Vinfolio - anyone having bounced checks??

WINE TALK
1

Reports elsewhere claim Vinofolio sellers have recently had bounced checks. Anyone here having that problem? They have always been a such a stalwart operation, I would hate to see them having real problems.

I’m due to send out wine tomorrow and this makes me nervous. I can delay another week and will probably do so.

Is there any way to cancel an accepted bid without incurring the $8/btl. charge?

Chris

2

I assume the $8 fee is quite a bit less than the bottle of wine.

3

$8 x 4 = $32 for a non-transaction. While significantly better than losing the value of the wine, it’s still a lost $32.

Chris

4

I would take the $32 hit and fight it out with your cc company.

5

I’m in the same boat, Chris. I’m supposed to send a three pack on Monday or Tuesday of this week, or next, whichever I choose. I’ll hold off this week, and unless this is resolved before next week I’ll just take the $8 per bottle hit if necessary. There’s no way to cancel without the fee that I’m aware of (nor would I normally expect there to be, but then again this is an abnormal situation).

6

Wait the week and see what happens. Lawyers…if I have wine stored at vinfolio, wine that I have bought elsewhere. Am I at risk of a fiasco like what happened when that other company(cant remember the name) recently went out of business and all the futures they were holding became food for the creditors? Im not suggesting I know anything about vinfolio’s woes or lack there of, I dont, Im just a costumer but they are holding several thousand dollars of my wines and there are now three claims of bounced checks with no explanation. Im just curious and a little jittery…

7

Source? A google search for vinfolio and “bounced check” gives nothing… but then ebob blocks google.

8

http://dat.erobertparker.com/bboard/showthread.php?t=217773" onclick="window.open(this.href);return false;

9

Thanks Michael. I figured it was an eBob thing. Some scary stuff in that thread, esp the ‘legal reasons’ comment.

10

Bachmann responds in post #118

http://dat.erobertparker.com/bboard/showpost.php?p=2843333&postcount=118" onclick="window.open(this.href);return false;

Not much there in way of an explanation…but maybe at 3pm (I guess PST)

11

None of you has any credibility because you have been on this board for less than a year.






Oh yeah, this board is less than a year old. [oops.gif]

newhere

12

Just trying to gain some sorely needed credibility.

[blush2.gif]

13

That doesn’t sound good… ‘a Vinfolio business update’??

14

Update here: http://www.vinfolio.com/thewinecollector" onclick="window.open(this.href);return false;. The excerpt below is PARTIAL - see the link for the entire post.

After three years of very rapid growth – placing it among the top 15 fastest growing private companies in the SF Bay area from 2006 to 2008, Vinfolio experienced a much more difficult sales environment during 2009. A few weeks ago, we found ourselves in need of additional capital on a very near-term basis. The company investigated several options but new capital could not be obtained on a necessarily compressed timetable.

Because of the situation, and to safeguard the interests of our customers and creditors (including for wine purchases, wine sales, and wine stored with Vinfolio), the board of directors and the shareholders of Vinfolio approved and undertook a form of restructuring known as an Assignment for the Benefit of Creditors (the “Assignment”) on Friday evening, January 15, to provide the business with the flexibility to develop the appropriate course of action going forward.

The Assignment is being managed by a leading third party firm of experts in such assignments (the “Assignee”). It is important for you to know that key employees have been retained and our operations continue as we undertake this process.

While the secured creditor cannot at this time officially speak for the business, they have given the following guidance to the Assignee for its operation of the Vinfolio business:

  • According to Jon, “the Vinfolio business is a unique and valued asset to the community of wine collectors and wine enthusiasts. We want to see the business continue its mission and have acquired the secured debt to help align everyone’s (creditors’, customers’, employees’, users’) interest in this outcome.”
  • The main value of the business is the goodwill of its customers and users. The secured creditor wishes to take actions where feasible to preserve the goodwill. Some of these include:
    o Commitments by the secured creditor group to fund the Vinfolio business in the near term while the Assignment process is ongoing.
    o Since January 1, 2010, the company has tracked funds from the sale of Marketplace and fixed priced auction items separate from other revenues. The secured creditor will waive any right to these funds and has asked that these funds be paid to the sellers in those sales as soon as practical.
    o During the Assignment process, this separation of funds and instructions from the secured creditor should continue.
    o The secured creditor has re-affirmed that they only have security in the assets owned by the company, and not in wines offered through the Marketplace or fixed price auctions, or wines stored by third parties with the business.
15

An Assignment for the Benefit of Creditors does not justify nor explain checks returned NSF.
I would not ship wines to Vinfolio and would instead contact relevant credit card companies provided to Vinfolio to secure payment citing their recent NSF of checks as a basis for challenging any charge imposed by Vinfolio for not sending wines to them as agreed for sale.

16

I have removed any wines I had currently listed for sale on vinfolio marketplace.

17

Wow, that has to effect your business.

18

I can’t imagine that part of their business will survive - who would send them wine to sell after this? Especially when they sent out checks that bounced and it took a forum thread to bring the situation to light?

19

yea, 1 whole bottle was all i had deadhorse

20

It also “affects” it. neener