted, Chancellor Ellen Hobbs Lyle today ruled against Billy Corgan’s request for a temporary injunction against TNA, which as noted would have prevented the company from making major business decisions or sell the company without Corgan being involved in the decision making process.
Corgan is currently owed $1.8 million in loans he made to TNA, and the company has until tomorrow, November 1st to pay the money back to Corgan. As a result of today’s courtroom ruling, Corgan is effectively out of the business decision making process in TNA, but he can move forward with his lawsuit should he choose to do so. Corgan has made three loans to TNA, with the final loan carrying a provision that would grant Corgan Dixie Carter’s 92.5% voting rights in TNA. The judge today ruled that provision is not enforceable by law.
Anthem Sports & Entertainment Corp. previously agreed to repay Billy Corgan the money he is owed, but they refused to pay a 50% transaction fee, which according to PWInsider.com, the court ruled Corgan is not owed since there is no evidence of any filings proving any acquisition of TNA and its parent company.
If Anthem does indeed pay Corgan back the money, that would likely give them 85% control of the company, with Aroluxe having a 10% stake and Dixie Carter the remaining 5%.
In related news, below is a Tweet from TNA star Mike Bennett, who is not happy with today’s decision:
Welp,back to bad business as usual
— Mike Bennett (@RealMikeBennett) October 31, 2016
Nick was born and raised in Detroit, Michigan, and lived there until the age of 18, when he decided to pack his flack jacket and move to New York City.
