Billy Corgan has lost his lawsuit against TNA Wrestling. The Smashing Pumpkins star was recently named president of Impact Ventures, the company responsible for TNA Wrestling, and was hoping to gain legal ownership of TNA. However, a Nashville judge rejected his suit.
In his attempts to gain control of the company, Corgan filed a restraining order against TNA owner Dixie Carter and sued the TNA chairwoman and other executives. According to the Tennessean newspaper, Corgan claimed he had given the cash-strapped TNA three loans in recent months, with the most recent one given on the proviso that he would gain control of the company should it become insolvent.
The court ruled instead that TNA are only required to pay Corgan back his loan with interest. Nashville chancellor Ellen Hobbs Lyle said that Corgan did not meet the burden of proof required for an injunction of its kind.
In a series of posts on Twitter, the musician said: “For those asking, I’m in no way disappointed in the judge’s ruling regarding TNA. Rather, I’m grateful the judge considered the case. It’s important to note these proceedings have brought forth facts which illuminate business practices I have fought against for a reason. And I suggest that a careful reading on the judge’s ruling supports there can be no claim of victory by anyone in a position of authority.”