ABOUT THE COMPANY:
Good Money Group was a venture-backed, mission-driven digital neobank. The Company raised over $50 million from an array of venture and retail investors to build a banking platform catering to socially conscious customers.
The Company encountered acute opposition as it progressed toward commercial launch. The dismissal of unscrupulous actors from the ranks demanded considerable attention from the executive team. Competitive forces in their sector, including commodotization of consumer banking offerings, dimmed business prospects and left Good Money's platform undifferentiated. Management decided the responsible thing to do would be to cease operations and return a maximum amount to creditors rather than continue to burn through their funds in the face of insurmountable challenges.
Upon review of the Company's profile and prospects, G2 agreed with Company counsel that an assignment for the benefit of creditors ("ABC") was the right path for Good Money Group. The board appointed a G2 special purpose entity to serve as fiduciary and trustee of the assets. In this assignee capacity G2 would have ownership of and stewardship over the assets, plus the associated duties of maximizing return to creditors and managing an orderly corporate wind down.
As assignee in the ABC, G2 immediately began the process of securing the array of physical and IP assets, managing disputes with various interested parties, and delicately unwinding the partnerships that had been essential for the commercial launch. With the crucial help of key members of the Company's management team, G2 monetized the assets and wound down corporate operations.