Photo credit: Raymond Flotat

TNA Wrestling is currently in the midst of loss within its parent company, Impact Ventures. Months of financial troubles and a struggling management have left the company in near shambles. In an odd, but true pairing, the leader and frontman of Smashing Pumpkins is at the center of this debacle. Billy Corgan, the musician of Smashing Pumpkin fame, has been a producer for TNA Wrestling for some time. In August of 2016, Corgan was named the President of Impact Ventures. At this point in time, the difficulties and troubles began to grow.

Corgan and the company have become intertwined in a lawsuit. Although many details are still unknown, two court documents filed on October 13th and 19th by Corgan show a brief timeline of events. The first document is a restraining order against Impact Ventures. With this court order, Corgan sought to forbid any action by the company without the knowledge and endorsement by Corgan himself. In part justification of this, it must be said again that Corgan is the President of Impact Ventures and that it has been rumored that he may want to become a primary shareholder and owner.

Also within this restraining order, it must be known that an action that would be legally prohibited by the company would be the sale of TNA Wrestling without Corgan’s blessing. The second document, filed October 19, was a request for court discovery by Corgan of Impact Ventures and its dealings. As it turns out, Corgan asserts that he has a right under company policy to replace management of Impact Ventures as he sees fit and holds the voting rights of Chairman and Chief Strategy Officer of the company. Corgan refers to multiple times that he has cited or practiced this policy, and that the current state of the company is in debt and insolvent.

In response to Corgan’s legal request for discovery and recent events, Impact Ventures firmly denies Corgan’s assertions. The Chairman and Chief Strategy Officer, Dixie Carter Salinas, does not yield her voting rights to Corgan and that the policy on management replacement laid out by Corgan is inaccurate, as said by Impact Ventures in response. Due to the recent timing of these events, the case and quarrel between Corgan and his companies, Impact Ventures and its subset TNA Wrestling, is still developing and the future will tell of the resolution that Corgan and the defendants can come to.

UPDATE 11/1: According to the Tennessean, Corgan has lost his motion for an injunction against TNA Wrestling. More specifically, his request for the voting rights he needed to take over the promotion company were rejected. The lawsuit states that Corgan gave the wrestling company three loans; the final included language opening the door for Corgan to absorb current TNA chairwoman Dixie Carter’s voting rights and take control of the company if it became insolvent. The judge ruled their contract non-binding in the state of Tennessee, making that language and the contract which contained it, moot.

Corgan’s complaint outlined claims that the company owed large sums to investors and creditors as well as owing back taxes to the state of Tennessee. The suit claimed TNA still faces a negative cashflow. Attorney’s for TNA claimed that was inaccurate and the company is not insolvent with offers on the table for the company to sell. Those lawyers also painted a sinister picture of the Smashing Pumpkins singer, claiming he strongarmed the company into the contract and was essentially acting as a loan shark.

Ultimately, the judge decided to reject the lawsuit because the loan agreement was illegal, and the claims of TNA’s insolvency were too ambiguous. Despite the court loss, Corgan’s ultimate goal was achieved, according to a series of tweets from this morning:

Very pleased with the court proceedings today in Nashville. Appreciate those who’ve followed the case carefully, separating spin from fact

— WPC (@Billy) October 26, 2016

For those asking, I’m in no way disappointed in the judges ruling regarding TNA. Rather, I’m grateful the judge considered the case

— WPC (@Billy) October 31, 2016

It’s important to note is these proceedings have brought forth facts which illuminate business practices I have fought against for a reason

— WPC (@Billy) October 31, 2016

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

— WPC (@Billy) October 31, 2016