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.
World Ventures @ BehindMLM
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.
Legal correspondence between attorneys alleges WorldVentures’ revenue has been “decimated”. The leaked email correspondence pertains to a Texas District court case, which WorldVentures is defending.
As per a November 25th case docket entry, the WorldVentures v. MaVie lawsuit has been settled. As is typical of MLM lawsuits, details of the settlement have not been made public.
Our last update on Melody Yiru’s lawsuit against WorldVentures noted a September 2018 order compelling arbitration. In an October 11th order, Yiru and WorldVentures filed a joint-motion requesting the case be reopened. It appears after a year arbitration between the parties has failed.