Billionaires feud over bankrupt 'anti-woke' Dallas bank
Dallas Business Journal
The North Texas region's source for local business news & events. Part of the American City Business Journals network.
Two years after the failure of GloriFi, the wealthy businessmen who backed the "anti-woke" banking startup find themselves locked in a high-stakes legal battle over the events that led to its demise.
Businessman Toby Neugebauer , an oil and gas investor, started Dallas-based With Purpose Inc., which did business as GloriFi, in 2021. GloriFi aimed to provide a conservative alternative for investors who have become frustrated by the commitments some financial giants have made to environmental, social and governance initiatives, otherwise known as ESG.
GloriFi received financial backing from big-name investors but despite the involvement of such big names and the prospect of going public with a possible $1.65 billion valuation, GloriFi announced plans to shut down in November 2022 after running out of money.
The billionaires who backed GloriFi claim Neugebauer mismanaged the company, attempted to obtain it for himself and drove it into the ground – which led to many lawsuits.
Read more about the state of the feud here.
Plus, ESPN shares valuation of Frisco content creators Dude Perfect; Fort Worth considers buying a downtown building for its new library; an Italian restaurant will open in an old TV studio; and the State Fair of Texas revealed its finalists for the 2024 Big Tex Choice Awards.
…
Don’t miss out on the latest business news in Dallas! Sign up for the Dallas Business Journal’s email newsletters. Love our stories? Consider subscribing for less than $4 a week.
…
Gondolas in Dallas? North Texas cities consider going high in traffic fight
It is a universally acknowledged truth that roads in Dallas-Fort Worth are a bit congested. And it's likely to get worse, given population projections.
One technology company thinks the solution to traffic may be above ground — way above ground.
An autonomous elevated cable and rail system akin to gondolas, known as Whoosh, could be coming to one of five North Texas cities as part of a pilot program aimed at providing greater local connectivity and alleviating a bit of traffic in the Metroplex. | Read more here.
…
The University of Texas at Arlington plans 51-acre Fort Worth campus
The University of Texas at Arlington is seeking to expand in Fort Worth with a new campus.
The University of Texas System Board of Regents voted Aug. 5 to authorize the purchase of 51.1 acres in west Fort Worth for a future campus expansion, in an area called Highland Hills. The land is in the southeast portion of the intersection of Interstate 20 and Interstate 30 and west of Walsh Ranch Parkway, in Parker County.
Dubbed "UTA West," the future campus is expected to open in fall 2028 and serve 10,000 students. | Read more.
Recommended by LinkedIn
-
-
Frisco is getting another H-E-B – here’s why
Frisco was the site of H-E-B's first push into the core of the Dallas-Fort Worth Metroplex with a store that opened about two years. Now, the grocery chain has a second location in the city, just a few miles north.
The 130,000-square-foot new store — complete with a True Texas BBQ restaurant, a drive-thru pharmacy as well as ready-to-go meals — is the company’s seventh store in the core of DFW.
But as the cities north of Dallas continue to grow, that’s where the giant grocery chain is following. | Read when more about the new H-E-B here.
…
$140M upgrade of Cotton Bowl sets stage for iconic Dallas venue's next chapter
The leaders driving $140 million in renovations at the Cotton Bowl see it as a way to further elevate Dallas' position in the global sports pantheon.
The widely touted upgrades will include the addition of 14 escalators, create new premium seating and expand the press area. They will also increase concession stands and restrooms, double the main concourse size on the west side of the facility and triple the upper west concourse to feature amenities such as two outdoor terraces with views of downtown Dallas.
The Dallas-Fort Worth area is widely recognized as a pro sports mecca. Upgrades to the Cotton Bowl, located at Fair Park in South Dallas, are driven in part by recognition that investment is needed to maintain that reputation. | Read more.
…
This edition was curated by digital editor Alexa Reed . Have questions, comments or concerns? Reach out!