|Sorry for sending this out so close to the last one, but shortly after sending you the original story, I received an email from the attorney representing MC2/Conti/Mitchell.
In the interest of fairness and completeness, I have updated the story at http://wineindustryinsight.com and felt you should have the rest of the story as expeditiously as possible.
--Lew Perdue, Editor/Publisher
Updates to article:
ADDED TO FIRST PARAGRAPH
Attorney David Foyil of Sutter Creek — who represents both MC2 and the Contis — said he expects to enter a separate personal Chapter 11 filing on behalf of the Contis next week.
THEN LOWER IN THE PIECE
CONTI ATTORNEY SAYS TWO FILINGS ANTICIPATED
MC2/Conti David Foyil emailed the following statement to Wine Industry Insight:
“I represent both Michael and Michelle Conti in addition to MC2 Wines, Inc. At the outset my clients and I anticipated filing two chapter 11 cases–one on behalf of MC2 Wines and the other on behalf of the Conti’s individually. I expect the individual case on behalf of the Conti’s will be filed next week. A notice of the related MC2 Wines case will be filed as well so all parties of interest can relate the two cases to the other as appropriate. There is no legal requirement that the cases be filed concurrently, and the fact that they were not is not a basis to question the validity of either.
“There may, in fact, be some parties identified as creditors within the MC2 Wines case who are really creditors of the Conti’s personally. In a situation where the relationship of the parties is not necessarily clear and a “skeleton case” is filed with limited information in order to invoke the protection of the bankruptcy court, I encourage clients to list potential creditors so at least everyone is put on notice of the pending proceedings. That is also not a reason to question the validity of the case, especially when the schedules and statement of financial affairs have not yet been filed the purpose of which is to offer some clarification as to the relationship of the parties.
“Upon the filing of the Conti case, there will likely be some duplication of creditors, because as I understand certain transactions, the Conti’s personally guaranteed some obligations of the company. However, I have just received a number of documents which will need to be reviewed, and which shed some light on which interested parties are creditors of the company and which are creditors of the individuals.
“I am unable to comment on any pending litigation at this time other than to confirm that I will be reviewing information regarding lawsuits to which my clients are parties and expect those issues to be raised in the Bankruptcy Court as both cases unfold and to further state that my clients are anxious to have their claims addressed as swiftly as possible”
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