Premier Cru Master Complaint Thread (MERGED)

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John Morris
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Re: Premier Cru Master Complaint Thread (MERGED)

#7001 Post by John Morris » June 11th, 2019, 4:25 pm

Yes, the Madoff trustee has been extremely aggressive and has done an amazing job recovering what could be recovered and distributing it equitably. (Of course, the target of the clawbacks have a different view.)
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Tim Fleming
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Re: Premier Cru Master Complaint Thread (MERGED)

#7002 Post by Tim Fleming » June 11th, 2019, 4:38 pm

And for that amazing job Picard's law firm ( Madoff trustee) has pocketed 1.2 billion in fees and counting.

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Re: Premier Cru Master Complaint Thread (MERGED)

#7003 Post by Pat Martin » June 11th, 2019, 5:08 pm

Tim Fleming wrote:
June 11th, 2019, 4:38 pm
And for that amazing job Picard's law firm ( Madoff trustee) has pocketed 1.2 billion in fees and counting.
Yes, they’re getting their pound of flesh to be sure.
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Al Osterheld
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Re: Premier Cru Master Complaint Thread (MERGED)

#7004 Post by Al Osterheld » June 11th, 2019, 6:58 pm

BTW, the link to the info site on the Premer Cru bankruptcy proceedings is given below:

https://www.bmcgroup.com/restructuring/ ... ientID=384

-Al

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Re: Premier Cru Master Complaint Thread (MERGED)

#7005 Post by pnitze » June 19th, 2019, 7:19 pm

So I'm just reading through today's filings in the bankruptcy proceeding, dealing with the priority status of customer claims. The declaration of the trustee states that the total value of the approximately 2,150 customer claims is approximately $3.9 million. It further states that the trustee anticipates that the net recovery available for distribution, after administrative fees, will (slightly) exceed $3.9 million. Does this mean that if all customer claims are given priority status, the customer claims will be paid out at 100 cents on the dollar?

See the declaration here:
https://docs.bmcgroup.com/en/384/20190619-3.pdf

This result seems entirely implausible to me. Am I missing something here? Will PC customers really get 100 or nearly 100 cents back on the dollar on their claims?
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Re: Premier Cru Master Complaint Thread (MERGED)

#7006 Post by pnitze » June 19th, 2019, 7:24 pm

One other thing I found interesting. The Kasolas declaration defines "Customer Claims" to exclude (1) claims by businesses for undelivered wine, and (2) claims by individuals for undelivered wine intended for non-personal use. Perhaps this is covered earlier in this (very long) thread, but does this mean that a large % of the aggregate value of the claims for undelivered wine relate to wine that was not purchased by individuals for their personal use?
P@ul N!tze

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Re: Premier Cru Master Complaint Thread (MERGED)

#7007 Post by Matthew Hunt » June 22nd, 2019, 6:45 am

pnitze wrote:
June 19th, 2019, 7:19 pm
This result seems entirely implausible to me. Am I missing something here? Will PC customers really get 100 or nearly 100 cents back on the dollar on their claims?
That's how I read it, and I think the key is that it would only be for the amount up to the priority limit of $2,850. The folks who take losses would be those whose claim exceeds that amount, along with the non-personal-use claims as you said.

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Al Osterheld
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Re: Premier Cru Master Complaint Thread (MERGED)

#7008 Post by Al Osterheld » June 22nd, 2019, 6:52 am

Yes, except priority limit was $2,775 at the time of the bankruptcy filing (and when claims were filed). The trustee has also filed a final report and some other documents, but need a PACER account to access them.

-Al

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Tom K.
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Re: Premier Cru Master Complaint Thread (MERGED)

#7009 Post by Tom K. » June 22nd, 2019, 8:07 am

Al Osterheld wrote:
June 22nd, 2019, 6:52 am
Yes, except priority limit was $2,775 at the time of the bankruptcy filing (and when claims were filed). The trustee has also filed a final report and some other documents, but need a PACER account to access them.

-Al
Meaning any and all claims are capped at $2,775?
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Re: Premier Cru Master Complaint Thread (MERGED)

#7010 Post by pnitze » June 22nd, 2019, 10:37 am

“Yes, except priority limit was $2,775 at the time of the bankruptcy filing (and when claims were filed). The trustee has also filed a final report and some other documents, but need a PACER account to access them.

-Al”

This now makes sense. I was wondering how 2,150 claims could be valued at only $3.9 million. Claims in excess of the priority limit may be paid out, though it appears recovery of non-priority claims will be at most a penny on the dollar.
P@ul N!tze

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Victor Hong
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Re: Premier Cru Master Complaint Thread (MERGED)

#7011 Post by Victor Hong » June 22nd, 2019, 2:13 pm

This farking disaster has truly ruined a once-joyful hobby for many burned consumers.

May John Fox, Brian Nishi, and James Gillerman savor full and poetic justice.
WineHunter.

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William Gladstone
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Re: Premier Cru Master Complaint Thread (MERGED)

#7012 Post by William Gladstone » June 22nd, 2019, 4:07 pm

pnitze wrote:
June 19th, 2019, 7:19 pm
So I'm just reading through today's filings in the bankruptcy proceeding, dealing with the priority status of customer claims. The declaration of the trustee states that the total value of the approximately 2,150 customer claims is approximately $3.9 million. It further states that the trustee anticipates that the net recovery available for distribution, after administrative fees, will (slightly) exceed $3.9 million. Does this mean that if all customer claims are given priority status, the customer claims will be paid out at 100 cents on the dollar?

See the declaration here:
https://docs.bmcgroup.com/en/384/20190619-3.pdf

This result seems entirely implausible to me. Am I missing something here? Will PC customers really get 100 or nearly 100 cents back on the dollar on their claims?
Keeping in mind - that the attorney's hired by the Trustee are taking in 40% of what they collect - now - “isn’t that special” - and warm your chestnuts all over.
From the words submitted to the Judge presiding on the case from the State's attorney prosecuting the case - I think that he has fallen in love with John Fox, whom I hope found a nice husband in jail to fill in for the numerous lovers he was paying while outside the jail.
Although I do not know if he has been able to maintain his high quality standard that he had while on the outside, instead of purchasing the wines he was paid to supply he was sending upwards of $900,000.oo via Paypal to woman he met online, what a guy!

Karma should hopefully dish out to Mr. Fox his just reward when he is out in the world...

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Victor Hong
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Re: Premier Cru Master Complaint Thread (MERGED)

#7013 Post by Victor Hong » June 22nd, 2019, 5:21 pm

Better if he can savor justice while in this world.
WineHunter.

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