13 Feb Premier Cru—Bankruptcy Filing
Berkeley-based Wine Retailer Premier Cru, under its Corporate Name, Fox Ortega Enterprises, Petitioned for Chapter 7 Protection under Federal Bankruptcy Law; Premier Cru Lists Just $7 Million in Assets, including $6.8 Million Worth of Wine, and $70 Million in Liabilities
Premier Cru, once known for unbeatable prices on wines promised for future delivery, has seemingly fallen into a financial collapse, and has filed for bankruptcy, according to Court reports from California currently under review by attorneys Jason Kane and Joe Peiffer.
Premier Cru, the Berkeley-based firm, while under its corporate name, Fox Ortega Enterprises, petitioned for Chapter 7 protection under federal bankruptcy law, Court reports show.
Premier Cru‘s 1,401-page filing lists just $7 million in assets, including $6.8 million worth of wine, and $70 million in liabilities.
Premier Cru Allegedly Owes Debt to Almost 9,000 Customers, Including People in at Least Eight Countries in Europe, Asia, and South America, Top Executives and Several Well-known Cali Wine-makers
Premier Cru allegedly owes debt to almost 9,000 customers who paid for wines they never received, including unsecured ranging from under $10 to the high six figures, according to Court Reports from California presently being reviewed by attorneys Joe Peiffer and Jason Kane.
The list of unsecured creditors shows the broad reach of the clientele that Premier Cru once boasted. They come from almost every state and at least eight countries in Europe, Asia and South America, and include top corporate executives and several well-known California winemakers, reports from California state.
Finally, months ago, Premier Cru began promoting weekend sales of top-tier French wines, sold “pre-arrival” at prices 40 percent lower than other stores, according to California court reports. Daniel Posner, president of the National Association of Wine Retailers stated that, “Nobody gets 40 percent. They were retailing wines at below wholesale prices. The truth was, they did not own the wine they were selling.”
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged bankruptcy filings and are currently investigating Premier Cru’s alleged descent into Chapter 7. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients. Investors who entrusted money to Premier Cru are encouraged to contact Peiffer Wolf for a free evaluation.
Investors who believe they lost money as a result of Premier Cru’s alleged bankruptcy are encouraged to contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 585-310-5140.