Want more wrestling news, rumors, and results? Be sure to visit PWInsider.com and PWInsiderXtra.com.
The hearing between Billy Corgan and TNA over the requested temporary injunction Corgan has requested of the Nashville Chancery Court to prevent the defendants from doing business he does not approve of, to prevent them from selling the company's assets has been adjourned with Chancellor Ellen Lyle Hobbs stating that a ruling will come this Monday 10/31.
Based on reporting from The Tennessean's Nate Rau, Corgan's attorney argued many of the points that have been previously covered on PWInsider.com, claiming the company is insolvent and that Corgan's agreement with Dixie Carter and TNA allows him to take over the management of the company. Interesting to note is that he claimed that even if the company was sold, the sale price WWE offered would not cover the cost of the debts.
TNA's attorneys argued that Corgan's loan to TNA was predatory and that the contract between Carter and Corgan is illegal under State laws. He claimed that Carter's management rights cannot be transferred to Corgan by law. They denied Corgan has suffered harm and stated he was trying to force TNA to default so he could gain control of the company. TNA's side also denies that any of the company financials were hidden from Corgan.
TNA's attorney claimed that the company is willing to pay him back his loan, but not the bonus that would be included for corporate transactions (i.e. for a sale of the company) and argued that the company is popular and has suitors that want to purchase it.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section, which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Bang On Casino
