Attorneys for TNA & Billy Corgan make their case in court

Attorneys for both TNA and Billy Corgan were in court on Wednesday afternoon in Nashville for a hearing regarding Corgan’s lawsuit against TNA Wrestling, Dixie Carter, and some of the company’s executives.

Nate Rau of The Tennessean was also there covering the proceedings and live tweeted the hearing’s most notable moments.

Much of the hearing was centered around whether or not TNA is insolvent, and Corgan’s attorney Scott Sims presented that case in court when arguing for an injunction to be granted that would allow Corgan to take over the company.

Unsealed documents in the lawsuit previously revealed that Corgan had a clause in his agreement with Carter that allowed him to take over much of her control and replace the company’s managers it were insolvent.

Sims said that TNA misled Corgan about the company’s debts and excluded him from management decisions. Sims argued that TNA having offers to buy or invest in the company doesn’t prove that they’re not insolvent.

TNA attorney Travis Parham responded to Corgan’s claims, fighting back against the notion of insolvency. Parham said that cash flow was only a small part of the story. He also claimed that TNA has “good will, notoriety, merchandising, licensing, and is an international brand.”

Parham argued that Corgan and Carter’s agreement was illegal under Tennessee law because Carter’s manager rights can’t legally be transferred. He called Corgan’s agreement with Carter “predatory lending at its worst” and said that TNA is willing to pay off Corgan’s loan.

Anthem, the parent company of the Fight Network, previously offered to pay off the loan. An attorney for Anthem present at the hearing said that they were willing to pay it off, minus the transaction premium Corgan says he is due.

Lawyers for both sides agreed to not publicly disclose redacted financial details about the state of the company. Chancellor Ellen Hobbs Lyle adjourned the hearing, saying that her ruling will come on Monday.

A Storify chronicling all of Rau’s tweets is available below: