More information has finally been released in regards to the Solavei
bankruptcy claim that was filed last May. You might recall that
we reported briefly last week that the company had signed some sort of agreement with Netherlands-based ASPIDER in order to complete the bankruptcy restructuring and relaunch, but there wasn’t a whole lot of information available.
Well, it seems Solavei CEO Ryan Wuerch has crawled out of the woodwork to tell Fierce Wireless that his company is, indeed, still alive and kicking and planning on fully digging itself out as soon as the end of April.
According to the Fierce Wireless article, ASPIDER plans to acquire almost all of Solavei’s assets to form a new company and help Solavei pay off its debts to T-Mobile and Opus Bank, which figure at around $5 million. T-Mobile has agreed to waive about $1.4 million unpaid “Administrative Expense Claims” as well.
From what I can gather, the main reason that Solavei fell into trouble was, unsurprisingly, its compensation plan. Last week,
GeekWire unearthed filings from Solavei that indicated that the company was paying out around 83% of its profits to members instead of the 50% that the company had initially expected. Apparently, when Solavei introduced the member compensation plan, members were overwhelmingly enthusiastic and members quickly maximized commissions in ways that Solavei had not expected. To turn this around, the company has made some rampant changes to the compensation plans including implementing specific payout ranges to help stay within the boundaries of growth.
“We don’t have to be concerned how big the company grows, how much is actually happening and, are we going to repay,” Wurch told Fierce Wireless. He went on to say that Solavei can add thousands of new members per day “and not be concerned it’s going to go over what the target payout should be.”
During the next six months or so, Solavei expects to integrate ASPIDER technology to provide global roaming, international calling, mobile payments and other services.]]>
