WorldVentures files for Chapter 11 bankruptcy
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.
WorldVentures announced today that it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Texas.
WorldVentures blames its financial demise on COVID-19.
This voluntary filing with the Court represents a critical milestone in the ongoing process to restructure debt caused by the Coronavirus (COVID-19) pandemic and reorganize WorldVentures with the goal of driving long-term, sustainable growth.
“The impact of the COVID-19 pandemic has caused significant financial distress to our travel and leisure business,” said Chief Operating Officer Michael Poates.
“As we map a new path forward, this comprehensive financial restructuring should enable our business to become profitable again and secure our future.”
WorldVentures states it “plans to be a healthier company as a result of the restructuring”, but doesn’t go into specifics.
In the meantime, WorldVentures will
continue all day-to-day operations and honor all commitments and travel obligations to their DreamTrips members.
From the sounds of it though I don’t think anyone was travelling.
In his email Michael Poates states ‘I believe this restructuring process will give us the opportunity for a fresh start.’
I don’t want to read into it too much, but this kind of sounds like confirmation the Seacret Direct acquisition is dead.
Owed creditors named in WorldVentures Services’ Chapter 11 filings include:
- Titan Bank – $4.1 million
- $286,559 in withheld tax
- Sykes Budapest (call center) – $249,024
- Sykes do Shanghai (call center) – $235,674
- Amazon Web Services – $165,718
- Microsoft – $134,339
WorldVentures Marketing’s filings details millions of dollars in owed commissions.
Matt Morris, a top-earner within WorldVentures, is owed over $1.5 million dollars.
Curiously, the commissions list supposedly features a “consolidated list of creditors who … are not insiders”.
Listed as being owed $549,465 is Nugent Holdings. The provided contact for Nugent Holdings is Wayne Nugent, WorldVentures’ co-owner and CVO.
Spherature Investments, WorldVentures’ parent company, owes Dan Stammen $1.7 million. Stammen is a WorldVentures co-owner, so again we’re not sure why he’s on a list of “creditors who … are not insiders”.
As at the time of publication neither WorldVentures or Seacret Direct have addressed the failed acquisition merger.
Seacret Direct are actively recruiting WorldVentures affiliates, but beyond that both company’s affiliates have been kept in the dark.
Fantastic Christmas news Oz. I would love to say that they didn’t deserve it, and “what a bunch of poor victims” of the CoVid 19 pandemic.
But I suppose “good riddance” is the correct response here, and that I hope all of the lost and displaced World Ventures reps find a new home in something that has good leadership, and gives value to society. Fantastic article!
Love,
David Wood
I wonder how Ibuumerang are handling affairs presently?
Had iBuumerang on my review update list since early Dec. Haven’t been able to get around to any reviews because of all the news though.
Apparently they’ve pivoted from travel but I haven’t looked into it yet.
Avinash Nagamah is one of the top guys in iBuumerang and apparently hit the Diamond rank: facebook.com/watch/live/?v=750083242121960&ref=watch_permalink
Here is one of his live presentations: facebook.com/watch/live/?v=595299874718094&ref=watch_permalink
He is now heavily involved in Daisy AI doing daily webinars in multiple languages. Here if one of the Daisy webinars: youtu.be/_JUTaTTI11s
Avinash Nagamah was in Omnia Mining as well. omniatek.com
There are many errors that I see in this malicious article. You’re throwing around speculations for readers to consume. That’s exactly how MLM’s get bad names. It’s just plain reckless, but I’m only going to fixate on one,….
As a now former WV rep, the Seacret acquisition is NOT dead. The merger is already happening and in progress & we have ported over about 5million records and already working under their comp plan.
DreamTrips is STILL A PRODUCT and will be offered under the Seacret umbrella.
The aforementioned Matt Morris is also still on board with the move and continuing to be a leader.
You really have to get more in tune so you can provide accurate info.
And this is what happens when corporate keeps distributors in the dark.
This article is based on court filings by WorldVentures themselves. You’re welcome to verify the figures provided with WorldVentures corporate or the public filings.
WorldVentures got a bad name by running a pyramid scheme and not paying commissions. That’s got nothing to do with me covering their bankruptcy.
Cool. So can you provide a statement from either Seacret Direct or WorldVentures corporate explaining wtf is going on?
Yeah I know Seacret is recruiting WV reps, I’ve covered that in a separate article:
https://behindmlm.com/companies/world-ventures/seacret-direct-signing-worldventures-affiliates-failed-merger/
Do you mean the distributor database was imported into Seacret? If so was this done with the consent of every distributor on the list?
I have a hard time believing 5 million WorldVentures distributors signed up to Seacret over the last few months on their own.
1. So why hasn’t this happened yet?
2. What is the current status of the acquisition?
3. How does WV bankruptcy affect the merger?
I never claimed Matt Morris left WorldVentures. WorldVentures’ bankruptcy filings show he is owed millions in commissions.
Feel free to answer the questions above. Otherwise admit you know what the rest of us do, which isn’t much.
