A decision came down today in Billy Corgan’s efforts to have an injuction granted against TNA, which would have prevented them from making any business decisions without his approval, including a recent plan by Anthem Media that would have seen them pay off TNA’s debts and assume control of the company. With the injunction, and by extension the temporary restraining order, out of the way, TNA is free to make any and all business arrangements that they wish without first consulting Corgan.
As a result, Corgan’s debt with TNA remains, as does his lawsuit against the company, but Corgan does not currently have any ownership stake in the company, unless he is willing to convert the money he is owed (about $1.8 million) to equity, which would give him roughly a 36% share in TNA. It is considered very likely that the Anthem Media plan will proceed at some point, with Aroluxe’s Jason Brown installed as CEO, and Dixie Carter remaining in a position of significant authority, but only roughly a 5% ownership stake. Anthem has made it clear that they are more than willing to re-pay Corgan’s original loan, however it would appear that his chances of owning TNA outright are essentially finished.