Did One Coach file bankruptcy

Answer 1

yes, this email just went out from John. Anyone see the irony in a company built to help you build your own business going bankrupt? Guess they forgot to do their neural reconditioning:

Dear OneCoach Clients:

It is with deep sadness and regret that I inform you that the OneCoach Board of Directors has decided to wind down the OneCoach business though filing a Chapter 7 bankruptcy proceeding in the next several days. Since the company cannot meet the financial obligations of the day-to-day operations and could not recapitalize or restructure to meet such obligations, the Board decided to file for bankruptcy protection to ensure that all creditors, customers, and other stakeholders are treated fairly. We have worked tirelessly to accomplish an out-of-court recapitalization or restructuring of OneCoach but unfortunately, despite many attempts, the various stakeholders in the company could not reach acceptable terms.

The company expects that shortly after the bankruptcy filing, the court will appoint a trustee to manage the wind down. Your investment in coaching or consulting with OneCoach will be addressed by the bankruptcy trustee and the court as the wind down process proceeds. As is typical in these proceedings, current management will not be involved in the Chapter 7 process, except to the extent that the trustee calls upon them to assist. To my dismay, once the trustee takes over I don't expect to play an active role in managing the affairs of OneCoach. Consequently, the trustee will communicate directly with each of you regarding any losses you have suffered.

Regrettably, OneCoach cannot issue refunds in the interim. However, it is my understanding that you may continue to access the online materials for so long as they remain available. I also know that many of you would like to continue working with your coaches and you can choose to do that and make whatever arrangement with them directly.

No founder expects this outcome or feels good about it. I am deeply saddened that it has come to this and that the decline of the company has adversely impacted you in any way. I know that it is not what you want to hear and that many of you are understandably very upset and angry.

You know me, so you also know I'd like to offer some additional color on the situation, but as I am advised, that's now the exclusive role of the attorneys and the trustee.

Thank you,

John Assaraf,

CEO and Chairman of the Board