TNA News: Billy Corgan loses the fight for control of TNA for now
The latest on Billy Corgan's lawsuit against TNA
TNA Chairman Dixie Carter has finally been given some reprieve in the on-going power struggle between herself and TNA President Billy Corgan. According to recently released documents, Billy Corgan will not be getting control of TNA as the judge announced the decision in favor of Dixie Carter and co.
According to the Judge’s ruling on Monday, Billy Corgan was unable to prove that the struggling wrestling promotion had become insolvent. The Tennesse law further added to Corgan’s woes as by barring from enforcing the pledge agreement he made with TNA.
With Corgan’s hopes of taking over TNA all but dashed, all that is left is for the $1.8 million loan to be repaid at any cost. Anthem (the parent company of fight network), has agreed to repay Corgan’s loan and take over 85% of the stake in TNA with the remaining 10% and 5% being handed over to Arelux and Dixie Carter.
With Corgan not getting the injunction due to the court’s ruling in the lawsuit, the president may soon be paid his dues and let go off immediately. With Corgan possibly out of the picture, it is being said that Dixie Carter may end up getting some control of the company she’s been a part of since the very beginning.
However, the battle continues as Corgan can tip the scales in his favor regarding the lawsuit if he produces relevant evidence.
The recent Corgan-Carter saga stemmed from the fact that the company failed to repay Corgan’s loan used for Bound For Glory and other tapings. Corgan filed a lawsuit and looked to take over the reportedly bankrupt company. The judge, though, couldn’t find the necessary proof of TNA being bankrupt and has given it a new lease of life with Anthem ready to steady the sinking ship.
Dixie Carter, who had talks with the WWE on a possible sale back in July, was said to have spoken to the roster and made it clear that she would not be selling the company to the WWE. However, documents presented in court confirmed the fact that she met with WWE officials days before she spoke to the roster.
Backstage sources have confirmed that the talks indeed took place but WWeE weren't interested in taking over the TNA talents, putting a majority of them out of the business.
When asked about the fact that Dixie didn’t involve Corgan during her talks with the WWE, the court said she didn’t breach any contract in doing so and that the disputed and competing versions of both the parties have not proven anything yet.
Billy expressed his disappointment on the verdict and released the following statement:
“For those asking, I’m in no way disappointed in the judges ruling regarding TNA. 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.”
Dixie may have won the battle for now, but the war is yet to subside.
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