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CORGAN VS. TNA LAWSUIT OFFICIALLY DISMISSED

By Mike Johnson on 2016-12-06 18:27:00

The lawsuit former TNA President Billy Corgan brought against TNA parent company Impact Ventures LLC, TNA Wrestling itself, CFO Dean Broadhead, President Dixie Carter and Serg Salinas was officially dismissed by the Chancery Court of Nashville, TN on 12/5.

The lawsuit was dismissed at Corgan's request after he came to a financial settlement with Anthem Sports & Entertainment, the parent company of The Fight Network, which is now financially backing TNA and now that the Corgan lawsuit is closed, is expected to announce it has purchased majority ownership of TNA from Dixie Carter.

In the ruling dismissing the lawsuit, Chancellor Ellen Hobbs Lyle noted that Corgan would be responsible for paying all court costs and that the lawsuit was being dismissed without prejudice.  That means that Corgan would be free to re-file the suit down the line.  In an interview last week with yours truly, Corgan made it clear that the settlement only released TNA, Impact Ventures LLC and Anthem from future legal claims, meaning Carter, Salinas, Broadhead and perhaps others could still find themselves in legal crosshairs down the line.

Corgan's lawsuit against the company, filed back in October, sought a declaration from the court that he was, by virtue of a pledge agreement he made with Carter, entitled to Carter's 92.5% of the company, her voting rights and had the ability to replace the current managers with designated managers of his choosing.  The court did not rule with him on those matters.

Corgan was also seeking damages for the breach of contract, and at one point, had a temporary injunction preventing preventing the defendants from making business decisions that could "further harm" Corgan and the company and prevented them from attempting to sell the company or it's assets until the lawsuit is resolved.  Corgan's lawsuit revealed that while he had been named President, Carter was still acting without his knowledge to make deals on the company's behalf, including a potential sale of TNA assets to WWE that ended up not happening.

Corgan spoke out following the settlement in an interview with PWInsider.com, which you can listen to in its entirety below:


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