An apparent ongoing feud between the founders of a professional networking club in Atlanta and the financial company that bought the club has resulted in a lawsuit. When Greenwood, a Black-owned digital banking platform, first acquired The Gathering Spot in 2022, the two parties appeared to have a promising relationship. Ryan Wilson, one of the former owners of The Gathering Spot, initially raved about the partnership.
“The Gathering Spot prides itself on building an intentional community, one where we can celebrate each member and connect them to the resources and networks they need to build on their successes,” Wilson said in a statement at that time, as AfroTech previously reported. “Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision in empowering people and helping them to build opportunity and generational wealth.”
However, the former owners of The Gathering Spot are now suing Greenwood CEO Ryan Glover and board member Paul Judge.
According to a reliable source, Wilson filed the lawsuit in the Superior Court of Fulton County of Georgia, saying the fintech company has not paid the money it still owes.
“Defendants, in addition to their fiduciary duties to the Former TGS Unitholders, also knew that Greenwood had a contractual obligation to pay the Former TGS Unitholders substantial amounts under the Purchase Agreement,” the complaint states. “Instead of honoring Greenwood’s obligation to pay the Shareholders, and in violation of their fiduciary duties to those Former TGS Unitholders, Defendants instead paid to themselves a bonus.”
The Gathering Spot also recently announced T’Keel “TK” Peterson is no longer its CEO, The Atlanta Journal-Constitution reported. While Peterson, who founded The Gathering Spot with Wilson, departed from his role, Greenwood hired Mike McCloskey as the company’s chief financial officer.
Former TMZ personality Van Lathan, who said he’s a founding member of The Gathering Spot’s Los Angeles location, expressed disappointment about the recent developments at Greenwood.
“Firing a founder and adding a white dude to the C-suite is at cross purposes with everything I joined for,” Lathan wrote on Instagram, according to The Atlanta Journal-Constitution.
Peterson and Wilson opened TGS’s first location in Atlanta in 2016. The company set out to provide a positive work environment for Black professionals, complete with a full-service restaurant and bar.
Greenwood acquired TGS for $50 million, according to court documents. The fintech company, founded in 2020, offers debit cards, saving accounts and other financial services. Greenwood describes itself as a digital platform for Black and Latino business owners.
Wilson’s lawsuit claims Greenwood has had multiple layoffs within the last year.
“It is evident that Greenwood has become or will soon become insolvent and unable to pay its debts, including to the Former TGS Unitholders,” the complaint states.
Wilson is seeking millions of dollars in damages and the return of the business to its original owners.
