Corgan had hoped to obtain legal ownership of the TNA Impact Wrestling franchise, but his injunction bid was rejected by a Nashville judge.
Smashing Pumpkins lead singer Billy Corgan has failed in his attempt to gain legal ownership of TNA Wrestling by a Nashville judge.
Back in August, the 49 year old rock frontman was named as the president of Impact Ventures, the company responsible for Total Non-Stop Action Impact Wrestling, a promotion based in the Tennessee city.
Smashing Pumpkins' Billy Corgan was made president of Impact Ventures earlier this year
He had hoped, with this latest lawsuit in question, to obtain legal ownership of it, and to that end had filed a restraining order against TNA owner Dixie Carter, sued its chairwoman and other executives. Corgan also claimed that he had given the cash-strapped TNA organisation three loans in recent months, with the most recent granted on the proviso that he would gain control of the company in the event of its insolvency, and wanted to put an injunction on the sale of the company until it had repaid its debts in full.
However, local newspaper The Tennessean reported on Monday afternoon (October 31st) that chancellor Ellen Hobbs Lyle had rejected Corgan’s arguments, saying that he had not fulfilled the burden of proof necessary for the injunction he was seeking.
On the bright side for Corgan, TNA was ordered to repay the entirety of the loans the rocker had given them, with interest, by November 1st.
In a series of posts on Twitter, the singer reflected on the verdict. “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 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.”