Amway WWDB Triple Diamond Greg Duncan Bankrupt!

Posted on 12. Mar, 2009 by Ty Tribble in Amway, BWW - Britt World Wide, Larry Winters - Leadership Development Team, Network Marketing News, Quixtar, WWDB - World Wide Group

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My former upline in Amway/Quixtar is bankrupt....

Amquix.info:

World Wide Dreambuilder's Triple Diamond and former IBOAI board of director Greg and Laurie Duncan have been in bankruptcy court since Sep. 11 2007! A site visitor notified me of the bankruptcy after checking up on their numerous houses that were in foreclosure last year.

The Duncan's listed assets of $63 million and debts of $8.4 million. Despite having millions in net worth, the Duncan's cannot service all their debts.

The Duncan's owed $1.7 million to the IRS for back taxes and penalties and $452,000 to the State of Montana for back taxes.

In April of 2008, the Duncan's filed a reorganization plan and disclosure statement under court sealing that was later unsealed when it went into Chapter 7.

Supposedly $9 million of Duncan's cash got drained away in a lawsuit over the rights to sell he XS energy drink. I obtained documentation of a suit involving the XS energy drink brand with a company called Cetalon. Cetalon claimed it was given marketing rights for the XS brand and was suing for its piece of the pie after Quixtar became a major buying. Greg Duncan was named as a defendant, and Cetalon went bankrupt when it lost the case.

All the bankruptcy documents are public record on Pacer.

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Ty Tribble

15. Jan, 2010

The fact of the matter is Amway systems WWDB, BWW, etc. work very hard to lay the blame on the distributor, making you feel guilty. Reality is, Amway has a 1959 used car compensation plan while other company’s have new cars. The deck is stacked against anyone who joins Amway….period.
me

16. Jan, 2010

Fortunately or Unfortunately however you look at it. Everybody has an opinion and everybody thinks theres is better(multi level) so really any comments are just that comments.
you

21. Jan, 2010

even donald trump has filed for bankruptcy. you obviously dont understand business. but because of the internet you can post whatever you want and make it look official. google really is the bathroom wall of the internet
Joecool

22. Jan, 2010

“even donald trump has filed for bankruptcy.”

Not chapter 7 bankruptcy.

As I said, Greg could always clean toilets to earn extra cash. LOL
lucinda

27. Jan, 2010

and scott coon?
Joecool

01. Feb, 2010

This comment was on the Amquix Website:

I’d prefer to remain anonymous. I applaud you for your site and efforts to bring truth to the fore.
Some facts about Duncan are incorrect.

1) Lawsuit against Cetalon: He (nor Sarshela) did NOT win; Cetalon did NOT lose. The last action was Cetalon requesting the whole case be dismissed in 04/07. hmmm why would they do that after initially seeking over $40mm? Because they came to an agreement! It was settled out of court for $7.5mm. Duncans claims the case cost him $9mm are complete BS. Remember that he owns Sarshela in part so any costs would have been divided equally!

2) He no longer owns any property – he lost all six in MT to foreclosure last year. The bankruptcy docs are dated 07 and 08 and no longer valid. His asset base no longer includes any properties because he simply doesn’t own any! You can check with the local police dept – he changed the locks on the house he was in and had to be removed/evicted…not very dignified way to go, but those houses are gone! Here’s one of them now up for re-sale since it’s been purchased by the new owner: http://www.coldwellbanker.com/servlet/PropertyListing?action=detail&ComColdwellbankerDataProperty_id=14855788&page=property
How impressive are his assets now?

3) He is in Chapter 7 right now and fighting to get back in Chapter 11 to try and convince the IRS and courts that he can pay it back.

4) I would suggest his estimate of Sarshela value and his share is grossly inflated. Anyway: in this economy who would pay him $36mm for a company that sells one product, to one customer, with greatly declining sales? Again I ask how impressive is his asset list now?

5) He is/was a triple diamond. IBOFB likes to think critics always claim the ‘cash lifestlye’ applies to any diamond, when he says it should really only apply to the bigger pins (double, triple and above etc…) OK – this guy has been a triple for some time. secondly the supposed ‘massive income’ that IBOFB claims these big pins wheel in didn’t apply even to Duncan: according to the documents his income from his Amway/Speaking business was not even $1mm per year. So these things combined and yet still he couldn’t afford such a cash lifestyle and he couldn’t even pay his cable bill….strange given he was banking over $100k per month from all income sources…..

Pride cometh before the fall….