The Neverblue Velo Bankruptcy Saga
On April 3rd Velo Holdings the parent company of Vertrue which in turn is the parent company of Neverblue (have I got that right?) filed for bankruptcy. Performer insider released an “affiliate marketing is dead” post and I’m sure alot of affiliates, myself included, panicked.
A generic email followed which stated “we intend to make all affiliate payments on schedule, in a timely and reliable manner” which shows good intentions but didn’t offer much reassurance.
I spoke to the network manager yesterday and was told that affiliate payments are still going out, the staff are all going to be OK and the Whistler trip is still on 🙂 All in all from what I can gather the Neverblue team seem quite possitive about the changes that are inevitably going to take place moving forwards.
There’s a good article over at 4-traders.com which states “Velo said it plans to auction two segments, its health insurance sales and lead generation businesses”. It sounds like the profitable parts of the holding company may well be sold off which should mean Neverblues day to day running wont be affected. The worry is that if the banks do pull the plug for any reason assets could be frozen and creditors/affiliates wont get paid. This really is worse case scenario though and to anyone logically looking at the business it would be a drastic and detrimental move.
I’m sure all the affiliates are going to be watching payments like a hawk over the next few months but if Neverblue can carry on operating without intervention I think we all should be OK. On a brighter note I heard rumours of a Neverblue Interact Event in London this June which should be a blast.
P.S. The following offer is H.O.T.T. right now