Would you care to explain ?
Details?
Two quotes from Fox in the article-
āWe have a lot of old-time customers who are OK with delays,ā said Fox, when asked about Huiās unfilled orders. āThey know they have to wait. [Mr. Hui] is new. Some things came in, but not in the quantity heās looking for. A lot of this has to do with him not being in this country and being very insecure about the whole thing.ā
Fox told Wine Spectator that from now on customers will be getting more accurate information about arrival of their orders. āWe have cautioned sales people not to give off-the-top-of-the-head answers," said Fox. āWe have also hired a man in Beaune, where most of our French wine is warehoused, to expedite our shipments.ā
I think they were wondering who the āman in Beauneā is. And please donāt tell us itās Ray Walker.
I bailed on my tiny nine bottle pre-arrival and my credit card was refunded within a few days. I thought about using it for store credit but there just really wasnāt anything interesting. But I will keep my eye out for the 40% in-stock sales.
I donāt understand why no one is willing to actually summarize here what they found so interesting about the court filings. Obviously we could all look (and as a litigator, I spend substantial time doing just that), but itās not unreasonable to ask those who have already read the pleadings to tell us what they found interesting. Just bizarre to me.
they hired a debt settlement company due to financial hardship.
here are the court docs.
hm, pretty easy to copy and paste that link.
Didnāt we just have this discussion about doing your own homework a few pages back? Oh yeah, we didā¦ and I got blasted for telling another member he doesnāt have lackeys here to do his bidding, which led to deletion of posts I think.
Why would it be bizarre if people donāt want to do all that work for you? Maybe it IS unreasonable to ask, and you just donāt know it.
I looked at some of the papers. There is an allegation that the plaintiff had reached a written settlement with PC prior to litigation, that the contract called for a lump sum payment, and PC never made that payment. That is easy to rove one way or the other. There are also allegations of lying about sourcing wine. But remember that these are just claims by a plaintiff and not proven.
easy to copy paste a link, but since the session times out, itās useless.
hereās the complaint:
Dale,
The auction price of the imperial is around $10-11k. There is almost no bargains in stock.
I used to buy a lot from PC but not much lately. My last order just got delivered , Boisson-Vadots which were in stock and Confuron Cotetidot which I knew they secured. I bought a bunch of the 09 DRCs which was initially promised multiple times to be delivered in a couple months. They assured for a year that it will get delivered but I finally had to get my money back. The next order was for a mag of Romanee Conti and a mag of La Tache. It was also delayed and I stuck with the La Tache but got my money back for the RC. Both finally arrived and the RC was offered to someone else, I believe.
I think they got hit pretty bad with the 2003 Bordeaux vintage then things got gradually worse. The question is how well the owners invested their clientās money. Since they offered the 09 and 10 for significantly less than the market, I doubt that the favorable exchange rate and extremely soft Bordaux market would help them a lot.
Please check with your credit card company and if you still wish to buy the futures, get a wine insurance.
Correct me if Iām wrong, by I think itās been stated earlier that wine insurance doesnāt cover failed futures.
From quickly glancing at the docs, it appears that there was a pre-judgment writ of attachment that netted only about $10K in a bank account, leaving $200K-ish unsatisfied.
Bruce
Whoever thinks it is still a good idea to buy anything from PC ought to first read the Shirlin Wong complaint and its many attachments (including other lawsuits, letters of engagement relating to settlement firms and the like).
And yet the vast majority of reports here are of wines arriving, or of equitable settlements made. Even Mr. PCDoomAndGloom Bill Klapp got his wine.
Yes, and those that havenāt gotten their wine, and donāt want equitable settlement are taking them to court. Those lawsuits ring up to a total of about $2 million. It may not be a large number of people suing, but thatās a lot of money.
did he get what he ordered or did he take in stock wines instead?
Pat, not sure exactly but he wrote, āMy pair of āin-stockā (now āformerly in-stockā) 2012 Vogue Musigny V.V. magnums are safely in my storage facility, along with the other 10 bottles that I had outstanding at PC.ā Maybe the Musigny mags were replacements and the rest wines that heād ordered?