Billy Corgan Lawsuit Details Reveal TNA Wrestling Fallout

Smashing Pumpkins frontman Billy Corgan, previously a producer at TNA Wrestling, was named President of TNA’s parent company Impact Ventures in August. Rumors spread about the company’s financial troubles and Corgan talked to the press about potentially becoming the majority owner of the company. Last week, Corgan sued Impact Ventures and asked for a temporary restraining order; the details were kept under seal. While Corgan’s initial complaint is still unknown, part of the record has now been unsealed, and new details about the lawsuit have surfaced, Cageside Seats reports.

The temporary restraining order document, filed October 13 and shared by SEScoops, shows that Corgan attempted to prohibit Impact Ventures from “taking any action without the consent” of Corgan. This includes the sale of TNA, the company’s tape library, or any assets. 

Another document, filed October 19, shows that Corgan filed a written discovery request. The responses from defendants Impact Ventures and Dixie Carter Salinas, currently TNA’s Chairman and Chief Strategy Officer, reveal a few things about Corgan’s lawsuit. In the case of the company defaulting on its loans or becoming insolvent, Corgan claims that under an “equity pledge agreement,” he gains the voting rights to Salinas’ shares. This would give him power to “remove the managers of Impact Ventures, LLC” and replace them with whoever he wants. Corgan claims he was exercising his rights under the agreement, citing “multiple events of default.”

Impact Ventures and Salinas responded to Corgan’s written discovery, denying the company’s insolvency and stating Corgan doesn’t have Salinas’ voting rights or the power to replace Impact Ventures’ managers.

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