TNA wrestling is insolvent and in negotiations to be sold to WWE, according to filings unsealed on Tuesday in TNA President Billy Corgan's lawsuit against the company.

Corgan, frontman for the Smashing Pumpkins, has filed an injunction arguing that he should be granted control of TNA. Corgan says he entered into a loan agreement in which TNA chairwoman Dixie Carter pledged 100 percent of her equity interest in TNA to Corgan.

Corgan says that agreement has not been honored and he has not been granted control of the company.

"On Oct. 12, 2016, Corgan notified defendants that he was exercising his right, as holder of (Carter's) voting rights in Impact Ventures, to remove all of the managers of Impact Ventures and replace them with Corgan's designees," Corgain claimed in a new filing unsealed on Tuesday.

Redacted versions of Corgan's lawsuit were unsealed by Nashville Chancellor Ellen Hobbs Lyle on Tuesday. They were filed under seal last week. Dollar figures and other details related to the company's operations were blacked out in a memorandum Corgan's attorney filed Tuesday in support of his injunction request. A hearing is scheduled for Wednesday.

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http://www.tennessean.com/story/money/2016/10/25/tna-wrestling-insolvent-billy-corgan-seeks-take-control-according-filing/92736972/