Smashing Pumpkins frontman Billy Corgan has failed in his attempts to gain control over TNA wrestling, with a Nashville judge throwing out his case against the company, which he became president of earlier this year.
Corgan, who is a massive fan of pro wrestling, became president of TNA’s parent company Impact Ventures in August, and has since been in a legal battle with TNA in attempts to become majority owner.
The Tennessean now reports that judge Ellen Hobbs Lyle rejected Corgan’s request to gain the voting rights he needed to take over the company, ruling that a loan agreement between Corgan and TNA Chairwoman Dixie Carter was not binding.
Corgan’s lawsuit supposedly alleged that he loaned money to TNA on three occasions this year, with the final loan attached to an agreement that if the company became insolvent Corgan could gain Carter’s voting rights. Corgan reportedly argued in court that because TNA could not pay its bills and owed millions to its investors that it should now be considered insolvent.
TNA’s lawyer is said to have argued that because the company still had offers on the table to sell it shouldn’t be considered insolvent, and the judge ruled that it is too ambiguous to say whether TNA is currently insolvent. She also ruled that the loan agreement was illegal.
Corgan will continue to build his proof of TNA’s insolvency, and intends to present his case to court again at a later date. Here’s what he’s had to say on Twitter:
Meanwhile, Corgan recently teased the possibility of a Smashing Pumpkins reunion album with the band’s classic lineup, which is way more exciting than his TNA court case.
Watch: The Smashing Pumpkins – ‘Run2me’