$2.5M SOLAR LOAN LAWSUIT NAMES EMMITT SMITH

🚨 A tribal investment firm says $2.5 million it lent for a Texas solar farm is gone, and Emmitt Smith's name is on the lawsuit.

The Los Angeles Times reports that Kituwah LLC, the economic development agency owned and operated by the Eastern Band of Cherokee Indians, filed suit Monday in Delaware's Court of Chancery.

The defendants: the Pro Football Hall of Fame running back, his longtime business partner David Mosley, their real estate and renewable energy company 4 13 Solutions Inc., plus Wilson Holdings, its principal owner Darrel Wilson, and joint venture firm Jabez 4 10 LLC.

The allegation, per the complaint: Smith and Mosley used "false projections and data" and misrepresented how interested other investors were, convincing Kituwah to form a joint venture and lend $2.5 million.

The stated purpose was buying into a Texas renewable energy project called Project Exodus, then transferring that interest back to the joint venture.

Kituwah alleges the money instead went to Wilson Holdings, apparently to repay money that firm had previously invested. The complaint's words: "Essentially, like a Ponzi scheme."

4 13 Solutions had represented Project Exodus would be running by the end of 2024. Kituwah says it has seen no evidence of meaningful progress.

The loan came due Feb. 1, 2024. Still unpaid, according to the filing, despite numerous attempts to collect.

Smith is accused of fraudulent inducement and breach of fiduciary duty. Kituwah says it is owed more than $3 million with interest and costs.

Representatives for Smith, Mosley and 4 13 Solutions did not immediately respond to the L.A. Times' requests for comment. These are allegations in a civil filing, not findings.

Would you lend $2.5 million on a famous name?

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