Bankrupt Barrel Stop has received an offer from a potential buyer, but doubts persist about the legitimacy of the offer and the ability of the potential purchaser to perform. In addition, Mechanics Bank, which is the largest — $3,766,084 — and most senior secured creditor has objected to Barrel Stop’s reorganization plan which relies entirely […]
Napa County Wants Barrel Stop Shut Down, Addamo Ch 11 Approved
March 22, 2012
NAPA COUNTY SUES TO SHUT DOWN BARREL STOP OVER WATER, SEWAGE PERMITS Napa County has filed suit against Barrel Stop Winery and Marie Schutz charging that the winery has been operating without a valid permit for its water and sewage treatment systems. The county is asking for $1,000 per day in damages and an injunction […]
Mitch Cosentino Sues Soldinger & Directors of His Former Winery Company
March 21, 2012
Mitch Cosentino has sued Larry Soldinger and four other former directors of a company that once controlled his namesake winery alleging (among other things) misrepresentation, breach of fiduciary duty, negligence, and breach of contract in a case that may include forged signatures. This lawsuit does not involve the current Cosentino Winery which is owned by […]
Ascentia Debt Crisis Lurching Closer to Resolution
March 15, 2012
ASCENTIA: GREEK DEBT CRISIS EASIER, FASTER TO SOLVE The Ascentia Wine Estates (AWE) debt and financial crisis started before the EU’s Greek bailout marathon. AWE, and its capital partners, however, are still wrestling with terms and trying to fashion an exit while the EU goes on to handle Portugal, Italy and Ireland. Floundering and insolvent […]
Barrel Stop Proposes To Sell Winery, Says Expects Imminent Offer
March 8, 2012
Faced with a hearing Friday, March 9, to discuss the appointment of a trustee, Barrel Stop Winery has asked the bankruptcy court to allow the sale of the winery assets. In a document filed with the court on Monday, the winery said it expects an offer “within a day or two” but only if Mechanics […]
Final Hammer Dropping On WineGavel?
March 6, 2012
San Francisco-based WineGavel, a three-year-old live and online wine auction company, has had its warehouse operation — Cellar 29 — evicted by the landlord last week, according to witnesses who said they observed papers being served by Napa County Sheriffs. The development has left auction winners confused about where to pick up their purchases and […]