BILLY CORGAN MAKES CASE TO TAKE OVER TNA

An attorney for Billy Corgan on Wednesday painted the picture of a dysfunctional company as he described Nashville-based TNA wrestling as insolvent, unable to pay its bills and negotiating with its investors to stave off failure.

The Smashing Pumpkins frontman is suing TNA seeking an injunction that would give him control of the company. TNA has argued that it has offers to sell which prove it is not insolvent.

The company has owed money to contractors, at least two of which have become partners by turning debt into equity in the wrestling firm. Corgan must prove TNA is insolvent, which would kick in a clause that would give him control of TNA's operations.

His attorney, Nashville-based Scott Sims, said TNA fails the "cash flow" test. He says TNA's debts have risen 52 percent since June and it is facing more cash problems over the next nine months.

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http://www.tennessean.com/story/money/2016/10/26/corgan-makes-case-take-over-tna/92720672/