A Nashville judge ruled to in favor of Dixie Carter and her consortium this afternoon, giving them legal rights to continue to own and operate TNA, and against Billy Corgan, who contended control of TNA should revert to him, reports The Tennessean today.
Billy Corgan replied on Twitter: “For those asking, I’m in no way disappointed in the judge’s 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.”
Corgan loan repayment is due tomorrow, but it’s not clear if he’ll be paid right away. TNA can buy out Corgan’s ownsership share which would lead to Aroluxe president Jason Brown becoming CEO of TNA.
Corgan’s Nashville-based attorney said this is not necissarily the end of Corgan’s legal action against TNA. “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,” he said. “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.”
Dixie Carter remains chairwoman of TNA as a result of this ruling, and Anthem, parent company of Fight Network, will be involved in funding and operating TNA going forward until a legal ruling in Corgan’s favor if he ends suing again.
Keller’s Analysis: This decision appears to be a setback for Corgan, as the judge ruled in favor of TNA’s argument that the company is not insolvent due to the value of their assets, namely the TNA video library. However this all plays out, while a lot of dirty laundry was aired, it does appear TNA will end up having funding necessary to continue operations.