Sad to hear this. I’ve met Dave 3 or 4 times. He was always very generous and fun to be around. I don’t drink aussie wines anymore, but I sure hopes that he comes back.
Pete Kight… a billionaire… a clause that would see me lose Torbreck if ever enforced…
In the era of fiat electrons, how do you think that the fiat electron mongerers get to be bazillionaires?
By building better mousetraps?
LOL’ed.
My lawyer advised me…
I hope that Dave Powell really is as hopelessly naïve as he claims to be - that there isn’t something more to the story which would make him look like anything other than a hopelessly gullible fool.
As for the lawyer, if he didn’t say to Mr Powell, “Dave, if you sign this contract, then not only will I kick you out of my practice, but I’ll never speak to you again for so long as we both may live. No, wait, scratch that - if you sign this contract, then I’ll go to our friend, the psychiatrist, Dr FeelGood, have him commit you involuntarily, and then have a court void the contract as having been signed by a man who was experiencing schizophrenic delusions at the time of the signing.”
Because if his lawyer didn’t say that, then, at a minimum, he needs to be dis-barred, and in a just society, he’d be lined up against a wall and shot.
Or served up live to starving feral swine.
Pete Kight and his wife Terry
Is “Terry” a boy or a girl?
I ask because it looks like this Kight fellow got his start in AAU Body Building, back in the 1970s:
Cue the Village People and their hit single, “YMCA”!!!
Sorry to hear this news. I can’t imagine Torbreck without David Powell.
As for the lawyering stuff, clients sign documents all the time against the advice of their attorneys. Almost every attorney I know has a number of stories along these lines…
Bruce
The old-fashioned way, apparently.
From Wikipedia:
In late 2002 the estate was placed into receivership due to financial pressures on Powell from a divorce settlement. Torbreck was purchased by Australian businessman Jack Cowin from receivers for 6.5 million Australian dollars, with Powell retained as winemaker and managing director. In 2008 Powell reacquired the estate in partnership with Peter Kight, the owner of Quivira Winery in Sonoma County’s Dry Creek Valley in California.
That IS the old-fashioned way Robert!
So now that makes more sense…
So Powell loses to winery to Cowin but stays on as an employee…
Powell purchases the winery back from Cowin with the help of new partner Pete Kight for presumably no money down for his share of the stock. Some type of agreement is signed that Powell has 5 years to pay back the money Kight fronts him as part of the purchase agreement.
Powell can’t come up with the moolah and Kight exercises his right to transfer the remaining shares of the company to his name.
Whatever the reason, i have enjoyed Torbreck wines, and think it will never be the same without Powell. Sad ending indeed.
People always slag on lawyers for many reasons (a few even deserved) but anyone who knows one or is one or even just has a law degree like me without practicing can tell you – if your lawyer says not to sign a contract because an enforceable clause causes them great concern… then you really shouldn’t sign it and do so at your own peril. Funny how people pay lawyers so much for their advice and then willfully ignore it.
@Nathan: While humorous in its wording, your point about the lawyer seems to be that he was obviously not emphatic enough to Mr. Powell with his advice so the lawyer is somehow at fault. I’m afraid this won’t hold much water in a malpractice suit if that is what you were getting it. He was professionally obliged to warn his client not to sign and by his client’s own admission, the lawyer involved did just that. Whether he did so calmly and rationally or by yelling at Powell and sticking his finger in his chest while doing so is irrelevant. He met his professional duty. This would only be an issue if he had not done so.
And to be clear to everyone, I am not blaming Mr. Powell either for not having heeded his lawyer’s advice to begin with and finding himself in these circumstances now. He was in difficult financial and emotional circumstances – anyone who has been through a divorce surely can empathize with him – and made what he felt was the best decision at the time under stress. He is not to first person to sign a contract he shouldn’t have nor will he ever be the last.
In terms of the wine business itself, it is very unusual that we are getting all this info as it happens all the time in the wine business and we never have any of the facts, let alone some of them, only insinuations and rumors. I’m still wondering how Vincorp managed to take over Inniskillin and Jackson-Triggs and forced their respective owners out.
Fixed it for you. People pay for and then ignore advice from a lot of different professionals–doctors, accountants, therapists, etc. Attorneys are hardly immune from this phenomenon.
Bruce
See update for interview with Mr Kight
Not sure if it is just me, but that link doesn’t work.
There is an error in the url for that link… it should be “http://wbmonline.com.au”
Fixed, thanks…
Have no idea how to “cut” and “paste” using my iPad! Sometimes I miss the comfort and familiarity of the PC keyboard…
And here is the referenced WS article on the topic:
Bruce
Thanks for the link Brodie. However, the Kight response only pushed me more toward the Powell side of the argument. Kight said nothing of relevance, IMO.
I suspect that Interview was pre-agreed with an pre-approved set of questions and prepared responses. It is all very smooth and business like.
Yes, I agree Brodie. He sounded very scripted.
The series of events/circumstances in the letter just don’tt ring totally true for me. I think there might be more to the story.
But as a sign of solidarity with Mr. Powell, I promise that I will never buy another bottle of Torbreck Laird as long as I live. ![[grin.gif]](/uploads/db3686/original/2X/5/53ba06e9b6e4b370ae7e3d7b3702ad1bda0a2d8e.gif "grin"){kind=small}
It is scripted. It is also very condescending to Mr. Powell. In the end of the interview, Mr Kight pretty much describes David as a child. He sescribes him acting out emotionally, his personality getting the better of him many times. And finally how he (Kight) has often helped David, out of the goodness of his heart when david gets in a sticky situation, even if it didnt make financial sense… please… seriously…
Oddly, contrary to Scott above, I see a bit more of the other side with Kight’s measured response. There can be no question that he fully intended to take over Torbreck and eventually supplant Mr. Powell. However, I suspect he is telling the truth when he mentions that he has helped Powell out of more fixes than have been let on.
Isn’t this situation similar to the Donald Trump/Patricia Kluge situation in Virginia? I don’t see anyone up in arms over that one. I sympathize with Mr. Powell but I find it hard to see him as a completely helpless and defenceless victim being preyed upon by the heartless evil corporate mogul. That’s a little too stereotypical for the reality of the situation.