According to word from Wrestling Observer and PWInsider, the Nashville Chancery Court that’s hearing Billy Corgan’s lawsuit against Impact Ventures, LLC denied Corgan’s request for an injunction which would have prohibited Dixie Carter, the other owners of TNA and their management team from making business decisions without his approval.
As part of this decision, his temporary restraining order against TNA is also dissolved.
While this doesn’t mean the end of Corgan vs. Impact in the Tennessee courts, or resolve TNA’s debt to the Smashing Pumpkin frontman, it does mean the company is back in business, presumably under the previously unveiled plans whereby Aroluxe (the former Impact Wrestling production company which owns the second largest share of the company after Dixie, and to whom Impact Ventures owes a sizeable chunk of change) will appoint one of their own as President to replace Billy.
Still to be decided is if/to whom Carter will sell her majority share and how the estimated $1.8 million the company owes Corgan will be paid off (or if he’ll convert it to a larger ownership position).
This is the end to hopes of a magic bullet whereby pledge agreements Corgan put forward when loaning the company money would allow him to take over the company immediately. But there are still avenues by which Billy could buy TNA, or another party such as Anthem (owners of The Fight Network) or even WWE end up running the show.
Billy Tweeted out a brief statement, expressing gratitude to the court for helping to illuminate bad business practices at Impact and arguing that no one should be calling this a win for either side:
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
And at least one of Impact’s stars seems nonplussed:
Welp,back to bad business as usual— Mike Bennett (@RealMikeBennett) October 31, 2016
Overall, this gives Carter some room to operate, but the saga will continue.