Jan 11, · Berkeley’s Premier Cru files for bankruptcy The wine company claims it has more than $70 million in debts but only $7 million in assets, most of Missing: mederick ravel. Premier Cru, once known for unbeatable prices on wines promised for future delivery, has seemingly fallen into a financial collapse, and has filed for bankruptcy, according to Court reports from California currently under review by attorneys Jason Kane and Joe Peiffer. Premier Cru, the Berkeley-based firm, while under its corporate name, Fox Ortega Enterprises, petitioned for Chapter 7 protection under federal bankruptcy Missing: mederick ravel. By: Frances Dinkelspiel. Around 4, people whose wine was locked away in a warehouse after Premier Cru declared bankruptcy in January will now be able to recoup a portion of their investment – but only for pennies on the karacto.xyzg: mederick ravel.
In addition, virtually all of the customers named are unsecured creditors, which means their claims will be fulfilled after secured creditors. Fox operated a retail store at University Ave. Fox did manage to pay his San Francisco-based attorney, Stephen D. Related: Shop Talk: The ins and outs of Berkeley businesses Skip to content. By Frances Dinkelspiel Jan.
Premier Cru, a wine retailer at University Ave. Frances Dinkelspiel is co-founder and executive editor of Berkeleyside. Email: frances berkeleyside. All Rights Reserved. My question is simply why? Why do they take 6 months to a year longer than every other store? What is different about their importer or their purchasing schedule? Edit: fixed spelling errors due to fat fingers and ipad. Last edited by Chris Blum on Mon Feb 06, pm, edited 1 time in total. Haven't discussed this in ages. I don't have to speak; she defends me A drunkard's dream if I ever did see one.
What is different about their importer or their purcashing schedule? Stay away from this,Eric! Why do they take 6 moths to a year longer than every other store? Take your pick. CT: grafstrb. They outnumber every other store by a good margin, and I'd anticipate that a good chunk of "Unknown" pending deliveries are actually Premier Cru.
Add in the people that don't use cellartracker, and I bet the dollar value of their undelivered product is enormous. Mollen wrote: Brian G r a f s t r o m wrote: Gray market. Mollen wrote: You did read Brian's post, didn't you?
If I do, it's not a tremendous amount of money and I'll be the fool. In the meanwhile they've delivered every bottle I've ordered within a time frame that does not bother me, at great prices, with great customer service, making me a happy customer. Perhaps I'm a willing participant in a ponzi scheme, if so, I'm a satisfied participant as well.
I honestly have no idea what the true nature of the delays is, but you have to admit that the number of outstanding deliveries, combined with the period of time of which they have been outstanding is quite scary. Do you think they are sitting on giant pile of cash? Those of you so happy to toss out Ponzi, Madoff and the life, are you buying things from Premier Cru? Are you under the impression that your responses are going to sway folks further one direction or another regarding premier cru?
It seems similar to folks posting in threads about wineries they would never remotely consider purchasing, just why I for one do buy from Premier Cru, and find the original question interesting. I've heard conjecture of some of the random places they're sourcing from, and find it interesting. I have no idea what would represent the long delay, clearly it seems there are times they're offering wines they don't know they have "stock" on, then finding them.
Given a very high success rate of eventually finding those wines, my hat goes off to them. Howard "That's what I do. I drink and I know things. Dang Rick, I think that's right on the money. John Joseph. That is how some appear to see this situation. It seems to me that they probably have some rather unique fulfillment and contractual arrangements with sources in Europe and they may sometimes simply not come through requiring an attempt to cover, and this causes occasional delays.
Add to this the fact that they import themselves and it may simply take them longer to move the wines into their warehouse and out. As for the same old issues I for one have had good luck with PC, and don't mind waiting for wines I wouldn't be drinking now anyway. The only concern is that the longer you wait the more chance there is that improper storage has occurred at some point, presumably before getting to their warehouse.
I also don't really buy the idea that they offer a price before they buy, because that would make for some foolish bets. I would assume, as mentioned above, that they at least have some form of option to guarantee a price.
It seems that the idea being suggested is that they take money, invest it in merchandise or otherwise, only then making the purchase of the items for which they initially received those funds.
But that seems to assume that they can either buy the wine for less later presumably difficult or impossible in most circumstances or else that the money they have made in the interem through other application of those funds is sufficient to cover any loss incurred by waiting.
I just can't see that being a very successful model. It seems like it would, at the very least, fail quite often. And maybe it does but I haven't seen it.