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True Beginnings LLC Files Chapter 11 Bankruptcy Protection

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True Beginnings, LLC, which does business as the online dating service True.com, has filed for Chapter 11 bankruptcy protection in Texas Federal Court. The owner of True.com, Dallas entrepreneur Herbert Vest, has filed for Chapter 11 protection as well.

True

This is particularly significant news for affiliate networks, as True.com was a major advertiser with affiliates. It is likely that a number of these affiliates will now go unpaid.

Vest formerly ran the financial advisory firm H.D. Vest until selling it to Wells Fargo in 2001. Now he is listed as True’s biggest creditor, owed more than $60 million by the company. Vest himself owes up to 49 creditors amounts from $1 million to $10 million and has assets of up to $50,000. True Beginnings owes money in amounts ranging from $50 million to $100 million to about 155 creditors.

CPA companies likely to affected by this filing include EWA, ProfitKings Media and CPATrend.

The 35 employees of True.com are likely to feel the effects of the filing as well. In a typical month, the company generates around $650,000 in revenue.

The company blames the poor economy and greater competition within its industry for its inability to boost its revenue and pay its creditors.

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