WorldVentures sues Seacret, asserts breach of agreement

In news that shouldn’t come as a surprise, Spherature Investments, WorldVentures’ parent company, has filed suit against Seacret Direct.

Note that to keep things simple I’m going to mostly refer to Spherature Investments as WorldVentures, seeing that’s who we’re all familiar with.

Spherature Investments’ lawsuit
comes amid Seacret Director
openly recruiting WorldVentures affiliates for months
.

As alleged in a
separate lawsuit
, WorldVentures asserts former President Eddie Head is recreating the company at Seacret.

In response to the allegations made in the Eddie Head lawsuit, Seacret claimed WorldVentures’ leadership

knew about, gave specific permission for, and signed-off on Eddie Head’s transition to Seacret at the end of last year.

Also missing is acknowledgement by WorldVentures that the actions they complain about in the court filing – the transition of their agents to Seacret, where they would continue to sell travel benefits were specifically agreed to by WorldVentures in a contract between the parties.

There’s a bit of contextual preamble to get to the relevant admission, but WorldVentures do acknowledge this contract exists (marked in bold below if you just want to skip to the admission).

This is best told by WorldVentures themselves, so I’m just going to get out of the way.

Prior to filing the bankruptcy cases, WorldVentures explored various options to improve their financial viability and avoid filing for Chapter 11 relief.

One such option—aimed at improving WorldVentures’ liquidity and elevating the income and morale of WorldVentures’ sales representatives—involved negotiations with Seacret regarding possible business arrangements.

On July 22, 2020, purportedly to drive additional value for its sales representatives and influenced by pressure from WorldVentures’ former President and Chief Strategy Officer, Kenneth E. Head, WorldVentures entered into a co-marketing agreement with Seacret, wherein WorldVentures made Seacret’s non-travel products available to its sales representatives to sell and supplement their income.

By allowing Seacret an expanded sales force to promote its products and, in turn, affording WorldVentures’ sales representatives additional products to sell, the parties’ relationship appeared to be mutually aligned.

Therefore, on November 10, 2020, WorldVentures and Seacret entered into a letter of intent agreement to outline Seacret’s proposed purchase of certain assets of WorldVentures.

The next day—disguised as a way to add additional value to Plaintiffs, to “protect and maintain [WorldVentures’] salesforce” and as a prelude to the asset sale—Seacret manipulated WorldVentures into replacing the co-marketing agreement with a limited solicitation agreement on far less favorable terms.

Through that agreement, Seacret obtained limited access to WorldVentures’ confidential and proprietary information related to its travel program, including WorldVentures’ sales network and information database.

Shortly

🤖 Quick Answer

What legal action did Spherature Investments take against Seacret Direct?

What defense did Seacret present regarding Eddie Head's transition?
Seacret claimed that WorldVentures' leadership had knowledge of, granted explicit permission for, and approved Eddie Head's transition to Seacret at the end of the previous year, contradicting WorldVentures' breach of agreement allegations.

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