Wayne Nugent must turn over ‘passwords to various internet domains that belong to’ parent business Spherature Investments as part of WorldVentures bankruptcy proceedings.
The Liquidating Trustee has filed for contempt since he hasn’t. The November 12th bankruptcy plan approval mandates that Nugent hand up the passwords to Spherature Investments. Verona International Holdings purchased WorldVentures as part of that strategy.
According to the Trustee’s motion of December 16th; The Notice of Plan Supplement was filed by Spherature Investments on September 30, 2021. Spherature Investments’ list of domain names and intellectual property (the “Domains”) that must be transferred and acquired by Verona International Holdings in accordance with the Plan’s conditions was contained in the Plan Supplement. Mr. Nugent has a “GoDaddy” account that controls some Domains. The GoDaddy account was previously accessible by Spherature Investments.
Spherature Investments made an attempt to transfer the Domains to Verona Holdings, however they were rejected. Spherature Investments was unable to access the GoDaddy account on November 10, 2021.
The Debtors were unable to transfer the Domains because Mr. Nugent or someone under his command altered his GoDaddy password, according to information and belief. Mr. Nugent altered the password to gain control over the Domains based on information and belief.
According to Spherature Investments’ request, Mr. Nugent should allow Verona Holdings access to his GoDaddy account. Mr. Nugent has been asked by Verona Holdings to transfer the Domains to Verona Holdings, which he has done. Mr. Nugent finally moved some of the Domains in response to persistent demands and delaying tactics by Mr. Nugent.
Even after several requests and the engagement of legal counsel, Mr. Nugent has refused to transfer the most essential Domains, including Rovia.com, which remains untransferred. Due to Mr. Nugent’s failure to transfer the domain names, the Trust has been damaged. They are unable to complete their duties under the Plan by selling their domains to the Purchaser, and so cannot fulfill their commitments under the Plan. The Trust is obligated to pay Microsoft service fees until the Domains have been transferred to the Trust. An expedited motion was filed by the Trustee. There hasn’t been any decision yet.
Additionally, on December 17th, Spherature Investments received an injunction compelling Nugent to give copies of his tax returns.
Spherature Investments and Nugent are embroiled in a legal battle over hidden bankruptcy payments, and the ruling is only the latest salvo in that war. Stay watching for an order against Nugent for contempt of court…