Jul 272010
 

News Flash: What’s Up with Sale of CapRock Winery to Gruet: Meeting with Bankruptcy Judge Set for This Morning (New Auction to be Requested)

As reported previously on VintageTexas and Vinotology, the winning bidder in the auction for the CapRock Winery operation in Lubbock Texas was Laurent Gruet of Gruet Winery (http://www.gruetwinery.com), the maker of sparkling wines in Albuquerque, New Mexico.

More at: (http://vintagetexas.com/blog/?p=1904)

Over the weekend Vintology reported that possibly something was brewing to nix the deal.

See: http://www.vinotology.com/2010/07/breaking-report-sale-of-caprock-winery-to-gruet-sunk.html

Today, I talked with Max Tarbox, the attorney handling the CapRock Winery auction sale, and he indicated that he was preparing to go before Bankruptcy Judge, Robert Jones, later this morning to request a new auction. He also indicated that he expected Laurant Gruet would likely be participating in the hearing.

As reported previously, some in the Texas wine industry saw the Gruet acquistion of CapRock as an intrusion of foreigners that will take over the industry. Others said that Gruet simply paid too much. However, the consensus of most Texas winegrowers and winery owners seems to be to conservatively wait and see how this whole thing plays out. As it now look, for good reason. Some saw the Gruets being very busy right now as they try to figure out what they actually bought in the Lone Star State. Some industry people questioned the possible condition of the equipment and wine there in storage. There may be other issues that came into play, as well. Let’s wait and see.

Other than this, there is no factual information that can be confirmed back to the principals.

All we know is that something’s up! Stay tuned for more information as it happens.

Update: Update: Gruet Backs Out of CapRock Winery Sale. New Auction and Press Conference Announced – http://vintagetexas.com/blog/?p=2012

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