Re: Premier Cru warning
Posted: Mon Feb 08, 2016 6:54 am
Are they going to close up shop or doing a re-org?Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
Forum for Port, Madeira & Portuguese Wines
https://www.fortheloveofport.com/ftlopforum/
https://www.fortheloveofport.com/ftlopforum/viewtopic.php?t=38884
Are they going to close up shop or doing a re-org?Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
Chapter 7, so closing up.Moses Botbol wrote:Are they going to close up shop or doing a re-org?Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
It is already closed. There is some issues being sorted by the court as there are boxes of wine with customers names that were being stored or ready to ship but weren't. So there is a long shot those may end up getting their wine. But that's depends on how the court views ownership of said wines in relation to creditors.Eric Menchen wrote:Chapter 7, so closing up.Moses Botbol wrote:Are they going to close up shop or doing a re-org?Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
Interesting. I'll be watching that to see how it turns out, just from a legal point of view.Andy Velebil wrote:There is some issues being sorted by the court as there are boxes of wine with customers names that were being stored or ready to ship but weren't. So there is a long shot those may end up getting their wine. But that's depends on how the court views ownership of said wines in relation to creditors.
I believe that is what is being sorted....the legal aspect of who actually owns what wines that are locked in the store/warehouse. That will probably take some time as they sort out their inventory list versus paid invoices for those wines. But then there is the clawback law that may also apply and who gets first dibs on things. And those who have wine there but disputed their purchase with their credit card company and got a refund. Those obviously no longer own the wine as they got their money back.Glenn E. wrote:Interesting. I'll be watching that to see how it turns out, just from a legal point of view.Andy Velebil wrote:There is some issues being sorted by the court as there are boxes of wine with customers names that were being stored or ready to ship but weren't. So there is a long shot those may end up getting their wine. But that's depends on how the court views ownership of said wines in relation to creditors.
Seems to me that if I've paid for something and the company has that something on hand and actually labels it with my name, that ownership has changed. Whether or not it has shipped should be irrelevant, at least to me.
In fact many companies actually state that explicitly - ownership transfers in the State of X upon recepit of payment, and the company then serves as your proxy to arrange shipping. I wonder if Premier Cru was one of those companies? I'll have to check their website, assuming it's still up.
Edit: it's not, so no way to check.
Received notice from the court that a website has been set up to provide information and parties in interest must elect to receive paper or electronic notices henceforth (notices will continue to be sent it directly related to the specific creditor).
To receive electronic note of pleadings, register at the following "cite" (sic): http://www.bmcgroup.com/premiercru
It appears there are 146 documents posted so far.
Thanks!Stewart T. wrote:Filing Deadline is 5/24/2016...!
and3/7 JOHN FOX BANKRUPTCY UPDATE - JOHN FOX REFUSES TO PROVIDE PERSONAL INCOME STATEMENT TO COURT
Earlier today, John Fox submitted his personal income statement to the court. The schedule lists his monthly income as $0. In an addendum to the income statement, John Fox writes :
"Due to an active FBI investigation and based upon advice of counsel, the debtor asserts his 5th
Amendment rights not to answer the questions required by Form 122A-1, Chapter 7 Statement of Your
Current Monthly Income."
I've uploaded a PDF of his (non) disclosure here: https://drive.google.com/open?id=0BxE5z ... UF2c0RlNUk
A quick look does show some Port in that list.For those who would prefer to search the "in-stock" wines I ran it through Acrobat Pro's OCR tool.
https://www.dropbox.com/s/4xdi8bfhd300t ... y.pdf?dl=0
Matt, I did just that for my single outstanding bottle of Krohn's. I was just notified on Friday by my credit card company that the temporary credit I was issued on my claim was made permanent. So, disputing the claim with the credit card company could be a good route to go for some people. I'm sorry to hear about the other members still in limbo having to file with the court. My hope is that we all can remember this lesson in the future and make more of a rukus at the first instance that a wine company fails to deliver an order.Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
Seeing as they have $70MM in liabilities and $7MM in assets I'm filing a claim with Amex. They immediately credited back one order when I filed the claim online but the smaller 1/3rd wouldn't work online, I had to call in and they're 'opening' an investigation,' so I've no idea how this will work out.
Bottom line: file a claim with your CC company, IMO it's your best bet.
LindsayLindsay E. wrote:Matt, I did just that for my single outstanding bottle of Krohn's. I was just notified on Friday by my credit card company that the temporary credit I was issued on my claim was made permanent. So, disputing the claim with the credit card company could be a good route to go for some people. I'm sorry to hear about the other members still in limbo having to file with the court. My hope is that we all can remember this lesson in the future and make more of a rukus at the first instance that a wine company fails to deliver an order.Matt K wrote:FYI: I received notice & instructions for the US Bankruptcy court last week.
Seeing as they have $70MM in liabilities and $7MM in assets I'm filing a claim with Amex. They immediately credited back one order when I filed the claim online but the smaller 1/3rd wouldn't work online, I had to call in and they're 'opening' an investigation,' so I've no idea how this will work out.
Bottom line: file a claim with your CC company, IMO it's your best bet.
I believe so. There was mention of consultants for that in some of the court papers I've received. Which lead me to at least consider the possibility I might end up buying my own wine at auction.Moses Botbol wrote:Are Premier Cru's assets going to be auctioned off?
and then you wine gets stolen for UPS upon delivery...Eric Menchen wrote:I believe so. There was mention of consultants for that in some of the court papers I've received. Which lead me to at least consider the possibility I might end up buying my own wine at auction.Moses Botbol wrote:Are Premier Cru's assets going to be auctioned off?