Just heard back on an inquiry placed to Tony late last week. I have some 2010 burgundies and 09/11 Cornas ready to ship⌠orders placed 2/2014 and 10/2014 respectively.
Received an e-mail reply from Tony (never dealt with him before) that none of my open orders were on the shipping container that arrived last week. Waiting to hear back from Amex.
I predict that PC will not declare voluntary bankruptcy, as dire as its situation appears.
Why? The business seems still to earn cash, by rejecting refunds, credits, and
uneconomic delivery commitments. So long as government authorities do not intercede,
this online-only operating model might be indefinitely sustainable. Customers awaiting
in-the-money deliveries can be just ignored, especially as individual civil suits seem
too costly for them to pursue.
Filing voluntary bankruptcy would only put the owners in a court which they prefer
to avoid.
Hunker down, for a slow-motion hanging of formerly loyal customers.
An interesting development would be if one of PCâs containers did somehow arrive as it would include at least some pre-arrival orders that have since been cancelled by customers. This would leave PC in the position to resell those now âin-stockâ bottles at prices quite a bit higher than they originally charged for pre-arrival. I know the tax owed, other cash-flow problems and virtual absence of pre-arrival customers would likely already have them in too deep a hole to dig out of, but it would definitely give them a very valuable leg-up toward trying to dig themselves out of the hole, assuming they can even take a credit card payment which now also seems like it might be a closed door.
Like many posters here, I became frustrated by PC and âthe container will be here next weekâ mantra so I contacted Amex mid-December. After escalating up the customer service chain, I was sent to fraud. I had to escalate up the chain there as well but finally received satisfaction and credits for 19 of 20 transactions, which dated back to January, 2013.
Start to finish, the crediting process took about 2 weeks, about 2 - 3 hours of discussion with Amex and faxing them supporting documentation (a list of wines purchased, prices and quantities plus Amex statements showing the transactions in question).
I received an Amex credit directly from Premier Cru for the 20th transaction which âonlyâ dated back to March of this year. What is interesting to me, thinking it a waste of time, I did not request a credit from PC (they stopped answering phones by then). The credit recently posted to my account but is dated March 30, the date of the 20th transaction. Perhaps this was triggered by an Amex inquiry to PC but Iâm speculating on that.
Fwiw, my exposure on open orders was a little less than $6K and is now zero.
It will not be long before one of the creditors forces them into bk. It has to be more than frustrating to watch them continue to draw in mullah, apparently spend it, and still they are out big dollars. Also the AG could very well intercede at any moment.
Suppose most people are made (sort of) whole by credit card companies. Does anyone have an idea at what point Premier Cru would lose the ability to accept credit card payments?
There will be no problem launching an involuntary on these facts, which seems inevitable after a few more whales lawyer up and get their act together. Not likely to be much meat on the PC carcass, but some uber-wealthy folk will find a way to force a voluntary or start an involuntary. Only a bankruptcy reorg has any chance of salvaging PC in some radically altered form, but who would buy from it, especially since credit cards will not be accepted?
As to the point above, I imagine some of the rhone that arrived this week will feed through into cash sales as people have cancelled these orders, although I donât see any listed as in stock.