Visalus, owned by Texas-based LaCore Enterprises, has filed for Chapter 11 chapter.
As per the submitting, signed by Niklas Sarnicola, Visalus owes “lower than $3,024,725” to “greater than 100,000 collectors”.
Visalus’ Chapter 11 petition cites a latest $925 million judgment for robocall fraud. The corporate claims the judgment “far exceeds the Company’s accessible money”.
A have a look at a filed checklist of collectors reveals, after the $925 million judgment, Visalus owes a whole bunch of 1000’s of {dollars} to attorneys and Verizon.
Curiously, Visalus’ submitting additionally states it “has no working enterprise”.
Niklas (Nick) Sarnicola, together with Ryan Blair and Blake Mallen, co-founded Visalus in 2005.
Following a number of controversies (espionage hacking, mass layoffs, an Amazon retail racket and securities fraud class-action), Visalus was bought off to LaCore Enterprises in 2019.
Underneath LaCore Enterprises Visalus was primarily folded into Pruvit, one other LaCore Enterprises firm.
Blair and Mallen haven’t been related to Visalus for a while. Sarnicola popping up in Visalus’ chapter filings is odd however not surprising.
Whereas he hasn’t publicly had something to do with Visalus for years, Sarnicola just lately resurfaced as co-founder of Shoply.
Shoply is, you guessed it, one other LaCore Enterprises firm. Regardless of asserting prelaunch in mid 2024, a go to to Shoply’s web site at present reveals it has solely only recently launched “model 1 beta web site”.
Underneath “Vi” branding, Visalus’ merchandise can be found via Shoply.
Getting again to Visalus’ chapter, it’s submitting states the corporate “needs to handle the liquidation o matches belongings in an economical and rational method”.
I’m not 100% certain on the legalities however I assume “Visalus Inc.”, a Nevada firm, has been sectioned off from the remainder of LaCore Enterprises.
A gathering of Visalus’ collectors has been scheduled for January eighth, 2025.
Chapter proceedings are usually troublesome to observe on the authorized facet of issues. That mentioned, if there any important updates we’ll preserve you posted.