BANKRUPTCY TRUSTEE JOINS DEBT HOLDERS OF GLORIFI TO PURSUE ALLEGED SABOTEURS

Defendants Citadel, Peter Thiel, Vivek Ramaswamy, Joe Lonsdale, Rick Jackson, Nick Ayers and others named in the Georgia RICO suit

DALLAS, July 22, 2024 /PRNewswire/ -- With Purpose, Inc. d/b/a GloriFi today announces its Chapter 7 Bankruptcy Trustee, its secured creditors, and its former CEO, Toby Neugebauer, entered into a joint prosecution agreement, subject to court approval, to pursue defendants alleged to have conspired against the pro-America financial services challenger.

The Trustee filed a motion for court approval of the joint prosecution agreement in the company's Chapter 7 bankruptcy proceedings, following a May lawsuit filed by WPI Collateral Management, LLC on behalf of GloriFi's secured creditors in the U.S. District Court for the Northern District of Georgia. The 140-page complaint details allegations of defamation and intellectual property theft at the hands of Defendants Citadel, LLC, Peter Thiel, Vivek Ramaswamy, Joe Lonsdale, Nick Ayers, Rick Jackson, Keri Findley and other notable individuals who are accused of conspiring to gain control of GloriFi for their benefit. According to the lawsuit, the defendants launched a "blitzkrieg" campaign to make the company uninvestable for anyone but themselves, while forming and/or investing in competitive companies. The lawsuit further outlines the alleged actions that ultimately resulted in GloriFi's closure in 2022.

With a strong ethos and powerful technological capabilities, GloriFi was poised to achieve extraordinary success on par with the Nation's most successful companies. Within days of a social media post kicking off the launch, GloriFi had onboarded 33,000 members with 5,000 opening a financial services account. The suit alleges that 72 hours later the Defendants orchestrated a final fatal blow.

At the time of its closure, the unicorn company had on file with the Securities and Exchange Commission a merger agreement with DHC Acquisition Corp, a Nasdaq listed company, valuing it at $1.65 Billion.

On behalf of the company, Neugebauer said, "as this litigation process unfolds, the employee-owners welcome their day in court where each can share their story - what they achieved at GloriFi and how the Defendants who reap the greatest rewards of America allegedly destroyed the company that would give them their rightful hard-earned piece of the pie."

WPI Collateral Management, LLC is represented by Ryan Downton of the Texas Trial Group and Chris Timmons of Knowles Gallant Timmons LLC. Any former GloriFi employee or creditor seeking more information can contact Mr. Downton at [email protected].

SOURCE Glorifi

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED