U.S. Trustee Charges Stevenot/Golden Eagle With “Gross Mismanagement” In Bankruptcy, Alleges Multiple Misdeeds

March 25, 2009

The current management of Stevenot/Golden Eagle Estates “has engaged in gross mismanagement” and should be placed under the care of a Chapter 11 Trustee, according to a court filing by U.S. Department of Justice attorneys [VIP Subscriber link]. MUNARI “SIPHONED” $841,522.90 FROM ACCOUNTS IN 2008 As first reported by Wine Industry Insight on Feb. 5, […]

Contis File Personal Bankruptcy, Bank Blasts “Sham”, Growers Get To Enforce Lien Against Winery

March 23, 2009

Michael and Michelle Conti, owners of the Conti Estate/Charles B. Mitchell Winery (dba MC2 Wines) filed a joint personal bankruptcy on March 17. In addition, the U.S. Bankruptcy Court for the Eastern District of California gave two growers permission to enforce their growers’ liens against the Contis’ insolvent winery in order to preserve collateral. JUDGE […]

Data Indicates That Wine IS Recession-Resistant & Out-Performs Economy

March 20, 2009

A joint analysis by IRI and Wine Industry Insight, examining data for the past four years, indicates that industry intuition is correct about wine being recession-resistant. Further, the data shows that wine sales, as measured by the monthly change in dollar sales, outperforms the Dow-Jones Industrial Average. The effects of holiday sales are zeroed-out since […]

Copia Part 3: Gloves Come Off In Chapter 11 – Door Opens For Bare-Knuckle Litigator and Fraudulent Transfer Charges

March 18, 2009

Copia’s increasingly combative bankruptcy process took a decidedly gladiatorial turn late Tuesday night when Robert Mondavi’s now-insolvent wine and food center withdrew its previous liquidation plan. As reported by Wine Industry Insight on Feb. 20, Copia’s plan met with aggressive objections from unsecured creditor Copia Claims LLC which contends that the refinancing of Copia’s bond […]

Mobius Painter Adversaries To Battle Over Competing Plans

March 13, 2009

Following a contentious confirmation hearing on the Mobius Painter/Winery Disposition Group (WDG) reorganization plan, U.S. Bankruptcy Judge Alan Jaroslovsky has scheduled a continuation to begin at 10 a.m., March 26 in the Santa Rosa courtroom. CREDITORS FILE COMPETING CH 11 PLAN CALLING FOR SALE TO KEN WILSON A troika of major creditors has filed a […]

Diageo Reorganization Combines Wine & Beer, Layoffs Light In Calif., Move To Save $141 Million Per Year

March 5, 2009

While Fosters saw separating wine from beer as the best economic move, Diageo North America (NYSE: DEO) has headed the other way, combining Diageo-Guinness USA and Diageo Chateau & Estate Wines. As part of a global look at restructuring, Diageo will also lay off 150 people in the United States and Canada, about 4 percent […]

New Finance For The Wine Biz: Major REIT Steps In As Banks Beg For Bailouts – CEO Talks Strategy, Deal Size, Type, Location

March 2, 2009

The wine industry’s largest player in sale/leaseback financing for wineries, and vineyards — Entertainment Properties Trust (NYSE: EPR) — is currently looking for more high-quality wine deals.  EPR President & Chief Executive Officer, David M. Brain, shares his strategy with WII: the types of deals the company is looking for, their size, location, characteristics and […]