New Crushpad Owners Ask Customers to Pay More
New Crushpad Owners Ask Customers to Pay More
Aug 11, 2012 6
(WineSpectator) - The new owners of Crushpad, the financially troubled custom-crush winery sold at auction on Aug. 7, say customers who want to rescue their barreled and bottled wines will have to help foot the bill for the company’s reorganization. That's leaving plenty of clients confused and angry.
“We cannot cover all the services that have already been paid for,” Philip Von Burg of CastleGate Capital Advisors told Wine Spectator. “That exceeds $3 million.” CastleGate, a Tiburon, Calif.-based firm specializing in turning around troubled companies, paid $654,866 for Crushpad’s assets and liabilities, which included all customer wine.
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