|Sullivan Vineyards has continued to lose money as winery and vineyard sale looms| December 5, 2017
You are receiving this email because you are a premium VIP subscriber to Wine Executive News Premium Member.
If you do not wish to receive this, please click the following link: >>>> [UNSUBSCRIBE] <<<<
VIP Wine Executive News Member Briefing
The premium, VIP service of Wine Industry Insight
From editor & publisher, Lewis Perdue
December 5, 2017
Sullivan Vineyards has continued to lose money as winery and vineyard sale looms
Sullivan Vineyards has continued to lose money as revenues and profits again fall below projections, according to the most recent operating reports filed with the U.S. Bankruptcy Court for the Northern District of Santa Rosa. According to the reports, it it has lost $500,531 since filing its chapter 11 petition on Feb. 1, 2017.
The losses -- as well as ownership -- are expected to change next week. According to the court documents, the court is expected to approve the sale of both Sullivan Vineyards, Inc. and LLP to Vité USA, Inc., a corporation founded by a global tech entrepreneur.
A hearing to approve the "Motion to Sell Real and Personal Property Assets of Debtors Free and Clear of Liens and Encumbrances" is scheduled for 10:30 a.m., Dec. 11 in Santa Rosa
All claims to be fully paid -- Trustee
According to the Nov.10, 2017 declaration of trustee Timothy W. Hoffman:
"I am informed and believe that the sale price, though confidential, will provide more than sufficient funds to pay all claims in full, even assuming a worst case scenario where the secured grid note of Stephen Finn, as well as the claims asserted by the Debtors' five former employees, arc allowed in full, plus reasonable at attorneys' fees if applicable."
List of significant variances from projections
The remainder of this article, along with court filings is available to Wine Executive News Premium Subscribers.
Premium Subscribers Log-In Here:
Court documents available for Wine Executive News premium subscribers
Previous Wine Industry Insight Coverage
Not a Wine Executive News subscriber?
Subscribe to Wine Executive News now, and get the rest of this original article along with everything else on the site every day, including original documents, spreadsheets,and source materials for just $29.99 per month or $209 per year
Edit This Post
New Subscriber Info
For those of you who read our free daily News Fetch email links, some of the following may be redundant.
However -- especially for new subscribers -- it's important to know that I don't send you a separate email every time an article contains premium content. That would be spamming ... especially for folks who read News Fetch every day.
This is because most Wine Executive News subscribers usually have subscribed to News Fetch prior to joining the premium content site.
When you sign up for premium, I always check to see if you are also getting the free News Fetch. If not, I sign you up so you will get the news quickly.
Where can you find premium content?
Every article that contains premium content will usually be the top link in the News Fetch unless some monumental news bumps it to #2.
For your convenience and future reference, all of the News Fetch emails are automatically converted to web pages and can be found here: NewsFetch Newsletter Archives.
In addition, articles that contain premium content will also be in the "Features" category on the Wine Industry Insight web site:
================= CONTACT DATA ====================
670 W. Napa St., Suite H, Sonoma, CA 95476
Phone: 707-326-4503, fax: 707-940-4146