WorldVentures has settled its litigation against Seacret Direct and Eddie Head.

The MLM company, currently in middle of
bankruptcy proceedings
, filed suit against the parties earlier this year.

WorldVentures, litigating as parent company Spherature Investments, informed the court of the reached settlement on October 28th.

As per terms of the settlement, Seacret will continue to pay royalty payments to WorldVentures.

These royalty payments are capped at $12 million, and include “certain catch-up payments” and “advances that are not yet due”.

Eddie Head will also be restricted in his “involvement in Seacret’s business activities”.

Head shall not be involved in travel related services while at Seacret, which includes planning, referring, development, vendor relations, 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 communicate with any current or former travel-service vendor of the Debtors about providing goods or services to Seacret.

Head shall not disclose any such travel-service vendor to Seacret.

One particularly interesting settlement term is Seacret and Head encouraging former WorldVentures affiliates to withdraw owed income claims.

Seacret will provide releases of proofs of claim/scheduled claims against the WorldVentures’ estates that Seacret has already obtained from certain of the WorldVentures’ former sales representatives listed on Exhibit A and consistent with the form of release attached as Exhibit B.

The Parties acknowledge that the foregoing sales representative releases are expressly conditioned on and subject to the Effective Date occurring prior to December 31, 2021.

Seacret and Head will use their best efforts to convince each holder of such claims to withdraw any objection to confirmation of the Plan and to support such confirmation.

The provided list of former WorldVentures affiliates details owed commissions of $7.6 million.

To convince the former affiliates to drop their claims, Seacret “intend(s) to make a higher and better offer”.

As per the settlement, Seacret and Head have until the end of the year to finalize these offers.

With respect to Seacret’s travel offering, the settlement

limit(s) the “Seacret Escape” travel that is offered to Club Seacret members through its Club Seacret membership program to three curated trips per month, through December 2022.

The trips will be fulfilled by Verona, a relatively new entity set to
acquire WorldVentures
.

Former WorldVentures affiliates, now at Seacret, will be released from any non-compete restrictions and be allowed to sell WorldVentures’ products.

While I don’t recall any litigation being filed as yet, WorldVentures suing Wayne Nugent is a recurring theme throughout the settlement.

As per the settlement, Seacret will unconditionally assist WorldVentures with any Nugent related litigation.

Seacret will use its best effort

🤖 Quick Answer

What settlement did WorldVentures reach with Seacret Direct and Eddie Head?
WorldVentures settled its litigation against Seacret Direct and Eddie Head in October 2024. The agreement stipulates that Seacret must continue royalty payments capped at $12 million, including catch-up payments and advances. Eddie Head faces restrictions on involvement in Seacret's travel-related services, including planning, development, and vendor relations.

Why did WorldVentures file suit against these parties?
While specific reasons aren't detailed in the settlement announcement, the litigation occurred during WorldVentures' bankruptcy proceedings. The company, operating through parent company Spherature Investments, initiated legal action earlier in 2024 against both Seacret Direct and Eddie Head regarding business disputes.

What restrictions apply to Eddie Head under the settlement terms?
Eddie Head is prohibited from involvement in travel-related services

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