After Losing $130 Mil, Entertainment Properties Trust Exits Wine Biz, CEO Exits Company

Entertainment Properties Trust (NYSE:EPR) has finally exited the wine industry after losing at least $130 million over the past six years.

 

And fast on the heels of that exit is the abrupt and immediate departure of its CEO and President, David Brain, whose replacement by the firm’s COO was immediate according to EPR’s 8-K filed yesterday, Feb., 24, 2015.

 

Brain has faced board criticism for allowing those wine industry losses to occur through a St. Helena investment firm in which his brother, Donald is a partner. That firm, Global Wine Partners, was responsible for finding investments, conducting due diligence and also made finder’s fees and other revenue from the properties,

 

EPR’s David Brain has been replaced immediately by Gregory K. Silvers, who was Chief Operating Officer and Executive Vice President.

 

Over its six-year stint in the wine industry, EPR invested at least $218 million in winery and vineyard properties. See A 10K Peek At EPR’s 2009 Vineyard & Winery Deals for details.

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Also In This Article:

• Final Two Winery Properties Closed in December 2014nlarge.

• Brain Severance (Termination?) To Cost EPR $18 to $19 Million

• COO Gregory K. Silvers Replaces Brain

• Multi-Million-Dollar Retention Bonuses For Silvers & Top Execs (graphics)

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