Smashing Pumpkins’ Billy Corgan has lost his legal fight to take over TNA Wrestling – the company which named him president in August.
Corgan gave the cash-strapped company three loans over the past few months – with the last payment reportedly given on the condition that he’d be permitted to take over the firm if it became “insolvent.”
His lawsuit argued that this was what happened – but the judge rejected the claims because they “did not meet burden of proof.” The judge did, however, order that Corgan’s loans be repaid this week.
Corgan says: “For those asking, I’m in no way disappointed in the judge’s ruling regarding TNA. Rather, I’m grateful the judge considered the case.
“It’s important to note these proceedings have brought forth facts which illuminate business practices I have fought against for a reason. 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.”
Earlier this year, Corgan hinted he wouldn’t rule out a classic lineup Pumpkins reunion after he revealed he was back on talking terms with his former bandmates, D’Arcy Wretzky, Jimmy Chamberlin and James Iha.
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