Stevenot Scrambling To Avoid Liquidation, Has Purchase Offer From Distributor

Golden Eagle Estates, doing business as Stevenot Winery, is scrambling to avoid foreclosure and has filed a complicated reorganization plan which hinges upon the sale of the brand and existing inventory and the willingness of its primary secured creditor to allow continued operation at the current facility.

A hearing is scheduled for 10:30 a.m., Sept. 9, 2009, at the Modesto Courtroom of the U.S. Bankruptcy Court for the Eastern District of California

Golden Eagle, of Murphys, Calif., filed for Chapter 11 on January 9, 2009 and has waged a spirited fight that has pushed it to the edge of Chapter 7 liquidation and seen a series of contentious debates with creditors and the U.S. Trustee’s Office.

Current owner, Paso Robles real estate developer Jack Munari, the sole owner of Golden Eagle Estates, LLC, purchased the Calaveras County winery in 2006.

VIP Subscribers click here to read the complete, un-redacted article.

(The remainder of the following sections is available to VIP Premium Subscribers)

• DISTRIBUTOR AGREES TO PAY UP TO $900,000
• SALE WOULD TRANSFER LIENS ON WINE TO DISTRIBUTOR
• PLAN REQUIRES MORTGAGE COMPANY TO RE-FINANCE
• JUDGE CREATES HOOPS TO JUMP THROUGH TO AVOID FORECLOSURE

MUNARI ISSUES VEILED THREAT TO PLAN CHALLENGERS

“As discussed, Jack Munari, the owner of Golden Eagle, took $563,505.22 out of Golden Eagle as “owner draws” in 2008,” said the Disclosure Statement, a portion of which is excerpted in this DataCellar document ($VIP). Mr. Munari is 71 years old and may or may not live much longer.

(The remainder of this section is available to VIP Premium Subscribers)

COURT DOCUMENTS AVAILABLE IN DATACELLAR TO VIP SUBSCRIBERS

• Stevenot Disclosure Statement – Munari Excerpt About Owner Draws and His Negative Net Worth
• Stevenot – Reorganization Plan (Including Financial Projections, Operating Statements, creditor lists, categories and proposed payments, potential for sale of additional brands or assets.
• Stevenot – Disclosure Statement For Reorganization Plan
• Stevenot – Motion To Sell Brand And Assets

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE

• Stevenot: Trustee Fight Heats Up, Mismanagement, “Bogus” Tax Returns Charged
• U.S. Trustee Charges Stevenot/Golden Eagle With “Gross Mismanagement” In Bankruptcy, Alleges Multiple Misdeeds
• Stevenot Deedholder Urges Foreclosure; 2008 Owner Draws = $841,000
• Stevenot Winery Chapt 11 Hearing & Creditors’ Meeting Set
• UPDATE: Stevenot Owes $5.75 Million To Deed Holder
• Stevenot Files Ch. 11 For Second Time

---

Not a subscriber?
Subscribe now, and get the rest of this original article along with the spreadsheet and everything else on the site every day, including the Data Cellar for just $9.99 per month or $115.88 per year. Click here for more details.