Newswire: Billy Corgan taps out as TNA Wrestling president

Erstwhile Smashing Pumpkin Billy Corgan’s second career as a wrestling impresario has just come to an end—for now. The BBC reports that Corgan has vacated his role as president of TNA Wrestling, a position he was promoted to back in August. Although he worked for TNA for less than two years, working his way up from mere promoter, Corgan invested far more than time in the company. He also loaned owners Dixie Carter and Serg Salinas more than $2 million during his tenure, a bill which recently came due. Corgan then sued to take over the company, using the loans as leverage, but his plan backfired. Now Corgan has no job, and he claims he’s still waiting to get paid back.

FACT: I have still not been paid, and I’m exploring all remedies including new filings with court and converting to 36 pct. equity

— WPC (@Billy …

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