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From: lewis.perdue@wineindustryinsight.com

Subject: IBG Gets New Vine In Auction With No Bids, Bama Bible Bangers Blow Tops

Date: 2009-07-27 21:07:05

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EMAIL EDITION - VOLUME I, NUMBER 109 - July 27, 2009

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THIS ISSUE SPONSORED BY:
 
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IN THIS ISSUE:

  • IBG Gets New Vine In Auction With No Bids

  • ‘Bama Bible Bangers Blow Tops Over “Porn” Wine Label

  • NEWS FETCH


THIS ISSUE SPONSORED BY:

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IBG Gets New Vine In Auction With No Bids

The Inertia Beverage Group auction of New Vine Logistics assets was over before it began, according to the few who attended the 10 a.m. gathering today at the offices of IBG’s San Francisco law firm, Cooley Godward, Kronish.

THREE COMPANIES REPRESENTED

Those attending said that, other than IBG, three firms were represented: Wine.Com, WTN Services and American Wine Distributors. Copper Peak Logistics which had previously registered but did not attend Monday’s gathering.

With a floor set at $4.5 million, here were no bids. Consequently, IBG won the auction by pledging the security interest in their senior secured loan which they acquired from Silicon Valley Bank.

ALL-OR-NOTHING MEANT NO BID FOR ONE PARTICIPANT

“We had planned to bid on some of the assets but once it was changed to a ‘whole lot’ auction we lost interest,” said Mike Denny, President of American Wine Distributors.

COPPER PEAK TO CONCENTRATE ON PARTNERSHIP

No one from Copper Peak would comment on their absence, but a source close to the decision said that, “IBG is a partner, and the company wants to concentrate on that and its other core business.”

NO BID FROM WTN BASED ON ASKING PRICE

“We could not see the value at the asking price and wish NVL and IBG luck,” said Chris Edwards, Vice-President and General Manager of WTN Services which is owned by 1-800-FLOWERS. “The business model of a complete solution is a model from our(WTN’s) past and we believe the industry, due to technology, has evolved from that model to one more flexible providing wineries the opportunity to select best in class specialized companies in the areas of fulfillment, ecommerce and compliance.”

CREDITORS LOOK FOR WAYS “TO PROTECT OUR RIGHTS”

“We will continue to pursue ways to protect our rights as a creditor,” said Greg Vogel, partner with Bay Area investment firm GKV Capital. GKV is the reportedly largest subordinated secured creditor and is owed approximately $1.1 million.

“This process, in which IBG ran the auction and basically sold New Vine to itself, creates some obvious concerns,” Vogel said.

COMMENTS, CORRECTIONS REQUESTED

Wine Industry Insight requested comments and corrections from IBG, but had not received them by the time this article was published. They will be published prominently if received.

Wine.com also did not respond to WII’s request for comment by deadline.

Following the auction, IBG issued the following news release which was promptly posted  on the Wine Industry Insight web site:

Inertia Beverage Group Secures New Vine Assets
Statement by Inertia CEO Ted Jansen—

(NEWS RELEASE - Napa, CALIF)—Inertia Beverage Group is pleased to have obtained New Vine’s assets through the public auction process. This outcome ensures that Inertia Beverage Group will be able to service New Vine’s former clients on an uninterrupted basis, resulting in even greater opportunities for customers, the direct sales channel, and the wine industry as a whole. The acquisition of these assets deepens Inertia Beverage Group’s long term commitment to providing access to consumer and trade markets through a comprehensive suite of products and solutions designed to enable online wine marketplaces.

Inertia Beverage Group and its investors have always been a champion for direct sales as the most profitable path for wineries to gain market access, increase sales, protect their brands and create margin opportunities. The combination of our proven business capabilities with those from the newly acquired New Vine assets will result in the first fully-integrated and dynamic direct sales company in the wine industry, offering e-commerce, compliance and logistics capabilities all under one roof. Wineries will have access to an unprecedented array of products, services and resources that will give them the ability to tap into new growth areas. Further, the value of our vision and business model continues to be recognized by both current and new investors, supporting the acceleration of our vision.

In the days and weeks ahead, Inertia Beverage Group will continue to communicate with our customers, employees, and other stakeholders on the integration of the former New Vine assets, as well as the future of our business. The result of today’s auction is the start of an exciting new phase in our company’s evolution and we look forward to advancing our vision in the years to come.

# # #


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‘Bama Bible Bangers Blow Tops Over “Porn” Wine Label

The ‘Bama Taliban still rule down in the Bible Belt. But what can you say about folks whose idea of erotic vibration comes from a chain saw?

cycles-gladiator

The whole turgid tale is told by Bill Leigon, President of Hahn Family Wines which produces Cycles Gladiator Wines. Leigon said that the wines, ” available to consumers in Alabama for three years, have been banned from restaurants and retail establishments this week by the Alabama Beverage Control Board which has deemed the wine brand label as “pornographic.” Cycles Gladiator Wines has complied and wine distributors across Alabama have been forced to remove the wine from accounts.

Leigon notes that the Cycles Gladiator label “bears a replica of an antique French poster created in 1895 to advertise bicycles. It features an artistic rendition of a nude woman flying alongside a bicycle across a star-filled night sky.”

“To say that this wine label is pornographic is ridiculous,” Leigon said, “It’s a classic piece of art from the late 1800s and originals are sold for as much as $50,000.” The winery has decided to pull the brand from Alabama rather than revise the label. “It’s not a pornographic label, we are not going to change it, we are going to withdraw from the state and it’s a shame that the citizens of Alabama are going to lose the opportunity to enjoy our delicious wines.”



THIS ISSUE SPONSORED BY:
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