Amway Triple Diamond Bankrupt
GDUNCAN_lg.jpg (64733 bytes)World Wide Dreambuilder's Triple Diamond and former IBOAI board of director Greg and Laurie Duncan have been in bankruptcy court pdf_icon.gif (914 bytes) 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.   All of Duncan's properties have now been sold off.   They have supposedly move to California now. 

The Duncan's listedpdf_icon.gif (914 bytes) 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 pdf_icon.gif (914 bytes) 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 planpdf_icon.gif (914 bytes) and   disclosure statementpdf_icon.gif (914 bytes) under court sealing that was later unsealed when it went into Chapter 7.   He is supposedly fighting to get back into chapter 11. 

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 pdf_icon.gif (914 bytes) 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.    The Cetalon case was dropped and is rumored to have settled for $7.5 million. 

I read once that the XS energy drink is 10% of Quixtar's sales.  All Amway needs to do to bury another king pin diamond is to drop the XS contract and this would throw the rest of Duncan's paper fortune in the trash.  

All the bankruptcy documents are public record on Pacer.