Billy Corgan Loses Lawsuit Against Wrestling Company

Earlier this month, Billy Corgan sued TNA Wrestling — the company owned by Impact Ventures, which Corgan was named president of back in August — for control of the company, but his effort was rejected by a judge in Tennessee court earlier today.

According to The Tennessean, Corgan has given TNA three loans in the past few months, and the most recent one “came with strings attached that would allow him to take [TNA chairwoman] Dixie Carter’s voting rights if the company became insolvent.” Corgan alleges that the company is insolvent and thus he should be able to take control of it, but TNA’s lawyers said that the lawsuit “was part of an elaborate scheme to take control of the company.” The judge rejected Corgan’s claims because they “did not meet burden of proof,” and Corgan’s loans are due to be repaid tomorrow (11/1).

In some more recent Corgan news: He shared on Instagram last week that his solo album with Rick Rubin has been completed, he went to last night’s World Series game, and posted a picture of James Iha, perhaps hinting at an upcoming Smashing Pumpkins reunion.

UPDATE 11/3: Corgan has fired off some tweets about the TNA case. He was supposed to be paid two days ago on 11/1: