The ongoing dispute between Balcones Distilling founder Chip Tate and the company's board of directors has been resolved, but not without some bitter words exchanged. Although details of the settlement remain confidential, board members and their attorney told the Waco Tribune that they bought out Chip's 27% interest in the company and removed him from the board after a meeting yesterday (December 3). He also agreed to a noncompete clause that prevents him from working in a distillery until at least March 2016. He says he will use that time to formulate a business model for a new distillery.