Chancellor Ellen Hobbs Lyle will be giving her ruling today in Nashville regarding the temporary restraining order placed by Billy Corgan on TNA and if this temporary restraining order will be eventually replaced by an injunction.
Lawyers from both parties went head to head this past Wednesday in court with both sides presenting their case.
Should Corgan get his way and Chancellor Ellen Hobbs Lyle votes in favor of the injunction, anyone who holds a stake in TNA will be unable to sell any part of the company without his approval. As it is now, Corgan is owed well over a million dollars by TNA for the three loans he provided throughout the Summer. TNA and Anthem Sports & Entertainment attorneys already offered to settle the bill plus interest but Corgan isn’t interested, and wants control of the company as stated by his agreement. That agreement, according to the TNA attorney, is illegal under the Tennessee laws.
If the Chancellor votes against Corgan’s request, things will probably get uglier. TNA are bound to pay Corgan back all his money by November 1 as per the contract the two signed. It’s highly unlikely that Corgan will ever step foot in a TNA office again after this legal war. If TNA gets their way, then Carter can do whatever she wants and is free to sell to whoever.
The lawsuit against several members of TNA’s upper management will still proceed irrespective of today’s ruling.