Jul 272010
 

Update…CapRock Winery Press Conference: “Gruet Can’t Come Up with 10% Payment”

Special High Plains Wine Correspondent, Ben Simons at Vinotology.com attended the Press Conference held this afternoon at CapRock Winery:

Simons reported on Vinotology.com, saying “I just returned from the press conference at CapRock Winery. The sale to Gruet Winery has indeed fallen through, due to Laurent Gruet being unable to acquire the funding needed for the deposit from the sale, which was 10% of the $6.5 million purchase price. Gruet was in France last week to try to get the needed money, but was unable to raise the amount required for the deposit.”

Simons continued, “The property will be re-auctioned by a rolling sealed bid process that will complete on Tuesday, August 3rd. If the court approves the sale, the new owner will be announced on August 4th. The bids will be taken from qualified bidders, who will be required to put up a deposit of $100,000. Attorney, Max Tarbox indicated in the press conference that this kind of situation is not common. Once the sale is completed, a determination will be made on whether Gruet will be subject to paying any damages, but that the amount could be up to any difference between the eventual sale price, and the amount that Gruet bid in the original auction.”

Simons is working on getting together some further organized notes and video highlights from the press conference, and I will be updating again soon.

See news conference video: http://vintagetexas.com/blog/?p=2037

Background: http://vintagetexas.com/blog/?p=2012

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