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WorldVentures has reached a settlement with Seacret Direct and Eddie Head.

The MLM firm, which is presently in bankruptcy, filed action against the parties earlier this year.

On October 28th, WorldVentures, as parent company Spherature Investments, informed the court of the achieved settlement.

According to the provisions of the agreement, Seacret will continue to pay WorldVentures royalty payments.

These royalties are limited to $12 million and include “some catch-up payments” as well as “advances that are not yet payable.”

Eddie Head’s “involvement in Seacret’s business activities” will likewise be limited.

While at Seacret, the Head shall not be involved in travel-related services, including planning, referring, development, vendor relations, and strategic planning of any future company-travel offering, but specifically excluding performance-based award or recognition trips for Seacret’s sales representatives.

Head shall not contact with any current or past Debtors travel-service provider regarding the provision of goods or services to Seacret.

Head shall not reveal the identity of any such travel-service vendor to Seacret.

One especially intriguing settlement provision is Seacret and Head’s encouragement of former WorldVentures affiliates to withdraw due revenue claims.

Seacret will produce evidence of claim/scheduled claims releases against the WorldVentures’ estates that it has previously secured from certain of the WorldVentures’ former sales agents indicated on Exhibit A and in accordance with the type of release attached as Exhibit B.

The Parties agree that the above sales representative releases are clearly conditional and subject to the Effective Date happening before December 31, 2021.

Seacret and Head will make every effort to persuade each holder of such claims to drop any objections to Plan confirmation and to support such confirmation.

The given list of former WorldVentures affiliates reveals $7.6 million in outstanding commissions.

Seacret “intend(s) to make a larger and better offer” to persuade the former affiliates to abandon their claims.

According to the terms of the agreement, Seacret and Head have until the end of the year to complete these bids.

In terms of Seacret’s travel service, the agreement

The “Secret Escape” travel given to Club Seacret members through its Club Seacret membership program is limited to three handpicked excursions each month until December 2022.

Verona, a relatively young business scheduled to purchase WorldVentures, will handle the excursions.

Former WorldVentures affiliates who have joined Seacret will be free of any non-compete obligations and will be able to market WorldVentures products.

While no action has yet been filed, WorldVentures suing Wayne Nugent is a reoccurring motif throughout the deal.

According to the terms of the agreement, Seacret will unconditionally help WorldVentures with any Nugent-related lawsuit.

Seacret will cooperate with the Debtors in all claims and causes of action brought by the Debtors, including those brought against Wayne Nugent, Susan Nugent, their family, and any of their affiliates.

If required, Seacret will submit genuine declarations by Izhak Ben Shabat and Head.

Seacret will answer to any subpoenas served on it in connection with any claims and causes of action pursued by the Debtors against any other parties, including any Nugent Party, in a timely and complete manner.

If the Debtors pursue claims against any Nugent Party, Seacret will cooperate, upon the issuance of lawful subpoenas, by providing any discovery reasonably propounded under and consistent with the applicable rules of procedure, as well as an accounting of all payments made to any known Nugent Party within the previous four years.

Exhibit C is an exact replica of the accounting.

Exhibit C has been redacted, therefore I don’t know any specifics.

Seacret will file and prosecute an action to interplead all such amounts owed or to be owed to such Nugent Parties with the Bankruptcy Court upon the Debtors filing a complaint against any Nugent Party and asserting a claim by the Debtors to any amounts paid or payable by Seacret to any Nugent Party, which places the ownership of or entitlement to such amounts in dispute.

Seacret’s counsel will be entitled to reasonable attorney’s fees and expenses from the interpled money for filing such action.

Seacret will interplead any sums owing to any Nugent Party, including amounts payable on account of such Nugent Party’s position in the downline that the Debtors ceded to Seacret.

If such payments are interpled and Seacret is no longer compelled to pay commissions or other sums to any Nugent Party, Seacret will pay the Debtors an additional Royalty Payment of $1 million.

Wayne Nugent is a co-founder and former CEO of WorldVentures.

To be honest, I’m not sure what this is all about. However, it appears like whomever is behind Verona intends to go after Nugent.

According to the stated passages above, the action is about disputed payments between Seacret and Nugent.

In conclusion;

Seacret and Head fully endorse the proposed settlement and have committed to work with (WorldVentures) to put it into action.

On November 1st, the court approved the proposed settlement conditions.

The order and authorized settlement bring the WorldVentures, Seacret, and Eddie Head case to a close.

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