According to an article by Nate Rau of The Tennessean, Chancellor Ellen Hobbs Lyle rejected Billy Corgan’s request to be granted full control of TNA on Monday.
Corgan filed a lawsuit against TNA, Dixie Carter, Serg Salinas and CFO Dean Broadhead in attempt to gain majority control of the company accusing the company of being “insolvent” and on the “brink of financial collapse” after he provided a series of loans.
Chancellor Hobbs Lyle ruled that Corgan’s temporary injunction “did not meet the burden of proof”, something many had expected after TNA’s lawyer Travis Parham noted the agreement between Corgan and Carter was not legal under Tennessee law.
Corgan is expected to be paid in full for all his financial loans effective November 1, 2016. Aroluxe Marketing (which owns 5% majority stake in TNA and is the company’s production company) is now positioned to up its stakes to 10%. Anthem Media (the parent company of Fight Network) is expected to stay on and most likely retain majority ownership of TNA.
Nate Rau described today as a big win for TNA and Dixie Carter.
Judge strikes down Corgan’s request for a temporary restraining order; Big win for Dixie and TNA.
— Nate Rau (@tnnaterau) October 31, 2016
Corgan loses legal effort to take over TNA https://t.co/adIKjDjiVE via @tennessean
— Nate Rau (@tnnaterau) October 31, 2016