New Vine Liquidation – The Final Act For Amazon’s Biggest Direct-Shipping Victim

The biggest victim of Amazon’s dithering and ultimate desertion of its “partners” in the direct wine shipping business is now set to have its day in court with the filing of Chapter 7 bankruptcy liquidation papers ( available here for VIP Premium Content Subscribers).

New Vine Logistics slammed the doors and headed for the hills on May 30, after impatient investors pulled the plug following the direct-shipping company’s mounting losses and Amazon’s continual foot-dragging with their primary shipping partner.

IBG CEO SAYS NOT IMPACTED BY NEW VINE FILING

Inertia Beverage Group President and CEO Ted Jansen told Wine Industry Insight that the New Vine bankruptcy was a self-contained action and has no effect on IBG.

“This is related to the old New Vine corporate entity and is not related to IBG,” Jansen said. “These are simply the final steps taken by New Vine’s board of directors as part of an orderly shutdown. It has no relationship to, or impact on, IBG. The fulfillment assets of New Vine are now fully integrated into IBG and we continue to operate as normal.

“I’d like to make it clear that Inertia Beverage Group is not the party involved with the bankruptcy,” Jansen said. “In fact, we’re just finishing our best month ever.”

COMPETITOR SAYS TIMING “INTERESTING BUT NOT SURPRISING”

“I am not surprised at all by the actions of this bankruptcy filing,” said Chris Edwards  Vice President and General Manager of WTN/Service/the Winetasting  Network .”The timing is interesting but not surprising, immediately following, as it does,  the news that Amazon was pulling out the wine category.

“This category is taking a lot of blows of recent,” Edwards continued.  “However we are more committed then ever to the category, with recent  growth in our fulfillment offerings, our growth in consumer direct and  our launch of wine on www.1800baskets.com on November 1.”

11 OF 180 CREDITORS HOLD MAJORITY OF BAD DEBT

Shipping and packaging companies along with law firms and other professional services companies have been left holding the largest bags in the New Vine liquidation. The top 11 unsecured creditors (listed below) are owed $4,575,935 of the $7,021,055 in total liabilities listed on the Chapter 7 petition.

VIP Subscribers click here to read the complete, un-redacted, 894-word  article along with the complete bankruptcy filing.

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(The rest of this article is available to VIP Premium Subscribers).

CLAIMS FILED BY NINE NEW VINE EMPLOYEES

IBG’S ROLE LIMITED TO ITS SENIOR, SECURED CREDITOR POSITION

AMAZON, ECONOMY, INVESTOR IMPATIENCE SANK EIGHT-YEAR-OLD PROFITLESS VENTURE

AMAZON = GODOT: NEW VINE RAMPED UP FOR A PARTNER WHO NEVER ARRIVED

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE

• IBG Begins New Vine Management Transition

• IBG Gets New Vine In Auction With No Bids

• Bidders For New Vine Assets Say Auction Process Biased To Favor IBG

• IBG Lawyers Bully Wine Industry Insight Over Leaked Brochure

• IBG Delays Auction, Threatens Potential Investors, Contends With NVL Palace Coup

• IBG Issues Comment on WII Auction Articles

• Details of NVL Auction “Under Wraps,” Say Sources

• IBG Looking For $24 to $29 Million, “Do Or Die” To Acquire New Vine Assets

• Creditors Charge IBG/New Vine Asset Sale Is Improper

• IBG To Dispose of New Vine Assets Within Two Weeks

• New Vine’s Meltdown: Summary of Act One, Still Waiting For Godot

• LIMBO! New Vine’s Interim Funding From IBG Raises More Questions Than Answers

• Inertia Beverage Group Acquires/Merges With New Vine

• STILL UNDEAD: Employees Fume, Customers Fret As New Vine Bazaar Grinds On

• Napa Valley Vintners Issues Bulletin Regarding New Vine Inventory Removal

• UNDEAD! Suitors Sparring Over New Vine’s Bones

• DEAD! – New Vine Withers After Amazon Bolts & Investors Pull Plug

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