Cosentino Winery Sale Set, Management AWOL

Physicians Reciprocal Insurers (PRI) will sell Cosentino Winery to the highest bidder at 1:30 p.m. Dec. 29 at Brown’s Court in Napa.

Despite numerous rumors circulating, no sale has been made and no bids are legal until the formal process is complete.

As is to be expected, the process has attracted the interest of the usual players in the fine wine market including Bacchus and Vintage Wine estates among others.

Observers say that Foley Family Wines chose not to sign the required non-disclosure agreements and did not participate in early negotiations. They could, however, participate in the formal sale at the end of the month.

PRI is the senior secured debtor and is owed approximately $12.5 million secured by the winery real estate in Yountville, along with brands, inventory, intellectual property and other personal property including some of the wine production equipment

VIP Subscribers click here to read the complete article and get access to documents.

Also In This Article:

• WINERY MANAGEMENT AWOL

• WINERY WORTH SUBSTANTIALLY LESS THAN AMOUNT OWED This section available to VIP Premium Subscribers. A full appraisal of the real estate and estimates of the bulk and bottled wine is available along with other documents for those premium subscribers.  Please see the list, below, for more information.

• EQUIPMENT LIQUIDATION SALES EXPECTED IN EARLY 2011 A list of equipment is available in the LaChance and California First court filings, below.

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE OF COSENTINO WINERY

• Cosentino Winery Closes
• Cosentino Winery Hit With Involuntary Liquidation Court Papers
• Cosentino Winery In Foreclosure, Owes Almost $20Mln, Liquidation May Be In Works.
• 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

Original Court Document Links Available to VIP Subscribers

• Cosentino Winery appraisal-part1
• Cosentino Winery appraisal-part2
• Cosentino Winery appraisal-part3
• Cosentino Winery appraisal-part4
• Cosentino Winery appraisal-part5
• Cosentino Winery LaChance Stipulation And Eqpt List
• Cosentino Winery PRI exibitA-deed
• Cosentino Winery PRI exhibitB-LoanMod-UCCs-EqptList
• Cosentino Winery PRI Points Supporting Relief From Stay
• Cosentino Winery PRI Forebearance Agreement Loan Agreement
• Cosentino Winery PRI AnaniaDeclaration-Supporting Relief From Stay
• Cosentino Winery PRI Anania Declaration LoanAgreement
• Cosentino Calif First Leasing Complaint
• Cosentino Calif First Leasing Declaration

Not A Subscriber Yet?

Subscribe now, and get the rest of this article and everything else in every article on the site just$9.99 per month or $115.88 per year. Click here for more details.