Verona International Holdings to acquire WorldVentures
WorldVentures will exit bankruptcy through a proposed acquisition by Verona International Holdings.
As per a press-release issued by WorldVentures on June 3rd;
WorldVentures … is pleased to announce that it has entered into a binding agreement … with Verona International Holdings as a plan of reorganization sponsor under the bankruptcy code.
This agreement, valued at upwards of $82,500,000, will provide for a repayment of pre-bankruptcy sales representative commissions, among other provisions.
Under the agreement, the company will operate under both the WorldVentures and DreamTrips brands going forward.
Personally I’d never heard of Verona International Holdings before.
According to WorldVentures’ press-release, Verona International Holdings are
experienced in the travel industry with a successful track record of acquiring and successfully restructuring bankrupt companies.
Not sure if something dodgy is going on but the only Google search results for “Verona International Holdings” are WorldVentures’ press-releases.
They don’t seem to exist online outside of WorldVentures’ press-releases, which are not even three days old.
This is strange considering Verona purportedly has a “successful track record”.
Even stranger is WorldVentures quoting a “Verona International Holdings representative”, as opposed to a named executive.
Could be innocent but my “something’s not quite right here” radar is pinging.
Anyway hopefully if there is something suss going on the bankruptcy court gets to the bottom of it.
The reorganization plan will be submitted for court approval in the coming weeks.
I’ll continue to monitor WorldVentures’ bankruptcy case docket for details.
Update 23rd January 2022 – While the original owners of Verona International Holdings continue to operate in secret, we now know that Mark & Tammy Smith have bought in.
Verona International Holdings, Inc. (“Verona International”), the parent company of DreamTrips International, LLC and Rovia I, LLC, is pleased to announce that Mark and Tammy Smith have made a significant financial investment to become full equity partners in the ownership of Verona International.
Mark and Tammy Smith head up WorldVentures reboot, DreamTrips, as CEO and Chief Field Officer respectively.
This appears to be the website, but there isn’t any information. Looks sketch to me. Any word on the lawsuits?
veronaholdings.com/
For your reading pleasure!
cases.stretto.com/public/X114/10677/PLEADINGS/1067705272180000000126.pdf
If that is the same Verona Holdings International, that website was only just set up on May 28th.
Not really a website, more of a placeholder. Just makes the deal look even more sketchy.
I check the related case dockets periodically. I generally don’t cover motions to dismiss as they’re not particularly interesting (usually just legal reasons cited for dismissal).
If a motion to dismiss is granted against significant parties, that’s another story.
They’re valuating this company at $82.5MM? They must be out of their minds.
Look up Spherature Investments bankruptcy fillings (the shell company of World Ventures and all it’s subsidiaries). Between Rovia and all it’s other Worldventures companies, it is worth negative that amount, their debt is beyond it’s assets.
Who would, in their right mind, acquire that mount of debt with nothing in return? Craziness!!!
Verona International Holdings LLC was recently registered as a domestic Delaware corporation on 5/28/21.
Rovia’s physical address is now a “rent a suite” office at 8105 Rasor Blvd, Suite 109, Plano, TX. This suite is smaller than my bathroom!
How idiotic is the US Bankruptcy system?
This Verona is 3 weeks old. The web is 2 weeks old. The press is Verona “is experienced in the travel industry”.
Nothing in About that the Verona is travel, just noise. Who writes this crap?
Keep paying the lawyers.
Following the same naming convention of WV around the globe, registered in Singapore is VERONA INTERNATIONAL PTE. LTD. which went live 3 MAR 21.
It makes sense that it took so long for the bidding process if they had to make global entities where WV did business first.
My son Tim Herr has 95% of the stuff that comes out of his mouth are lies. He is with Seacret and is in bad real bad need of anger management.
I have watched him turn from an honest upfront person to a liar who manipulates stories that no one needs to hear.
Timothy was the perfect son till I got him into MLM. With his anger towards me (I got on my knees and asked him to be responsible) he has made up so many lies about me.
I would run from a liar like he is.
He helped me build large homes and remodel homes (even he helped me put a roof on a 6 lever home I built in the mountains.) till he was 17.5. At that time I signed him up to do MLM.
He has lied to his kids for so long that he cannot come clean.
Timothy has turned out exactly like his father who ran off when he was 6 years old with a gal we built a home for in IN.
I would be so scared to join a mlm company based on what I have seen from the ones I have seen.