WorldVentures has filed a lawsuit against Eddie Head. As revealed in the lawsuit, the on again off again Seacret merger is officially dead.
World Ventures @ BehindMLM
Something strange is going on between WorldVentures and Seacret Direct. Since filing for Chapter 11 bankruptcy, Seacret Direct has poached three high-level executives from WorldVentures. Now, in a communication sent out to distributors, WorldVentures has confirmed ” there is no plan for a merger with Seacret”. What is going on?
WorldVentures’ Chapter 11 bankruptcy has seen two executives quit the company. Last week WorldVentures COO Michael Poates announced the departure of CSO Eddie Head, and SVP of Global Sales Justin Call.
WorldVentures’ filing for Chapter 11 bankruptcy has triggered an automatic stay in the RICO pyramid case. Both Plaintiff Melody Yiru and defendants WorldVentures filed suggestions of bankruptcy on December 24th and 28th respectively.
WorldVentures has filed for Chapter 11 bankruptcy. The news was shared with the company’s affiliates via a December 22nd email sent out by COO Michael Poates. A press-release was also uploaded to WorldVentures’ website, both of which are quoted from below.
A cloud of uncertainty remains hanging over the announced WorldVentures and Seacret Direct merger. In the meantime, WorldVentures has sent out an email to its affiliates containing an interesting “commission clarification” clause.
It is increasingly appearing that Seacret Direct’s acquisition of WorldVentures has fallen through. To recap, WorldVentures confirmed the acquisition mid November. As part of their announcement, WV President Eddie Head stated that more details will be released over the coming weeks. That has not happened, at least not publicly.
After months of not paying affiliates and keeping them in the dark, WorldVentures has finally confirmed it is merging with Seacret Direct.
As reported in our article earlier today, WorldVentures has just laid off more than 50% of its remaining staff. Clause 2a. in the separation and release agreements, as provided to laid off WorldVentures employees, appears to confirm WorldVentures is in the process of being acquired by Seacret Direct.
With international travel at a stand-still in many countries, it figures the MLM travel niche has taken a battering. Rumored to already be in financial trouble, WorldVentures appears to be on its last legs.