Billy Corgan Is No Longer President of TNA Wrestling, Engaged in Lawsuit Over Unpaid Loans
After just three months as president of Impact Ventures, the parent company of TNA Wrestling, Billy Corgan is out and engaged in a lawsuit over loans he paid the league that have not been paid back.
The Smashing Pumpkins frontman joined the Impact last year and had previously served as a senior producer of creative and talent development at TNA Wrestling.
After becoming president, Corgan had announced intentions to buy the company and possibly change its name. That effort was significantly diminished after a lawsuit he filed last month against TNA and its owner Dixie Carter was denied by a judge. Corgan's lawsuit claimed that TNA reneged on assurances that his three loans to TNA would be fully repaid in a timely manner. The judge ruled that Corgan was owed full repayment on his loans but that he did not meet requirements to prevent the company from settling its debt through alternative actions.
According to the judge's ruling, Corgan was to be repaid by Nov. 1, but the musician said on Twitter Thursday that they had not done so.
See his tweets below.
FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge. Yesterday they asked for a day to 'get $ together'— WPC (@Billy) November 3, 2016
Upon which, (yesterday or today) they'd 'reach out directly' to settle ALL claims. So they lied again and have used the time as a weapon— WPC (@Billy) November 3, 2016
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) November 3, 2016