Monday morning, Greenwood, Inc. and The Gathering Spot have jointly announced a resolution to resume operations, presumably ending their legal disputes.
Before the announcement, there was a statement from the community of members which lays out a cavalcade of demands which requests Greenwood completely remove itself from the daily operations of The Gathering Spot due to what they describe as, “a blatant disregard for our history and culture,” in addition to a misrepresentation of Greenwood’s leadership structure and business model.
Here is a snapshot of their demands:
- Greenwood Inc. remove Ryan Glover and Paul Judge from the business, force the repayment of any unearned benefits, and forfeit any unvested equity that either have in the company
- Greenwood Inc. form a relationship with a banking partner that has Black leadership
- Greenwood Inc. bring Black leadership into its C Suite
- Greenwood Inc. publicly disclose all shareholders in the company
- Greenwood Inc. provide an accounting, to the public, of any money spent in bonuses and salary payments to employees
- Greenwood Inc. provide a list of Black vendors with which it currently works – if any such relationships exist
- Greenwood Inc. share any plans it has to acquire a banking charter
- Greenwood Inc. provide an accounting, to the public, of any money from the almost $90 million dollars it has raised that has been spent with Black businesses, vendors, consultants, and communities – if any such payments exist
- Greenwood Inc. provide an accounting, to the public, of any grants made to Black-led organizations and entities – if any such payments exist
- Greenwood Inc. hire a Chief Equity Officer, or other similar role, to ensure that the interests of the community that Greenwood claims to serve are taken into account with all executive decisions
- Greenwood Inc. lay out its 5 and 10 year plans to create wealth in the Black community
Shortly thereafter, Greenwood, Inc. and The Gathering Spot have jointly announced a deal to resume operations and therefore presumably ending their disputes. The announcement says:
Greenwood and The Gathering Spot today announced jointly that we have resolved our outstanding business disputes and will continue to uplift Blacks and minorities by building community and supporting ﬁnancial freedom around the country.
“We are ready to finish what we started, in the same spirit that we began with and continue to build and grow with our community,” said Ryan Wilson, CEO of The Gathering Spot.
Moreover, both companies say they are pleased to put this issue to rest and move forward. Terms of the agreement were not disclosed, but both Greenwood and The Gathering Spot are displaying a united front with the outcome.
According to the announcement, this signals the end of a period of friction between the two companies and opens a new chapter of collaboration and shared visions, albeit with very few details plus increased questions from members and the concerned public alike.