Nashville Chancellor Ellen Hobbs Lyle announced at the end of today’s TNA temporary injunction hearing that she would make a ruling on Monday, October 31.
The hearing today, which started at 1PM EST, lasted around 3 hours 30 minutes with attorneys for Billy Corgan and then TNA pleading their case. Corgan’s attorney Scott Sims started first, trying to convince the court that his client is entitled to exercise his right as stated in the contract and take over the company because it’s insolvent and unable to pay any debts.
In his rebuttal, TNA attorney Travis Parham described Corgan as power hungry and all he cares about is not getting his money back, but ousting Dixie Carter from her power.
If the Chancellor decides to side with TNA, it’s highly likely that Corgan will then have to accept getting paid back his loan and he would depart TNA. Dixie Carter would then be able to sell the company however she sees fit, be it to Anthem Sports & Entertainment, WWE, or anyone she wants. If she sides with Corgan, then Dixie Carter is in a lot of trouble as the injunction would be upheld and she would not be able to sell any part of the company without his approval. Corgan is requesting a trial by jury for his lawsuit.