Mighty fallen
How Dashdot turned $2b into $749, stinging Mighty Partners along the way.
Good morning.
Dashdot promised to make ordinary Australians property-rich. Instead, as Capital Brief’s Jack Derwin reports, it has made venture-debt outfit Mighty Partners $1.5 million poorer, its own clients about $10 million out of pocket, and one of the country’s largest buyers agencies a smoking hole in the ground.
Derwin spoke to more than a dozen former clients and staff, and got founder Glenn ‘Goose’ McGrath and the liquidator Rebecca Gill of Teneo on the record, piecing together how a business that bought nearly $2 billion of property came to hold $749 in the bank.
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