ATLANTA — One of the co-founders of The Gathering Spot (TGS) filed a lawsuit against the company that bought the club, alleging it withheld a payment.
TGS in Atlanta has become known nationwide as a private networking club for Black and minority business owners.
“A sense of community, a place where you can really come together and to make friends, to make connections, to get information, for your personal life, your professional life. It’s just… I really enjoyed it,” said Lisa Bonner a founding member of the club.
Greenwood -- a Fintech company -- acquired TGS last year in April. The 16-page lawsuit was filed in Fulton County earlier this month by co-founder, Ryan Wilson, alleging Greenwood engaged in misconduct, fraud and failed to pay a $5 million payment tied to TGS meeting a revenue target. Greenwood, in a previous court filing, denied those allegations.
The recent complaint also alleges that "instead of honoring Greenwood’s obligation to pay the shareholders... defendants instead paid to themselves a bonus."
The lawsuit comes as the club experiences team changes. According to an Instagram post on the TGS page, TK Petersen, one of the founders who serves as chief operating officer is moving on "to other endeavors," with his last day in the position set for July 31.
In an email sent directly to members of The Gathering Spot, an announcement was made that Mike McCloskey was hired as the chief financial officer for Greenwood. The email also stated that McCloskey's responsibilities would include the "oversight of all TGS locations."
The changes are stirring conversations on social media. Some TGS members, like Bonner, are concerned about the departure of a Black founder and the hiring of a white executive.
“I don't want to seem like it's a war crime, racism or we're saying that this man is unqualified. Nobody is really saying that. But for them to come in and say that all of the people are going to report to this new man who has no affiliation with The Gathering Spot and is a white man, that just from a PR standpoint, you don't know anything about the culture,” she added.
However, the Instagram post explained that McCloskey filled a Greenwood open position that was vacant since 2021.
"There have been inaccurate reports on social media that Mike is a replacement for TK. This is absolutely false," the post explained, saying these are two different roles within two different companies.
Bonner said she deactivated her membership this week because of the drama and believes other members might do the same.
“I think at this point, a lot of members are defecting because we really do stand behind T.K. and Ryan. It's something... just isn't right. But for them to allege a fraudulent transfer, conspiracy to commit a fraudulent transfer, for them to ask for equitable relief, you don't allege those claims baselessly," she said.
In a previous court filing from June, the Fintech company denied the allegations. Greenwood alleged that TGS' financial status was misrepresented, "in an effort to convince Greenwood to purchase TGS."
11Alive reached out to all parties involved. Petersen said that due to ongoing litigation, he is unable to comment.