Judge Rejects Billy Corgan's Bid to Take Over TNA
Chancellor Ellen Hobbs Lyle on Monday rejected Billy Corgan’s request to grant the Smashing Pumpkins frontman control of Nashville-based wrestling company TNA.
Corgan sued TNA, chairwoman Dixie Carter and other executives seeking to gain her voting rights on the board of directors and wrestle away control of the company.
Corgan has given TNA three loans in recent months, the last one came with strings attached that would allow him to take Carter’s voting rights if the company became insolvent. Corgan, represented by Nashville attorney Scott Sims, argued the company is insolvent because it owes significantly more money to creditors, contractors and in business taxes, than it is bringing in.
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