Corgan is currently owed $1.8 million in loans he made to TNA, and the company has until tomorrow, November 1st to pay the money back to Corgan. As a result of today’s courtroom ruling, Corgan is effectively out of the business decision making process in TNA, but he can move forward with his lawsuit should he choose to do so. Corgan has made three loans to TNA, with the final loan carrying a provision that would grant Corgan Dixie Carter’s 92.5% voting rights in TNA. The judge today ruled that provision is not enforceable by law.
Anthem Sports & Entertainment Corp. previously agreed to repay Billy Corgan the money he is owed, but they refused to pay a 50% transaction fee, which according to PWInsider.com, the court ruled Corgan is not owed since there is no evidence of any filings proving any acquisition of TNA and its parent company.
If Anthem does indeed pay Corgan back the money, that would likely give them 85% control of the company, with Aroluxe having a 10% stake and Dixie Carter the remaining 5%.
In related news, below is a Tweet from TNA star Mike Bennett, who is not happy with today’s decision:
Welp,back to bad business as usual 🙄— Mike Bennett (@RealMikeBennett) October 31, 2016