As part of WorldVentures bankruptcy proceedings, Wayne Nugent is required to hand over
‘passwords to certain internet domains that belong to’
parent company Spherature Investments.
He hasn’t, prompting the Liquidating Trustee to file for contempt.
Nugent is required to hand over the passwords as per November 12th approval of Spherature Investments’ bankruptcy plan.
That plan saw WorldVentures
acquired by Verona International Holdings
.
As detailed in the Trustee’s December 16th motion;
On September 30, 2021, Spherature Investments filed the Notice of Plan Supplement.
The Plan Supplement included a list of domain names and intellectual property (the “Domains”) that belongs to Spherature Investments and is required to be transferred by Spherature Investments and acquired by Verona International Holdings pursuant to the terms of the Plan.
Certain of the Domains are controlled through a “GoDaddy” account controlled by Mr. Nugent.
Spherature Investments previously had access to the GoDaddy account.
Spherature Investments attempted to transfer the Domains to Verona Holdings.
However, on November 10, 2021, Spherature Investments were unable to access the GoDaddy account.
Upon information and belief, Mr. Nugent or someone under his direction changed his GoDaddy password, making it impossible for the Debtors to transfer the Domains.
Upon information and belief, Mr. Nugent changed the password to exert control over the Domains.
Spherature Investments have requested that Mr. Nugent provide access to the GoDaddy account or transfer the Domains to Verona Holdings.
Verona Holdings has also requested that Mr. Nugent transfer the Domains to Verona Holdings.
In response to such requests, and only after repeated requests and delay tactics by Mr. Nugent, Mr. Nugent finally transferred some of the Domains.
Mr. Nugent, however, has refused to transfer the most important Domains, transferring them only after repeated requests and counsel involvement, with the most important still having not been
transferred—Rovia.com.
Mr. Nugent’s failure to transfer the Domains damages the Trust because
(i) the Debtors are unable to fulfill their obligations under the Plan by transferring their Domains to the Purchaser, and
(ii) the Trust is required to pay ongoing service fees to Microsoft to maintain information related to the Domains until they have been transferred.
The Trustee filed an expedited motion. As of yet no ruling has been made.
In related news, on December 17th Nugent was ordered to provide Spherature Investments with a copy of his tax returns.
The order is part of a broader beef between Spherature Investments and Nugent, pertaining to
secret bankruptcy payments
.
Stay tuned for an order on Nugent’s contempt.
Update 26th December 2021 –
Wayne Nugent has filed a response to Spherature Investments’ motion.
In his response, Nugent claims he hasn’t been able to hand over the domains “due to technical issues with the GoDaddy website”.
Neve
🤖 Quick Answer
What is the dispute regarding WorldVentures' internet domain passwords?Wayne Nugent refuses to transfer passwords for internet domains belonging to Spherature Investments as mandated by the company's approved bankruptcy plan. The Liquidating Trustee filed a contempt motion after the November 12th approval required Nugent to hand over these credentials, which were designated for transfer to Verona International Holdings following the acquisition.
Why are the domain passwords significant in the bankruptcy proceedings?
The domain names and intellectual property represent valuable assets of Spherature Investments that must be transferred to the acquiring company Verona International Holdings according to the bankruptcy plan supplement filed September 30, 2021. Control of these domains is essential for business continuity and asset distribution.
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