The drama that has unfolded over the last month regarding TNA's future continued in a Nashville, TN, courtroom Monday as Billy Corgan's request for control over the troubled wrestling company was rejected.
In her ruling, Chancellor Ellen Hobbs Lyle said that the temporary injunction Corgan was seeking didn't meet the burden of proof required to attain it. He is due to be paid back on several loans he had made the company that included the option to take over Carter's voting rights if TNA became insolvent. That was the basis of Corgan's case due to the amount of money TNA owes in contrast to the amount of revenue the company has.
Corgan is due to be paid back on Tuesday, November 1st. The musician had sued the company, Dixie Carter, and more in an effort to get voting rights and control.
Our Dave Meltzer tweeted:
Aroluxe is the company that originally invested in TNA earlier this year to help keep the tapings alive and to buy into the company.
Corgan began tweeting shortly after the decision (sic):
We'll have more on this situation as it develops here on the site, and on tonight's post-Raw edition of Wrestling Observer Radio.