The beef between WorldVentures’ current owner, Verona International Holdings, and former owner Wayne Nugent is starting to take shape.

We first came across news of a potential lawsuit between Verona and Nugent a few weeks ago.

An interpleader complaint, filed by Seacret Direct against Nugent, details payment issues between the parties.

As revealed in Seacret’s November 19th complaint filing, WorldVentures’ parent company, Spherature Investments, filed suit against Nugent on October 29th.

So why didn’t I report on the original lawsuit filed almost a month ago?

I missed it on the case docket.

As I write this there are over seven hundred entries on the docket. It’s one of the busiest dockets I’ve ever seen and, even if I check every few days, there’s typically a mountain of lengthy entries to skim through.

This one slipped through the cracks. That’s on me.

Bringing up WorldVentures’ complaint against Nugent, we learn Spherature Investments isn’t happy with their current CEO.

Nugent is the managing member and Chief Executive Officer of Spherature Investments, LLC.

In his role as CEO, Nugent owed a fiduciary duty to the Company.

The global Coronavirus pandemic hit the Company’s already declining revenue very hard, which caused the Company’s debt load to become insurmountable.

The Company was a sinking ship.

Chief Operating Officer Michael Poates was hired specifically for the purpose of restructuring the Company’s debt.

Poates made cuts and executed a plan to bring WorldVentures back to profitability, which included paying outstanding owed commissions.

With Nugent’s approval, Poates was working directly with a major international investment bank, which had valued the Company between $80,000,000 and $120,000,000 and offered to secure investments that would allow the Company to repay 100% of its debts including the pastdue commissions.

There was only one problem with that plan: Nugent would have to give up his controlling interest in the Company.

Instead of honoring the Company’s debt obligations, Nugent instead chose to “push the women and children out of the way” and save himself.

The complaint goes on to state the
bungled Seacret merger
, which Nugent orchestrated, forced WorldVentures
‘into bankruptcy and caus(ed) more than $100,000,000 in damages’
.

As part of selling WorldVentures affiliates to Seacret, Nugent signed a Letter of Intent (LOI).

Nugent made sure to “get his” and to “get his” BEFORE the Company’s Sales Representatives would be paid even so much as $1 of their past-due commissions.

In fact, the LOI contemplated that Nugent would receive millions of dollars from a 2.5% override on all sales generated by the Company’s Sales Representatives at Seacret BEFORE Seacret would begin to repay commissions to the Sales Representatives.

But Nugent did not stop there. The LOI included additional compensation to Nugent including:

(1) an executive title of Chief Visionary Officer;

(2) a top position as a sales representative

🤖 Quick Answer

What is the dispute between Verona International Holdings and Wayne Nugent regarding WorldVentures?
The conflict concerns payment issues related to WorldVentures' bankruptcy proceedings. Verona International Holdings, the current owner, filed suit against former owner Wayne Nugent through parent company Spherature Investments on October 29th, with additional interpleader complaints filed by Seacret Direct documenting payment disagreements between the parties.

Why was the original lawsuit between Spherature Investments and Nugent initially unreported?
The lawsuit filed on October 29th was missed during case docket monitoring. With over seven hundred docket entries, the WorldVentures case represents one of the most active dockets, making it challenging to track all filings despite regular monitoring every few days.

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