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From: lewis.perdue@wineindustryinsight.com

Subject: New Vine Liquidation Is Final Act For Biggest Amazon Direct-Shipping Victim

Date: 2009-10-29 14:20:16

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WINE INDUSTRY INSIGHT

EMAIL EDITION - VOLUME I, NUMBER 130 - October 29, 2009

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IN THIS ISSUE:

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


Sponsored By:
 Hinman & Carmichael,Alcoholic Beverage Law

New Vine Liquidation Is 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.

Also In This Article:

(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


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NEWS FETCH

October 28, 2009
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  • Fortune Brands Loss Not as bad as Expected
  • Constellation Brands moves to 2Q profit
  • Calif water legislation at a standstill
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  • Judge expected to OK Copia Ch11 deal in Nov.
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  • Portuguese Wine sets a Record in First 6-months of 2009 in US Sales Year
  • NZ: Wine Industry to Upskill Pickers And Cellar Hands
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  • Canada: Mysterious Ontario wine gallops into LCBO
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  • Diageo's Quebec bottling plant moves to Ontario

  • ================= CONTACT DATA ====================
    Lewis Perdue
    670 W. Napa St., Suite H, Sonoma, CA 95476
    Phone: 707-326-4503, fax: 707-940-4146
    Email: lewis.perdue@wineindustryinsight.com