Source: The Tennessean
As noted, Chancellor Ellen Hobbs Lyle today ruled against Billy Corgan's request for a temporary injunction against TNA, which would have prevented the company from making major business decisions or sell the company without Corgan being involved in the decision. TNA can proceed to run the company without Corgan being involved.
Corgan's attorney had also tried to argue that the company was insolvent, however the judge rejected that due to "the ambiguous nature of the insolvency."
As noted, the ruling was just over Corgan's motion for a temporary injunction, and not his lawsuit. It appears as if the lawsuit will proceed forward according to Corgan's attorney, Scott Simms.
"Mr. Corgan understands that temporary injunctive relief is an extraordinary remedy and, due to the nature of the proceedings, he did not have full access to information in the defendants' possession that bears on the issues in this case," Sims said. "Mr. Corgan looks forward to the opportunity to conduct full discovery into these matters and present his case in its entirety to the Court at a later date."