Newswire: Judge thwarts Billy Corgan’s takeover of TNA Wrestling

Though he thought he had the company on the ropes, Billy Corgan has lost his lawsuit against TNA Wrestling. The Tennessean reports that Corgan’s efforts to take over the company have just been pile-driven into submission by a Nashville judge. The Smashing Pumpkins frontman and weekend Ultimate Warrior claimed in his original complaint that he had an agreement with defendants Dixie Carter and Serg Salinas that would allow him to take over Carter’s voting rights should TNA become fiscally insolvent.

TNA Wrestling brought Corgan on as president—a significant career move for the former wrestling promoter—about a year and a half ago. Since then, Corgan says he’s issued three loans to the company, but with the caveat that he would nab Carter’s 92.5 percent voting rights if TNA continued to struggle to remain afloat. Now Corgan claims the company’s in the red, which …

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