Billy Corgan and TNA

Attorneys for Billy Corgan (Scott Sims) and TNA Wrestling (Travis Parham) met in court on Wednesday in Nashville regarding Corgan’s current lawsuit against TNA, Dixie Carter, Serg Salinas and CFO Dean Broadhead.

Nate Rau of The Tennessean was in court earlier today covering the proceedings including video of Dixie Carter and her legal team arriving that you can view below. A full breakdown of his tweets during the proceedings is now available online.

Sims argued for an injunction to be granted allowing Corgan to take over Dixie Carter’s shares in TNA. Unsealed documents made public yesterday revealed Corgan would be able to take over should the company become “insolvent.” Sims said TNA mislead Corgan about the company’s debts and excluded him from management decisions, adding that TNA reviewing offers to buy or invest in the company doesn’t prove they aren’t insolvent.

Parham, TNA’s attorney, responded to the claims by Corgan fighting any kind of notion the company was insolvent. He noted that cash flow was only a “small part of the story” and that TNA has “good will, notoriety, merchandising, licensing and is an international brand.” Parham argued that Corgan’s agreement with Carter was illegal under Tennessee law, that it was “predatory lending at its worst” and that TNA is willing to pay off Corgan’s loan.

An attorney was also present from Anthem Media (the parent company of Fight Network that has 2.5% majority shares in TNA) and again reiterated a press release that the company was also willing to pay off Corgan’s loan, minus the transaction premium.

Chancellor Ellen Hobbs Lyle revealed she would be making a ruling on Monday after both sides agreed to not publicly disclose redacted financial debts about the state of TNA.