Blog: How Does Mike Frost's "Austin Lake Technologies" Fit Into the Maze of GPB Capital Holdings? - 2020-06-27
The civil action filed by the Commonwealth of Massachusetts against GPB Capital made the point that Capital Holdings, Ascendant Alternative Strategies, and Ascendant Capital are, for all intents and purposes, the same company. The complaint states:
Publicly, GPB Capital and Ascendant Capital sought to appear as two distinct companies, but in reality, they were one-and-the-same. Schneider was intimately involved in GPB Capital's strategy and direction, and served as Gentile's top confidant. The line between Gentile, Schneider, GPB Capital, and Ascendant Alternative Strategies and Ascendant Capital is blurred beyond recognition. The firms even share office space in Austin, Texas. The only difference between GPB Capital and the Ascendant entities is the e-mail addresses used. Gentile profited directly whenever GPB Capital paid Ascendant Alternative Strategies selling commissions.
This allegation raises questions for us about GPB Capital Holdings and Mike Frost's Austin Lake Technologies which he started in May 2019. What is the nature of the relationship between GPB Capital Holdings and Austin Lake Technologies?