WINE INDUSTRY INSIGHT
EMAIL EDITION - VOLUME I, NUMBER 76 - MARCH 16, 2009
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A NOTE FROM THE EDITOR:
This is the last in the three-part series. I had planned to space the articles out more evenly over a period of weeks, but news keeps breaking.
The next email edition you receive will pick up with non-Copia news.
Please make sure to contact me (just reply to this email) when you have news you think I should cover.
Copia’s increasingly combative bankruptcy process took a decidedly gladiatorial turn late Tuesday night when Robert Mondavi’s now-insolvent wine and food center withdrew its previous liquidation plan.
LITIGATION AGAINST BANK OF NEW YORK
As reported by Wine Industry Insight on Feb. 20, Copia’s plan met with aggressive objections from unsecured creditor Copia Claims LLC which contends that the refinancing of Copia’s bond debt was flawed and that as much as $65 million could be recovered in associated litigation from the Bank of New York Mellon (BONYM).
HEARING SCHEDULED FOR APRIL 10
A hearing to approve the McGrane/Copia Claims litigation plan has been scheduled for 10 a.m., April 10 at bankruptcy court in Santa Rosa.
If the court approves the plan, then Copia Claims is expected to file fraudulent transfer litigation against BONYM in U.S. District Court for the Southern District of New York.
FULL TEXT OF THIS ARTICLE AVAILABLE IN VIP CENTER
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IN THIS VIP CENTER ARTICLE:
- BANK OF NEW YORK BOTCHED COPIA’S 2007 BOND REFINANCING
- FRAUDULENT TRANSFER BEGAN WITH “FUDGED” LEGAL OPINION LETTER?
- THE “FUDGED” ORRICK LETTER: A TECHNICAL MISTAKE OR SUBSTANTIAL ERROR?
- OPINION LETTER DID NOT ADDRESS FRAUDULENT TRANSFER
- COPIA INSOLVENCY INFLUENCED ORRICK OPINION LETTER
- LAST MINUTE BACKTRACKING BY BONYM AND ACA
- TRADERS STILL BUYING AND SELLING 1999 BONDS
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