![]() ![]() Until the Florida probe, Vu had managed to avoid the financial and legal pitfalls that have derailed many of his competitors. “This is having a chilling effect on our business.” “We categorically deny the charges that have been filed,” Wheeler said. But Wheeler said the Florida investigation is being “orchestrated” by competitors and others who want to give Vu a bad name. Wheeler, acknowledged that his client has some disgruntled students. ![]() If this guy (Vu) is breaking the law, then he needs” to be prosecuted. We’ve got affidavits from 20 of his students. what matters to me is the underlying truth of what they are saying. “I understand that his people have raised questions about the motives of the people who are complaining. “I’ve wanted to look into his operation for some time,” said Mark Barnett, an assistant state attorney general in Hollywood, Fla. The attorney general is also examining whether Vu has violated Florida law by failing to register his businesses with the state. The Florida attorney general is investigating claims from 20 of Vu’s students that he allegedly engaged in deceptive trade practices by reneging on promises to help students invest in real estate by becoming their “financial partner” in certain purchases. His campy hourlong television ads-which promote his seminars against a backdrop of bikini-clad women, fast cars, big yachts and huge mansions-are so infamous that they have been spoofed on both the Fox television network show “In Living Color” as well as on NBC’s late night comedy show “Saturday Night Live.”īut Vu’s rags-to-riches odyssey is receiving some serious scrutiny these days. 23-bk-90716.He arrived dirt-poor in the United States from Vietnam in 1975 and has gotten rich, he says, following advice he now gives to others. Bankruptcy Court, Southern District of Texas, No. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Federal Trade Commission claims that it falsely advertised Pyrex glass measuring cups as "Made in USA" while importing some of them from China.ĭavis Polk & Wardwell is Instant Brands' law firm, and AlixPartners is its restructuring adviser. ![]() In January, Instant Brands agreed to pay a fine and change its marketing practices to settle U.S. S&P Global downgraded Instant Brands' rating last week, saying first-quarter net sales had fallen 21.9% from a year earlier. Those and other factors "strained Instant Brands' liquidity and made its capital structure untenable," Hollerbach said. He said Instant Brands underwent several rounds of price hikes and operating cost reductions but it wasn't enough, and still faces "severely" tightened credit terms from suppliers. In a Tuesday court filing, Chief Restructuring Officer Adam Hollerbach said Instant Brands has seen sales fall as consumers weary of the COVID-19 pandemic started going out and traveling more last year, while spending less on goods for the home. ![]() Entities located outside the United States and Canada are not seeking court protection. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The company, controlled by private equity firm Cornell Capital LLC, and 14 affiliates filed for Chapter 11 protection from creditors on Monday with the federal bankruptcy court in Houston, with as much as $1 billion in liabilities. June 13 (Reuters) - Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. ![]()
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