Some of the documents in the Corgan lawsuit have been unsealed.
Corgan claims he entered in a "pledge equity agreement" with Dixie in return for his money. If TNA became insolvent, Billy would gain the voting rights of Dixie's shares which essentially would give him full control over TNA and the power to hire and fire management.
Dixie counters that TNA is not insolvent. They provide no evidence of that though. Billy asked for a ton of documents that TNA declined to give saying Billy could get the requested info from easier places, namely himself. Some of what Billy asked for is all communications with WWE.
It would seem TNA might be saying their assets outweighs their debt due to the value of the tape library. There is speculation that Fight Network might have paid X amount for a portion of the library that would give the library a vastly over-inflated value, proving that the asset is worth more than the debt. Billy wanting communications with WWE would likely be to show what WWE offered for the library to prove the real value of that asset.
End result is, Dixie and Fight Network wit to buy Billy out and make him go away. So far Billy has not accepted and is proceeding with the court case. If he wins (and it seems likely he would), he'd end up in control of TNA.