In an update on the lawsuit filed by TNA Wrestling President Billy Corgan against TNA Entertainment LLC, its parent company IMPACT Ventures LLC, TNA Wrestling Chairman Dixie Carter, her husband Serg Salinas and TNA Wrestling’s Chief Financial Officer Dean Broadhead, the hearing between Corgan and TNA over the requested temporary injunction Corgan has requested of the Nashville Chancery Court to prevent the defendants from doing business that he does not approve of in order to prevent them from selling the company’s assets has been adjourned with Chancellor Ellen Lyle Hobbs stating that a ruling will come on Monday, October 31st.

Corgan’s attorneys argued many of the points claiming that the company is insolvent and that Corgan’s agreement with Dixie Carter and TNA Wrestling allows him to take over the management of the company.

TNA’s attorneys meanwhile argued that Corgan’s loan to TNA Wrestling was predatory and that the contract between Carter and Corgan is illegal under State laws and claimed that Carter’s management rights can not be transferred to Billy Corgan by law, while denying that Corgan has suffered harm and stated that he was trying to force TNA Wrestling to default so that he could gain control of the company and also denying that any of the company financials were hidden from Corgan. They also claimed that the company is willing to pay Corgan back his loan, but not the bonus that would be included for corporate transactions, such as a sale of the company and argued that the company is popular and has suitors that want to purchase it.