Insider Cow: USNA
Gull holdings is owned by USANA's founder, Myron Wentz. Through Gull, he owned part of USANA, but as you can see in the above link he is selling it off quick. He doesn't seem to have much faith in USANA's future. Recently he tried to buy it off and make it go private. Seems that if he can't run his company out of public view, he'd rather bail out on it entirely.
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I doubt he ever had the intent on taking it private last summer. After all he controls the board. His offer of $26 was more likely used to prop up the share price which had fallen to $18 with no sign of stopping. By claiming to be willing to pay $26 the stock became worth $26. They just had to keep the charade going until they could get the Minkow monkey off their back. If they could find a way to end the lawsuit they could pretend it was a win. Notice that there was a sealed agreement? As soon as they were confident they wouldn't have to continue with their embarrassing attempt at suing him they could go back to business as usual. Screwing people over.
http://bizop.ca/blog2/lawsuits/usana-settlement-from-the-cour.html
I've been having a discussion with someone on Youtube who seems to think that Barry Minkow apologized and officially retracted statements and changed his mind about USANA (a point he later neutralized by attacking Minkow's credibility in the first place) Thanks for the link, it clarifies that situation.
Whoever you're talking too is wrong. Minkow never apologized or retracted his statements about USANA. Minkow did retract his statements and apologize to Herbalife but they never choose to sue him for all the damage he must have caused their company. I'd say Herbalife bought him off before his investigation could go too far. I'd be willing to bet that USANA give him a nice payout too in order for him to agree to settle the suit and leave them alone.
I liked how one poster in a message board put it. When USANA first came out with his report every USANA Distributor was claiming he was doing it for the money. The whole thing ends not with Minkow being proved wrong on anything but a secret deal and yet none of them seem to want to believe he was paid off.
I read some of the comments people are leaving you over at Youtube. Seems to be that every time someone speaks out against USANA they're accused of being a failed distributor. This reminds me of how Scientologists try to discredit their enemies by asking them "What are your crimes." Like I said before USANA seems more like a cult than anything else and its apparent when you see how predictable so many of their distributors are.
I am trying to sell usana but there seem it hard to sell. People looks at it and tells that it is expensive. And to force people to enter as my downline, is also hard. People have negative view on MLM. How do I force someone to be my downliner? I want to get rich quick. By the way, I am unemployed and have been unemployed about 1 year + since the economic downturn in 2009. I lost my job at the end of 2008. Please help and advice. I seem to lost all hope in live. And I look at USANA as my only hope to get myself out of poverty quick.
It is definitely very hard to succeed in USANA. USANA themselves admit only 3% of their distributors get paid monthly. A recent post on my blog shows where to find this dismal statistic on the USANA official website. I wish you the best of luck in finding a new source of income and I highly suggest you discontinue your USANA business and get whatever refunds you can out of them.
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