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Things get nastier between Billy Corgan and TNA

If you think that things between Billy Corgan and TNA could not get uglier then you are in for a surprise. There was an article posted on the New York Post website on Friday by Richard Morgan with quotes from sources within TNA and sources close to Billy Corgan. Basically, the story says that while TNA is being controlled by Anthem Sports & Entertainment, they are claiming that a sale has not taken place and Dixie Carter still has majority shares of the company.

Billy Corgan is owed $1.8 million and a 50% transfer fee so he would be owed $2.7 million. The money was owed on 11/1 but he has not been repaid as of yet. Anthem says that they were willing to pay the $1.8 million but not the transfer fee and they are also wanting him to drop his lawsuit before he is paid.

Corgan is refusing to drop the lawsuit and he wants his money and if they don’t pay him back then he is saying that he will look into his legal options, including his right to convert his payment into 36% stock in the company. It’s clear that Anthem is holding back on signing the paperwork to officially become a majority owner so that they can avoid paying the transfer fee.

A TNA source claimed to the NY Post that Judge Ellen Hobbs Lyle of Nashville Chancery Court but Corgan is saying otherwise and he claims that the company was sold and he is owed his money along with the transfer fee. Officially, Carter is still listed as a majority shareholder with 92.5 percent ownership but that is likely because they want to get Corgan out of the picture before making the official transfer of ownership to Anthem.

Corgan took to twitter and sent out the following on Friday afternoon:


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