As noted, the Chancery Court in Nashville today denied the temporary injunction Billy Corgan filed against TNA, however it should be strongly noted that the lawsuit is still active and has not been dismissed by the court, nor has Corgan withdrawn it.
Billy Corgan’s attorney, Scott Sims, told The Tennessean the following:
“Mr. Corgan understands that temporary injunctive relief is an extraordinary remedy and, due to the nature of the proceedings, he did not have full access to information in the defendants’ possession that bears on the issues in this case. Mr. Corgan looks forward to the opportunity to conduct full discovery into these matters and present his case in its entirety to the Court at a later date.”
Another important factor which still exists in the ongoing TNA drama is the fact that TNA only has until tomorrow to pay back the $1.8 million loan Corgan gave to the company. A couple things could happen with regards to the loans. TNA could pay it off by the deadline tomorrow, or they could not, which would then mean Corgan could take action on that front. Corgan could also choose to turn that debt into a 36% ownership of Impact Ventures.
In conclusion, while Corgan was unsuccessful in his bid to remove Carter and others from the company, his legal battle is far from over and it could very well continue.
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.
