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Billy Corgan Loses Lawsuit Against TNA Wrestling

Credit: Scarlet PageThe Smashing Pumpkins frontman Billy Corgan has lost his legal case against TNA Wrestling. According to The Tennessean, Corgan's bid to take over the pro wrestling company was rejected on Monday by a Nashville judge.

Corgan's lawsuit states that he gave three loans to TNA this year. The final loan came with a clause that would give Corgan the voting rights of TNA chairwoman Dixie Carter if TNA became insolvent, effectively giving the musician control of the company.

However, the judge ruled Monday that the loan agreement was nonbinding under Tennessee law, and Corgan did not have the right to take control of TNA. Additionally, she ruled that, despite Corgan's arguments, it's not clear whether or not TNA is actually insolvent.

Corgan himself took to Twitter Monday to say that he's "in no way disappointed in the judge's ruling regarding TNA."

"Rather, I'm grateful the judge considered the case," he added. "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."

Corgan, an avid wrestling fan, was hired to TNA's creative team in 2015. This past August, he was named president of TNA's parent company, Impact Ventures.

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posted : November, 1st by Music News From ABC News Radio - Active Rock