Co-Founders Of The Gathering Spot Sue Greenwood For Allegedly Breaching Purchase Agreement, Seek To Regain Ownership

Back in May 2022, Greenwood Inc., a Black-owned digital banking platform for Black and Latinx individuals and business owners, acquired the popular, private, members-only club for Black professionals, as previously reported by AfroTech. The mission behind the acquisition was to lead minorities to financial freedom by continuing “to deliver features including community building, personal finance content, and banking services.”

“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,” The Gathering Spot Co-Founder Ryan Wilson shared in a statement about the partnership at the time. “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, nearly a year later, Wilson has filed a lawsuit on behalf of himself and co-founder T’Keel Petersen, against Greenwood CEO Ryan Glover and board member Dr. Paul Judge for alleged fraud and deception, according to Hip Hop Enquirer. 

The lawsuit was filed in Fulton County Superior Court (Georgia), and according to legal documents, it claims that Greenwood failed to make post payments based on their sales agreement, per the outlet. 

The filing also comes after Petersen, the former chief financial officer (CFO) of The Gathering Spot, was reportedly terminated. The outlet alleges that the termination of Petersen by Greenwood brings up concerns over the company’s inner workings and financial solvency.

“In no small part due to the success of TGS, Defendant acquired TGS from Plaintiffs in 2022, in what Atlanta Business Chronicle selected as one of its ‘Deals of the Year,’ an award honoring the most influential mergers and acquisitions for this region,” the filed lawsuit wrote. “Unfortunately, Defendant has engaged in intentional misconduct to knowingly breach the Parties’ purchase agreement. Defendant’s intentional misconduct constitutes a material breach of the purchase agreement. It is further clear that Defendant will continue to commit material breaches of the purchase agreement, including with respect to the upcoming payment due March 31, 2023.”

Along with seeking millions of dollars for damages, Wilson and Petersen want to regain ownership of The Gathering Spot.

AfroTech reached out to The Gathering Spot and Greenwood but have yet to receive a comment regarding the lawsuit.