According to The Pulse Of Radio, SMASHING PUMPKINS founder Billy Corgan has lost his legal battle to take control of TNA Wrestling, the company of which he was named president in August and sued less than two months later. Corgan gave TNA a series of three loans over the past few months to keep the cash-starved operation going, with the last one allegedly coming with a stipulation that would allow him to take over the company if it “became insolvent.”
Corgan‘s lawsuit argued that this is exactly what happened, but a judge rejected his claims because they “did not meet burden of proof.” TNA‘s lawyers accused Corgan of scheming all along to take control of the company. The judge did order, however, that Corgan‘s loans be repaid by Tuesday (November 1).
Corgan purchased a minority stake in the company earlier this year and became heavily involved with its creative decisions before being named president in August by owner Dixie Carter.
The singer and guitarist recently completed a solo album with producer Rick Rubin and has strongly hinted in recent months at the possibility of a reunion of the original lineup of the SMASHING PUMPKINS.
He has in the past year reconnected and rekindled his friendships with long-estranged guitarist James Iha and bassist D’Arcy Wretzky. While not officially announcing a reunion, Corgan has reportedly shopped the package to concert promoters for next summer.