Neverblue Files For Bankruptcy!!?!



Just because Neverblue was not included in the filings doesn't mean the company will not be affected by Chapter 11 filed by V2V. Unless there are some other news that haven't gone public yet. Anyone heard anything else?
 
That fucking sucks, they were representing some big brands at 1 point.
 
From nasdaq.com

Velo said it plans to auction two segments, its health insurance sales and lead generation businesses, while restructuring the credit and identity theft protection and retail businesses. Barclays Bank PLC, which holds the first-lien loan, will credit bid $80 million for the insurance business and $20 million for the lead generation business, Velo said.
Click to expand...

"Not included in the filing" sounds much more comforting than "We're being auctioned off. Hopefully for $20M..", right?
 
Wow...I worked there a couple years ago - things really must have slipped.

Great company to work for, such a shame. Lots of great ppl.

Reckon someone will come along and buy Velo out?

EDIT: With respect, any AMs from NB looking for some related work, holler at me : )

EDIT 2.0: Should have read, guess NB will be business as usual...
 
BlueSteele said:
EDIT 2.0: Should have read, guess NB will be business as usual...
Click to expand...



fgntF.jpg
 
Did tons of business with their parent company. Their parent company got hammered by tons of law suits and massive fines, federal and state AGs. Parent company shut off taking on new business a year ago, tried to get us to pay back something like $350k in payouts because it wasn't backing out like they expected.

From what I have been told and heard through the grapvine, all of their businesses should be fine. They can not afford the judgements. They'll go through bankruptcy and its business as usual. I would be surprised if they closed doors and stopped making payments.
 
Neverblue and akmg are a profitable piece of the pie. But if they get dragged into the proceedings the worst thing to happen to them is that they will be sold. According to them this won't happen.
 
Maybe they figured out that when you broker a brokerage of a brokering brokerage, your margins start to get pretty fucking tight. Or maybe that dork that looked like Screech stole all their monies.
 
rish3 said:
From nasdaq.com



"Not included in the filing" sounds much more comforting than "We're being auctioned off. Hopefully for $20M..", right?
Click to expand...


What you quoted, to me, makes it sound like Barclays is going to forgive the debts in exchange for taking ownership of the lead-gen and/or the insurance businesses.
 
vgeek said:
What you quoted, to me, makes it sound like Barclays is going to forgive the debts in exchange for taking ownership of the lead-gen and/or the insurance businesses.
Click to expand...

Yes, that's essentially it. The largest debtor can bid in an auction using "fake money" up to the amount they are owed. Anyone else has to bid with real money. So, if the info is true, Barclay's will own it.

The potential issues there are the same with any change in ownership. New owner typically likes to fiddle with stuff. Fire leaders, change business relationships, terms, etc. The bankruptcy gives them more leverage to change contractual obligations than a normal sale though.

Maybe it will be business as usual, maybe not. "Not included in the filing" isn't really being honest though.
 
You must log in or register to reply here.
Top Bottom