Bad blood between WorldVentures and Seacret Direct?
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?
The original announcement law November saw WorldVentures confirm full integration into Seacret Direct through a merger.
Up until today, the status of the merger had been up in the air.
After promising distributors he’d found a “stable resilient and reliable business solution” for them, WorldVentures’ President Eddie Head jumped ship for Seacret Direct.
At the same time Senior Vice President of Global Sales, Justin Call, also resigned. He’s now turned up as Seacret Direct’s new Senior Vice President of Global Sales & Field Development.
Although news of his departure was only recent, turns out Marc Accetta, WorldVentures’ former Director of Training, has been poached too.
Accetta, another prominent executive who reassured WorldVentures distributors throughout November and December, holds the same Director of Training position at Seacret. Accetta had been with WorldVentures since 2006.
On top of this we already know Seacret Direct is openly recruiting WorldVentures distributors.
I find it hard to believe there were no non-compete clauses in either Eddie Heads’, Justin Call or Marc Accetta’s WorldVentures contracts.
And if there’s no merger, why are WorldVentures executives all turning up at Seacret Direct?
Smells like shenanigans to me.
Courtesy of a BehindMLM reader, here’s the full “no merger” statement from WorldVentures;
Thank you for being part of the WorldVentures family. There have been positive developments for our company that may allow us to restructure and rebuild the brand.
As of January 21, we have identified a bidder/investor for the WorldVentures and Rovia assets and filed a motion with the Court for approval.
As of today, there is no plan for a merger with Seacret and WorldVentures, your back office remains the same and all future sales commissions will be paid in full on normal commission cycles.
Efforts are already underway to identify and hire two great sales leaders, one for our International business and one for North America.
We encourage you to stay the course and do what you do best – provide unique and memorable travel experiences.
As we move through this process together, we look forward to resuming our training events and rebuilding a great company with you. More details to come.
If that is to be believed, WorldVentures is going to replace its lost executives and carry on like nothing’s happened.
What?
I’d be tempted to the merger breakdown was the result of co-owners Dan Stammen and Wayne Nugent not getting their way.
But then both seem awfully complacent while Seacret Direct guts their business. And they’re not even being secretive about it.
Seacret’s new appointments are being openly celebrated.
Can’t help but wonder what WorldVentures’ non executive creditors think of all this? I know if I was in that legal position I’d certainly want answers.
Pending any more bizarre “WorldVentures executive poaching but we’re totally not merging” updates, stay tuned…
I think what you meant to write was:
Otherwise it reads as though Seacret filed Chapter 11. I think grammarians call that a misplaced modifier, but don’t quote me on that.
…is the only sentence I still remember from high school English class.
Stay safe and keep up the good work, Oz!
I think it’s pretty clear that WV is about to file chapter 7 which means closing up shop forever.
No merger means no creditors can go after Seacret. WV will go away. Those that are owed millions won’t get a dime.
WV Executives and top leaders who ran WV into the ground walk away unscathed and move into Seacret with their downlines intact. This was the plan all along.
That’s a very cynical outlook, Wes, and I think you’re absolutely right.
The Executives over at WV are trying to hold on to their approx $500,000 per year salaries they were paid while WV reps were not being paid their commissions.
The COO Michael Poates actually paid himself a $130,000 bonus at the end of the year because he did such a great job bankrupting the company.
You can see all of this in the bankruptcy paperwork.
Appalling behavior from WV and those loyal to it.
WV is not filing chapter 7 and there has been no sale or merger, yet.
They have a committed stalking-horse in the bankruptcy who is expected to pay 69M.
This anonymous bidder is expected to pay 100% commissions for active reps!! The legal document below was filed 1/21/21. WV has indicated there could be others also interested.
cases.stretto.com/public/X114/10677/PLEADINGS/1067701212180000000082.pdf
If there was legitimate interest in acquiring WV they wouldn’t have filed for bankruptcy.
If the anonymous bidder = Seacret Direct, then this smells like Nugent and Stammen getting $69 million and not having to deal with their mess.
I went through that document properly today. WorldVentures is seeking approval of a stalking-horse opening bid for $69.5 million.
The bidder is WV Holdings Co. LLC, which I can’t find any information on. I’m assuming “WV” in WV Holdings Co. LLC stands for WorldVentures, which begs the question who’s running WV Holdings Co. LLC?
If approved, other bidders will be able to come in higher than WVH’s $69.5 million opening bid. Why you’d pay that much for a dead business though is beyond me.
Pending approval of the process, I might put together an article – but it hinges on knowing who’s behind WV Holdings Co. LLC.
The obvious candidate is Seacret Direct (either directly or through a shell company), but I can’t confirm that. Unless someone else wants to weigh in?
The company name was picked, but it is part of keeping it anonymous.
WV truly believes that travel will take off mid 2021 and skyrocket because of all the lockdowns. If you look at just the Rovia financial information, that company was profitable.
RV always got “more” and complained that they were helping to support WV.
Travel will take off this year. But anyone who wants to travel with anything associated with WV and Rovia is insane.
The “You Should Be Here” brand is dead. Trust is everything in the marketplace. The track record, or lack thereof, tells the story.
World Ventures tried to blame its financial woes on the pandemic. If anything, the pandemic probably kept the company afloat with PPP.
World Ventures was a sinking ship long before the pandemic. For anyone who wants to debate this, please answer these questions.
1) Did not World Ventures acknowledge to its IMD’s in April of 2017 that they could not pay?
2) Didn’t top leaders including Matt Morris, Johnny Wimbrey, and others loan money to WV?
3) Is WV current with paying all of its people, or are they still choosing to pay the people who sit under the most influential people?
4) How in the world do self-professed Christians continue to support the deception that is World Ventures?
David Pietsch, Byron Schrag, and other leaders continued to promote this business knowing it was a toxic asset.
I sat and listened to those guys talk about their love for Jesus yet they continued to support this fraud company. The blue sign now represents coercion, deception, hypocrisy, and corruption.
If these Christian men can still support the “blue sign”, then what we are seeing is not Christianity. It’s blue sign idolatry.