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From: lewis.perdue@wineindustryinsight.com

Subject: Premier Pacific Vineyards Workers In Limbo Following CalPERS Termination

Date: 2011-10-11 17:25:31

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For Wednesday October 12, 2011

Premier Pacific Vineyards Workers In Limbo
Following CalPERS Termination

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Premier Pacific Vineyards Workers In Limbo

Following CalPERS Termination

The CalPERS (California Public Employees Retirement System) decision to fire Premier Pacific Vineyards (PPV) as the manager of its poorly performing vineyard real estate portfolio has left PPV's 130+ employees -- from tractor drivers to executives -- energetically networking, knocking on doors and handing out resumes -- all of them fearing their jobs will be gone by Jan. 1, 2012.

 

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EMPLOYEE ANXIETY HIGH, BUT NO PANIC YET


PPV Founder and Managing Principal Richard Wollack held a company-wide meeting on Sept. 30 to inform employees of the change and to say that no replacement manager had yet been named or whether the new management would retain existing employees.

Wollack told Wine Industry Insight that, " I cannot comment on anything related to the end of our relationship with CalPERS nor anything being planned by either us or CalPERS."

"People are out looking for work," said one current executive. "They're stunned, but out there networking, and passing out freshly updated resumes."

"It hasn't reached the panic level yet," said one mid-level employee who requested anonymity. "But the uncertainty, especially this close to the holidays, has lent a high level of anxiety and amped up everyone's efforts to find a job."

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TIMING OF DECISION SLAMMED


Another employee closely involved with this year's crush added that," It was a stupid, clueless decision for this to hit right now in the middle of a difficult harvest. It's disheartening at best and distracting at worst for everybody braving the rain and mud to salvage things."

After a pause, the employee added, "But that's what you get with a bunch of Sacramento Wall Street fat cat millionaires who have no idea what it means to really work -- actually work for a living."

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================= 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