TNA & Billy Corgan Head to Court Today – Company’s Future Could be Determined

According to Pwinsider.com, TNA and Billy Corgan will be in court today at 1PM ET in the Chancery Court of Davidson County in Nashville, TN. Today could see not only the short-term, but also the long-term future of the company decided.

Both sides will appear before Chancellor Ellen Hobbes Lyle regarding the lawsuit filed by Corgan against Impact Wrestling, its parent company Impact Ventures, its Chairwoman and former President Dixie Carter, Chief Financial Officer Dean Broadhead and Serg Salinas. Corgan had previously received a temporary injunction, which would prevent any of the defendants from doing any business for the company without Corgan’s approval. It would also prevent anyone from trying to sell the company or its assets.

It is possible, based on what has been submitted to the court, that Chancellor Ellen Hobbes Lyle could rule today that Corgan does indeed have Carter’s voting rights and ownership of the company.

Pwinsider.com says that a settlement is unlikely at this time, and that even if Corgan’s claims are shot down, the damage has been done to TNA. The company’s financial status is out in the open, there are numerous lawsuits out there against the company, and creditors are concerned about collecting. Last week, Anthem Media claimed that they were willing to pay Corgan back his money to go away and that they were willing to step in and finance the company. But after the reveal of all the lawsuits, and very public status of TNA’s financial situation, that may not be the case.

More details on the lawsuit are available here. Corgan is seeking full control of the company.