Pro Football Hall of Famer Emmitt Smith and several business partners are facing a civil fraud lawsuit over a $2.5 million loan that was supposed to help a joint venture acquire an interest in a planned Texas solar development.
Kituwah Energy Project #2 LLC, an affiliate of Kituwah LLC, the economic development arm of the Eastern Band of Cherokee Indians, filed the lawsuit Aug. 31 in Delaware's Court of Chancery. It accuses Smith, longtime business partner David Mosley and others of inducing the company to participate in a renewable energy venture known as Project Exodus.
The proposed project was presented as a major solar development expected to begin operating by the end of 2024 and generate nearly $13.8 million in first-year net income. Kituwah says it ultimately provided a $2.5 million loan to the parties' newly created joint venture after being told the money would help acquire rights and ownership interests connected to the project.
The lawsuit alleges the money instead went to another business that had previously financed ventures involving Smith and Mosley's company. The loan matured Feb. 1, 2024, and Kituwah says none of the principal has been repaid. The allegations have not been proven in court, and NBC 5 DFW reported that the defendants had not responded to its requests for comment.
Smith and Mosley co-founded Dallas-based 4 13 Solutions Inc., a real estate and renewable energy company. According to the complaint, they approached Kituwah in early 2023 about participating in Project Exodus, a proposed solar development in Caldwell County, Texas.
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Kituwah Energy Project #2 LLC, an affiliate of Kituwah LLC, the economic development arm of the Eastern Band of Cherokee Indians, filed the lawsuit Aug. 31 in Delaware's Court of Chancery. It accuses Smith, longtime business partner David Mosley and others of inducing the company to participate in a renewable energy venture known as Project Exodus.
The proposed project was presented as a major solar development expected to begin operating by the end of 2024 and generate nearly $13.8 million in first-year net income. Kituwah says it ultimately provided a $2.5 million loan to the parties' newly created joint venture after being told the money would help acquire rights and ownership interests connected to the project.
The lawsuit alleges the money instead went to another business that had previously financed ventures involving Smith and Mosley's company. The loan matured Feb. 1, 2024, and Kituwah says none of the principal has been repaid. The allegations have not been proven in court, and NBC 5 DFW reported that the defendants had not responded to its requests for comment.
Smith and Mosley co-founded Dallas-based 4 13 Solutions Inc., a real estate and renewable energy company. According to the complaint, they approached Kituwah in early 2023 about participating in Project Exodus, a proposed solar development in Caldwell County, Texas.
#business
2 days ago
