Cosentino Winery Hit With Involuntary Liquidation Court Papers

Three large creditors of Cosentino Winery and its parent company, Cosentino Signature Enterprises Ltd. have filed court documents designed to force the two companies into involuntary Chapter 7 liquidation proceedings.

California First Leasing, Mustard’s Grill and LCPV Vinreit (a partnership of Entertainment Properties Trust) filed documents yesterday afternoon in U.S. Bankruptcy Court for the Northern District of California claiming $16,910,570.46.

Cosentino’s largest creditor, Physicians Reciprocal Trust, which is owed $12.6 million, is not party to the liquidation actions.

No further court action has been scheduled. Wine Industry Insight will provide detailed coverage of the court proceedings as they happen.

Wine Industry Insight wrote about the possible liquidation on Oct. 5, but winery management denied the reports: Cosentino Winery In Foreclosure, Owes Almost $20Mln, Liquidation May Be In Works.

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE OF COSENTINO WINERY

• Cosentino Winery: New $147K IRS Lien, $511K Court Levy, Possible Cellar Gear Repo
• Cosentino Financing Fails, Will Cease Custom Crush
• Cosentino Running Out of Last Chances? Growers Head For Court, MCOZ Stock Suspended Again
• Cosentino Gets Brief CDFA License Suspension
• Cosentino: Legal, Regulatory Hurdles Mount
• Cosentino Loses $14.2Million on Revenues of $10.2Million
• Cosentino Winery’s Legal Issues Could Seal Its Fate In Next Few Weeks
• Cosentino Winery Sued For $500K+ In Latest Legal Battle
• Follow-Up On CDFA Cosentino Hearing
• Judge Lets Cosentino Dodge $1.2 Million In Grower Payment Demands
• Cosentino Woes Mount, Stock Trading Suspended
• Cosentino’s Strong Consumer Support Not Reflected In Financials
• Cosentino Scrambles For Shelter To Stay Ahead Of Lawsuits
• Sale/Leaseback Owners Shopping Cosentino’s Lodi, Pope Valley Wineries and Vineyards
• Cosentino’s Financial & Legal Woes Gathering Momentum
• Cosentino Defaults On Loan Interest, Says Current Banks Won’t ReFi