In the days before Bitwise furloughed its entire workforce, company co-CEO Jake Soberal was busy calling, texting, and emailing local business leaders in hopes of obtaining bridge loans to navigate through a financial squeeze. Soberal's pitch to two of the bridge-loan prospects offered sky-high interest rates. In addition, one of...
Texas Company Seeks $33 Million From Bitwise in Lawsuit Filed Today
A new lawsuit filed Wednesday seeks $33 million from Bitwise Industries for a failed business venture. This is the latest negative financial news for the Fresno-based tech/real estate company, which furloughed its staff of about 900 employees on Monday. Filed by Texas-based NICbyte LLC, the lawsuit alleges that Bitwise and...
Fresno Gives Cherished, Graffiti-Scarred Renzi Artwork New Hope
Four months after a fire destroyed a Fresno building housing a modern classic work of art, there is hope for "A Day in the Park." The Clement Rezni bas-relief sculpture, depicting children enjoying recreational activities across 288 clay tiles, survived a January 30 fire at the Fagbule Glass House. While...
Westlands Lets Bounty of Floodwater Flow to Ocean Instead of Maximizing Groundwater Recharge
Groundwater recharge — or the lack of it — was a driving force behind the sweep of new board members who took over the behemoth Westlands Water District last fall. “Urgently develop groundwater recharge,” was the top plank in the platform of four candidates who won election in November. And...
Dyer, Swearengin Reveal Grants Made to Bitwise. Company Mum About Problems.
As Bitwise started its ascent to making Fresno a tech innovation hub, it had a great champion in then-mayor Ashley Swearengin. And, the company picked up a $1 million American Rescue Plan Act grant from City Hall under Mayor Jerry Dyer in late 2022. Today, both leaders are hoping that...
Fresno County Sales Taxes B to Z: How Your Billions Are Being Spent
Voters in Fresno County cast their ballots on at least three tax measures in 2022 — one for roads, another for zoos, and a new one for Fresno State. A revival of the failed Measure E, supporting Fresno State, will in all likelihood appear on a 2024 ballot. City of...
Consultants ID $2.5 Billion in Needs for Fresno Schools. Time for Another Bond Measure?
An assessment of Fresno Unified School District facilities has identified nearly $2.5 billion in needs, from building and site condition deficiencies to technology readiness and "educational suitability." How to pay for it, or at least a part of it? The district could ask voters to approve a bond measure, possibly...
Bitwise Financial Troubles Continue as It Furloughs All Employees
Bitwise Industries has furloughed all its employees as the Fresno-based technology and real estate company experiences financial hardships. Monday, company co-CEO Jake Soberal and Irma Olguin Jr. held a "team meeting," followed by an email to staff. "We currently find ourselves in a situation where it is necessary to furlough...
Newsom, Just Like DeSantis, Unabashedly Using Schools to Fight Culture War
Gov. Gavin Newsom is a self-appointed crusader against the social and educational policies of red states, particularly Florida, describing their governors as repressive authoritarians. Just a few days ago, for instance, Newsom sent a letter to textbook publishers, demanding to know whether they are obeying Florida’s command to remove passages about race...
Biden, GOP Reach Tentative Deal to Raise Debt Ceiling, Avoid Default
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. However, the agreement risks angering both Democratic...