DALLAS BUSINESS JOURNAL – Aug 3 – Dallas investor and entrepreneur Herb Vest and True Beginnings, the company he controls, have each sought Chapter 11 bankruptcy protection in Sherman. Vest listed assets of up to $50K and liabilities of $1 – $10M, owed to up to 49 creditors. True, which does business as True.com, listed assets of up to $50K and liabilities of $50-$100M, owed to between 100 and 199 creditors, a bankruptcy petition shows. True, which has 35 employees, generates ~$650K of revenue every month, according to the company’s bankruptcy filings.
by Jeff Bounds
See full article at Dallas Business Journal
Mark Brooks: We saw TRUE take err from its path of imatchmaker into seedy lower echelon dating site. Their marketing tactics devolved and focused on short term gains. No real surprise that TRUE was not acquired and ended up in this position. It's a shame however. The original ideals were strong, but the temptations for shorter term gains won out…for a while.
This is shocking if true – are you sure those liabilities are correct?
Mark, would be great if you could put together a feature on True’s background marketing activity over the last few years, lessons for the industry to learn.
What can cause such a catastrophic collapse?
Massive spend and tiny revenues for a company with so many employees – our top 3 partners generate more revenue each month than True.com is doing, incredible!
R
This is shocking if true – are you sure those liabilities are correct?
Mark, would be great if you could put together a feature on True’s background marketing activity over the last few years, lessons for the industry to learn.
What can cause such a catastrophic collapse?
Massive spend and tiny revenues for a company with so many employees – our top 3 partners generate more revenue each month than True.com is doing, incredible!
R
That is shocking. I don’t even see how it’s possible. Wow.
That is shocking. I don’t even see how it’s possible. Wow.