1) World Ventures experienced financial trouble long before the pandemic because of poor stewardship and a lack of oversight over their international operation, specifically in Asia.
2) People who had to leave for greener pastures because they weren’t getting paid were intimidated by public shaming and attacks on Facebook. Leaders held private conference calls to villainize reps who were leaving.
3) Top leaders shamed other leaders who were struggling financially because they weren’t getting paid. Instead of being sympathetic, they questioned how these unpaid leaders were handling their personal money.
4) Leaders used their social media presence to attack leaders who left for other companies that were ACTUALLY paying their reps.
5) WV reps continued to recruit people into an organization they knew was toxic and dysfunctional.
6) If everything was so rosy at WV, what happened to this one big team? Where is Mike Azcue? Josh Paine? Dan Stammen? Jon Mckillip? Mike Remedios?
7) Why has World Ventures been involved in lawsuit after lawsuit?
8) Why did World Ventures have a history of futuring products and services that never came to fruition? My Rovia, Dream Trips App that was supposed to eventually be FREE, DreamBody, Flye Card.
9) Why was the company not transparent with their financial situation?
10) Why are they blaming the collapse of the company on the pandemic when their problems began long before that. If everything was so rosy, why did top leaders leave long before March of 2020?
11) Why did they sue top leaders who left like Johnny Wimbrey even though they owe him $168,000 according to one of the court documents? Why did a top leader refer to Johnny as a snake even though the company owed the “snake” over $168,000?
12) Why did World Ventures and its leaders, some of who claim to be Christians, continually attack people who had to make decisions that were in the best interest of themselves and their families? I thought it was morally wrong to blame the victim.
If a spouse is in an abusive relationship, should not he/she get out of that relationship?
Oh not in WV. They expected compliance without question. Do as you are told. Stay in the abusive relationship for the sake of the almighty blue sign. This is idolatry at its worst.
Maybe this Seacret acquisition will happen, but to call it a merger is a lie. World Ventures is bankrupt.
The bigger fish is swallowing the bleeding fish and no doubt, there will be blood in the water.
How people who call themselves ethical were able to stand by this company and its deception is beyond me. In my mind, you either stand with the truth, or you don’t.
Mr. Melcher, my friend, it’s literally already happened. How’s ForEx treating you? ..
Oz, feel free to post an email, I have no problem sharing info.
Contact form button is on the top right of every page.
Instead of taking next week off I took yesterday and today off. Getting back on top of things tomorrow.
Dee,
First of all, I am not Wes Melcher. Good try though. Second thing, you haven’t answered any of my questions yet? Is it because you don’t know the answers or maybe you would rather continue sweeping the truth under the rug.
That’s really what’s happening here. WV wants to keep the truth a secret or is it a SEACRET? Stop dodging the questions.
As a previous WV rep myself I was very suspicious of how the company operated from the get go. None of the leaders seemed to know either when questioned.
I was 2 years chasing payment of commissions that were overdue and when I posted questions on a Facebook group (TLG Limitless) asking how many other people hadn’t been paid commissions, my question were removed immediately by So called leaders. They wouldn’t even acknowledge the fact that I was owed money.
From my experience the leaders were full of sh1t and had no moral compass whatsoever. An absolute joke of a company built on lies and deception.
This company was more akin to a cult rather than a travel club.
Mohh,
A cult is exactly right. Blue Sign Idolatry. Notice that Dee disappeared. Crickets… She never took the time to respond to any of my questions.
The WV folks love to spin stories. They accuse others of lying about the company.
Why would anyone have to lie about WV? The true stories are so much more compelling.
As a former employee, all I can say is that greed brought this company down.
I’ll be shocked if I don’t see Wayne Nugent, if not all top executives, doing jail time. Lots of dodgy dealings happened in that place which is why I left.
Wes,
What did happen to that Flye Card?
The Flye card went the way of all their schemes.
So basically WV goes bankrupt. They walk away from paying people and companies they owe. Wayne takes the downline to Seacret so that they can keep the “family” together.
Let me remind those reading this that this is a “family” that knew of WV’s toxic leadership. They knew about the fiscal mismanagement.
These reps knew the company wasn’t paying and continued to recruit people into this farce. When people of integrity got out, WV people attacked these people on social media.
What’s really sad are the number of people over there in WV who call themselves Christians yet they knowingly and willingly participated in lying, cheating, and harassing.
I hope Seacret understands what they are inheriting.
When you bring all of these narcissistic/toxic people into your organization, don’t be shocked when the toxicity brings your company down. It’s just a matter of time.
Interesting documents posted to the Texas website. They are telling everyone the Dream Trips and Booking Engine will be up by March but the Court Filings are now showing later this year.
Additionally on the Bankruptcy Call I was on they clearly said two things of note.
1st there was a higher bidder not Seacrets and that the money is already bottoming out of Seacrets.
This was a terrible scam of a company, their trip deals sucked, and I 100 percent regret ever getting involved.
Good riddance I hope this company is totally dead and never returns.
Sorry to all the reps who will never get paid. Stupid greedy management and head douchebag to blame for all this.
latest email from them.
Thanks for sharing that.