Salisbury Vineyards LLC Files Bankruptcy

Salisbury Vineyards LLC of San Luis Obispo has filed for Chapter 12 protection in U.S. Bankruptcy Court for the Central District of California.

While owned and controlled by the same family, this proceeding involves a limited liability corporation and is not the same legal entity as Salisbury Vineyards, Inc., (a California “C” corporation) which owns and operates a winery in the Avila area of San Luis Obispo County.

CHAPTER 12 BANKRUPTCY

Chapter 12 is infrequently used, but is designed to fit the needs of family farms or fishing operations.

According to the U.S. Courts website, “chapter 12 is more streamlined, less complicated, and less expensive than chapter 11, which is better suited to large corporate reorganizations. In addition, few family farmers or fishermen find chapter 13 to be advantageous because it is designed for wage earners who have smaller debts than those facing family farmers.”

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Also In This Article:

Salisbury’s Chapter 12 petition and the full text of the following sections is available to VIP Premium Subscribers.

• LIABILITIES NARROWLY EXCEED ASSETS
• PROCEEDING INVOLVES MULTIPLE SALISBURY COMPANIES
• LARGEST UNSECURED CREDITORS
  • N. Bruce Foster, Vista – $258,690
  • Merzon LLC, Templeton – $174,740
  • Avila Valley Vineyard Partners, Avila Beach, $150,000
  • Full list available to VIP subscribers

• LARGEST SECURED CREDITORS
  • David Hollister and Connie Hollister Trustees, San Luis Obispo: First Trust Deed on vineyard (25% of Secured Promissory Note) – $207,540.
  • David Hollister and Connie Hollister Trustees, San Luis Obispo: San Luis Obispo: Second Trust Deed on vineyard (50% of Secured Promissory Note and a UCC-1) – $231,750.
  • John Nierad and Gail Nierad Trustees, San Luis Obispo: First Trust Deed on vineyard (25% of Secured Promissory Note) – $207,540
  • Full list available to VIP subscribers
• TRUSTEE APPOINTED, 2010 CREDITORS HEARING SET

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