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Eos Estate Winery and Vineyards in Paso Robles has been on the brink of collapse for months and is desperate for new investment to avoid bankruptcy, according to a lawsuit filed late Monday in San Francisco County Superior Court.
Eos is part of a portfolio of brands owned by Sapphire Wines, LLC which was sold in November 2009 by a separate entity– Saphire Advisors — to The Saint James Company. Saint James, which trades on the Bulletin Board as STJC, is a penny stock corporation which had no assets before the purchase.
In addition to Eos Estate, the Sapphire Wines portfolio, now owned by STJC, includes the Novella, Lost Angel, Carneros Creek, Wildhurst and Cupa Grandis brands
Informed sources tell Wine Industry Insight that Sapphire Wines LLC is just days away from being evicted from the winery and vineyard by Entertainment Properties Trust (NYSE: EPR) which owns the winery and vineyard real estate and leases it back to Sapphire.
SAPHIRE WINE ADVISORS’ LAWSUIT CHARGES EOS IS INSOLVENT
In asking the judge to appoint a receiver for Sapphire Wines LLC, the Saphire Advisors lawsuit filed — as an exhibit — a January 25, 2010 presentation of its financial condition that the STJC board made to Entertainment Properties Trust.
The Saint James presentation included the following specific bullet points (exact quotes):
“Upon information and belief, the financial condition of the Eos Estate Winery has not stabilized since January of 2010,” said the Saphire Advisor’s legal filing, “and is in fact materially worse….”
That presentation was authored by Jason Shapiro, business partner and brother of Joel A. “Jake” Shapiro — who played a key role in the 360 Global/Viansa debacle.
Both Shapiros are substantial indirect investors in The Saint James Company. See related Wine Industry Insight article.
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