TLDR:
Key Points:
- Danielle Shoots, head of DEMI Fund, resigned amid a legal battle with the city of Denver over tax dollars.
- DEMI Fund sued the city, claiming it had stopped transferring tax dollars and refused to reimburse Shoots nearly $800,000.
Danielle Shoots, the founder and managing director of DEMI Fund, has stepped down from her position amidst a legal dispute with the city of Denver over tax dollars. The city had contracted with DEMI Fund to manage a portion of marijuana sales tax dollars in women- and minority-owned businesses. Last month, DEMI Fund filed a lawsuit against the city, alleging that it had halted the transfer of tax dollars and failed to repay Shoots for expenses she had fronted for its portfolio companies.
Shoots’ resignation letter, posted on social media, discussed her decision to prioritize spending time with loved ones. Further details about the ongoing legal battle and Shoots’ personal relationships were also highlighted. Mark Goodman, DEMI’s managing director, has been named as the point of contact following Shoots’ resignation.
The article also mentions other investors in DEMI Fund, including Bank of America, Xcel Energy, and local individuals. The fund’s performance remains unclear, with redacted information in its annual report. Additionally, the article notes discrepancies in the physical location of companies receiving city tax dollar investments.
Overall, the article sheds light on the complexities of the legal battle between DEMI Fund and the city of Denver, as well as the uncertainties surrounding the fund’s performance and investor relationships.
