The online docket of Chancery Court in Nashville/Davidson County, Tennessee has been updated in Billy Corgan’s lawsuit against TNA, its parent companies, and its corporate managers (including Dixie Carter and her husband). It reads as follows:
10/31/2016 Chancellor’s Memorandum and Order
Memorandum and Order Dissolving 10/13/16 Temporary Restraining Order and Denying Temporary Injunction
This means that TNA is now free to sell pieces of the company again, sign new contracts, and so on. If Corgan still wants relief for what he believes is his rights to power of attorney for Dixie Carter’s 92.5% of the company, then he’s not getting it in court until he pushes the lawsuit to a settlement or a jury award. As outlined in court, TNA is expected to be sold to Anthem Sports and Entertainment, the parent company of The Fight Network, with Jason Brown of Aroluxe Media (minority shareholder) taking over as Chief Executive Officer.
Presumably, Aroluxe will continue to produce the TV even with Anthem being the majority owner. Carter, who is believed to retain a small percentage in the proposed deal and has always looked to save face in these deals, will have a title and some kind of “owner emeritus” status.
Update: Billy Corgan’s statement on the ruling can be read here.
And Another:Â Our distillation of what you need to know about why the judge/chancellor ruled the way she did can be read here.
