Do As I Say, Not As I Do: TEAM Quad 100 Couple Files For Bankruptcy
Sigh. Another high-ranking TEAM/LIFE couple has filed for bankruptcy. Bill and Jann Newton1 (TEAM Bio), former Founders Diamonds in the Amway Business2, and Quad Turbo 100 TEAM members filed for Chapter 7 Bankruptcy on May 21, 2013, in Wichita, Kansas.
If you want to read the public records on the bankruptcy, sign up for a PACER account and access the records for Case Number 13-11244 in the US Bankruptcy Court, District of Kansas. They have listed $3,303,852 in liabilities against $682,603 in assets. $2 million of the liabilities are a result of a lawsuit by Amway (Case No. 2009 CV 3049 TO) against the Newtons. Several hundred thousand dollars have been marked as bank/credit card debt, legal fees, and other debt that bring the total up to the $3.3 million mark.
Here is a screenshot of the first page of their Chapter 7 filing:
Under income and expenses, the Newtons have listed an average monthly income of $7,733 with average monthly expenses totaling $12,223 (half of it is for a mortgage on a homestead). The difference is minus $4,490 each month. What’s interesting is the breakdown of income from their two businesses: Tri Pointe and TEAM VIP. One of them must be their LIFE business, and the other must be their TEAM Director’s profit sharing business (Update June 19, 2013: It’s also possible that Tri Pointe is their MonaVie business). The Newtons listed their income over the past three months:
- March 2013
- Tri Pointe: $1,565.00
- TEAM VIP: $5,261.98
- April 2013
- Tri Pointe: $1,130.00
- TEAM VIP: $2,774.51
- May 2013
- Tri Pointe: $836.50
- TEAM VIP: No Value (probably since the month hadn’t been completed at the time of filing)
The fluctuations in income does not engender confidence in the stability of the LIFE business. In addition, their income over the past three months doesn’t come close to an average of $7,733.
The Newtons were most recently the Plan and Night Owl speakers at the following TEAM/LIFE Opens and Monthly Seminars:
- April 6, 2013: Holiday Inn, Liverpool, NY
- April 9: Hotel Wichita Airport, KS
- April 30: Hotel Wichita Airport, KS
- May 7: Capitol Plaza Hotel Topeka, KS
At the Monthly Seminar, Bill and Jann presented the Success Talk, Teaching, Story and Ticket Holder Sessions. Here are two comments from TEAM/LIFE members who attended the meeting:
Kirk Bigham said
April 7, 2013 at 10:12 pm
Liverpool N.Y. Had Bill and Jan Newton. It was fantastic! I know our leadership is looking for NY to Explode and with all the help we are getting from these great speakers its time. Thank you for blessing us and sharing your stories. Family Freedom project from Bill Newton was so inspiring, and any story that has running Satan over with your car is a good one. Fired up Bill keep it up.
Georgia Baker said
April 8, 2013 at 12:12 am
Here in Syracuse we had the privilege of Bill & Jan Newton . Bill did a great leadership talk on reframing . Then taught from solid history of their own story owning 30 different traditional business’s compared to our model !!!! Our investment in tools vs those tools ! Tractors or Cd’s Ha!!- Bill & Jan really ripped away excuses and put the crowd in a reframing mode all nite !
Then their story …. Wow wow !! Every bit of the evening was absolutely awesome ! Several Powerplayer recognition’s .
Fired up !
Somehow I don’t think the story of them filing for bankruptcy made its way into their talk, unless I’m misinterpreting the meaning of “Family Freedom project.” If news of the Newton’s bankruptcy makes its way back to Kirk and Georgia, what would they think now? Would they remain as fired up as they were on April 6?
Do the Policy Council members such as Orrin Woodward, Chris Brady, and Tim Marks (who is the Newton’s upline PC) know that the Bill and Jann have filed for bankruptcy? If so, why did they allow the Newtons to go up on stage and preach the virtues of the LIFE business all while knowing that they were in a financially difficult position?
What I wrote when I revealed the bankruptcies of high-ranking TEAM leaders is still relevant today:
The purpose of this post is not to revel in the financial misery of these TEAM leaders. Going through a bankruptcy is a life-changing and supremely stressful event.
That said, TEAM members have to look really hard in the mirror and ask themselves if their leaders are truly doing what they say they are doing. Do they deserve or warrant their members’ trust when they hide or spin away these facts? Are they qualified to teach about Finances, one of the precious 8F’s in LIFE?
1 The Newtons are parents to Cody and Tara Newton, Round Table members within TEAM/LIFE. See Cody’s Leadership website here.
2 Here’s a letter from Bill Newton to TEAM members during the Amway/Quixtar schism in 2007.