The Latest on TNA; What Monday’s Court Ruling Means for the Company

It had been previously reported that Billy Corgan has filed a lawsuit against TNA and board chairwoman Dixie Carter, amongst other parties.

According to a new report from PWInsider, a court ruling that occurred this past Monday indicated that this coming Monday, October 31, a judge will rule on whether Billy Corgan’s current temporary restraining order against the company will be replaced by a Temporary Injunction.  If that happens, the current stockholders will be unable to sell the company and no major business decisions will be able to be made without Corgan’s input and approval.  However, if the injunction is declined, things return to the way they were before Corgan filed the suit, in terms of Carter, etc. making decisions.

Another wrinkle to this case is that Corgan has asked for control of Carter’s 92.5% of the voting rights. However, the fact that his attorney was being asked how they were applying TN law to those claims could be a sign the court is not seeing it the same way they are.

The report also indicates that if Corgan does not get his injunction, it appears that Corgan will be bought out by Anthem Media, and will leave TNA for good.

We’ll continue to monitor this story and post updates as they become available to us.

Editor’s Note:

This continues to be a complete disaster. Someone needs to pay what needs to be paid and end the nightmare that is TNA.