Though he thought he had the company on the ropes, Billy Corgan has lost his lawsuit against TNA Wrestling. The Tennessean reports that Corgan’s efforts to take over the company have just been pile-driven into submission by a Nashville judge. The Smashing Pumpkins frontman and weekend Ultimate Warrior claimed in his original complaint that he had an agreement with defendants Dixie Carter and Serg Salinas that would allow him to take over Carter’s voting rights should TNA become fiscally insolvent.
TNA Wrestling brought Corgan on as president—a significant career move for the former wrestling promoter—about a year and a half ago. Since then, Corgan says he’s issued three loans to the company, but with the caveat that he would nab Carter’s 92.5 percent voting rights if TNA continued to struggle to remain afloat. Now Corgan claims the company’s in the red, which TNA disputes—its attorney argued that “lucrative offers” have been made to purchase the company that effectively puts it in the black. Yesterday, the judge rejected Corgan’s claims to Carter’s voting rights, but did expedite the ruling so as not to impede repayment of the loans, which are due today.
For his part, Corgan’s not bummed about the results, tweeting that they’re all losers, in away.
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