The Tennessean investigative reporter Nate Rau reported just minutes ago that TNA President Billy Corgan lost his temporary restraining order case against TNA as Chancellor Ellen Hobbs Lyle sided with TNA.
“Judge strikes down Corgan’s request for a temporary restraining order; Big win for Dixie and TNA,” he wrote on Twitter.
Corgan was trying to get an injunction against the company and its various stakeholders to prevent them from selling the company to other individuals without his approval. He is owed over a million dollars that he loaned to TNA and while TNA and Anthem Sports & Entertainment have offered to pay him out, he refused, and instead wanted Dixie Carter’s 92.5% share of the company after he said that TNA is insolvent.
TNA has until tomorrow, November 1, to repay Billy Corgan’s three loans as per their original agreement.
During the case last Wednesday, TNA attorney Travis Parham painted Corgan as a loan shark and whose sole objective was to oust Dixie Carter from power at all costs.
With this temporary restraining order lifted, Dixie Carter is free to sell TNA to whoever she wants without Corgan’s approval. There seems to be an agreement already between Carter, Aroluxe, and Anthem Sports & Entertainment where Anthem will 85% control, Aroluxe gets 10%, and Dixie remains on board with a 5% share.
Despite the outcome of this temporary restraining order, the separate lawsuit which was filed will still go forward so the fight between Corgan and TNA is not even close to being finished.