Seth Burgett, the co-founder and former CEO of Yurbuds, the St. Louis startup that was acquired for $37 million in 2014 but failed to deliver returns satisfactory to many of its investors, has a new business.
The venture is called Gateway Bronco, and it seems to have little to do with Burgett’s background in earbuds for athletes or medical devices. Gateway Broncos is restoring first-generation Ford Broncos, a vehicle that was discontinued in 1996 after O.J. Simpson’s infamous police chase involving a Bronco in 1994.
Burgett has been involved in a dispute with some of Yurbuds’ original investors who are unhappy with the way Burgett doled out a $3.5 million settlement payment to Yurbuds shareholders from Harman International Industries, the Connecticut-based technology company that acquired Yurbuds.
In April, more than half of Yurbuds’ investors reported being underwater on their initial investments and are at odds with Burgett about how certain funds awarded to the company are being distributed to shareholders.
Read more: St. Louis Business Journal