Cosentino’s Financial & Legal Woes Gathering Momentum

The recent announcements from Cosentino Winery that it had abandoned most of its vineyards and wineries and defaulted on the interest payments due on $18 million in debt may be just a prelude to a gathering storm of lawsuits and financial crises.

Wine Industry Insight’s examination of public records, court documents and securities filings show a company out of money and scrambling to keep its head above water.

Among many issues, the records reveal:

• At least nine current lawsuits in Napa County alone, including growers and mechanics liens.
• An April 1 court judgment for $181,000 to a cork supplier.
• More than $100,000 in overdue Napa County property taxes.
• The unwillingness of its major creditor to renew its $18 million loan.
• The company’s stock price in freefall.
• Increasing losses and decreasing sales.

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• LAWSUITS, LIENS & JUDGMENTS PILE UP

• COSENTINO WALKS AWAY FROM MILLIONS IN  LEASE PAYMENTS FOR WINERIES AND VINEYARDS
  

• NAPA COUNTY PROPERTY TAXES IN ARREARS
  

• COSENTINO STOCK IN FREEFALL
  

• MALPRACTICE INSURANCE INVESTOR REFUSES TO RENEW $18 MILLION LOAN
  

• SINKING SALES MAKE FOR MORE RED INK

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