I just got confirmation from a few sources high up in the overall MLM Food Chain that the MLM Auction company BidXcel closedits doors today. News of any failed MLM is hard on the industry as a whole, so it’s sad to see this go down.
When I first heard the news that BidXcel closed, I went back to a post about the company written some time after the Zeek Rewards closure. You can read that post here.
BidXcel Clsoed – Company Overview
For those who aren’t familiar with BidXcel – here’s a brief overview:
BidXcel rose from the ashes of failed penny auction site “Win the Hunt,” which was re-launched as BidXcel. The company used a multi-level marketing compensation plan and is moving forward as a MLM company.
At the time of the article, there was no sign of Win the Hunt on the Internet at all, so it did seem that BidXcel had become the new sole venture.
As I researched for that BidXcel review, I found that the company did seem to be founded on the framework of Win The Hunt – merging the penny auction side of things (with a much broader niche offering auction wise) and a MLM compensation plan.
Andrew Bracken was at the time on the board in an executive management role and functioned as the CEO of BidXcel. David Hofer was listed as a co-founder of BidXcel, but whether or not he had an executive management position in BidXcel was unknown at that time.
Actual ownership of BidXcel was listed as being held by a private company.
So What Now? Where Does The BidXcel Closed Story Go?
When I last wrote about BidXcel, I included information related to the fact that the company hired renowned MLM Attorney Kevin Thompson.
Kevin Thompson is the best out there, so I am sure that there are no legal issues at play in terms of why BidXcel closed.
Understand that I’ve seen absolutely zero information out there pertaining to any sort of BidXcel SEC investigation. Should an investigation of BidXcel by the SEC take place, I’m sure would be all over the web in minutes upon an initial leak.
What I do think might have happened here is that BidXcel may have realized (like Bidify and others) that it’s just too darn hard to run Auction related MLM sites in ways that can make affiliates happy with their earnings and also remain within required legal parameters.
Stay tuned to this post as I’ll be adding more about this BidXcel closed story as it breaks.
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