Havens, Billington wine inventories being liquidated
By Jeff Quackenbush, Business Journal Staff Reporter
NAPA — A liquidator today said it has taken over the operations of Havens Wine Cellars and is selling inventory of that Napa Valley vintner and its parent company, Billington Imports.
Great American Group of Woodland Hills was hired to liquidate about 50,000 cases of Havens and Billington-imported brands; nearly 37,000 gallons of bulk wine in the Havens facility in Napa; and barrels, racks and intellectual property such as trademarks, permits, contracts and licenses, according to Joe Rivkin, who is overseeing the liquidation. Most of the casegoods are in Billington’s 24,000-square-foot leased warehouse at Industry West Commerce Center in Santa Rosa, with some in Virginia, where Billington was based, and Chile.
“The winery officially ceased operations, but we’re tending to the bulk wine,” Mr. Rivkin said, referring to Havens’ 12,000-square-foot facility on 10 acres at 2055 Hoffman Lane in Napa.
The book value of the inventory is $7 million and of the other items is “several hundred thousand dollars.”
Liquidation started July 28 with Billington and with Havens 10 days ago, according to Mr. Rivkin. The sale, benefitting PNC Bank, is expected to last several weeks.
Michael Havens started Havens Wine Cellars in 1984 and was known for merlot. Billington, started by the Bartholomaus family in 1985, acquired Havens in 2006 to add to its portfolio of German, Argentinian, Chilean, New Zealand and French wines.
In March 2008, Billington secured financing for Havens through VinREIT, a St. Helena-based vineyard and winery investment group for Entertainment Properties Trust.
Details on the liquidation are available at www.greatamerican.com/gagwliquidations.
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Is the wine to be liquidated currently powdered or freeze-dried?
by Norm Levin
Great American Group said the inventory consists of wine in bottles and in tanks.
by Jeff Quackenbush, Business Journal Staff Reporter
I don’t understand. Did Billington go Chapter 7? Is that why all their inventory (including Havens brand and others) is being sold?
by Ricardo
This is not too different from the Great Oklahoma Whiskey Caper of 1893. The old Harrison & Phillips Spirit Company went out of business in 1893. This was not the whiskey of choice. It was said to be rather bitter. Unable to compete with other brands, they were headed for bankruptcy. Court records indicated 920 barrels of whiskey and gin in stock that needed to be liquidated. Several months later, when all was said and done, the court records showed only 600 barrels were sold off. The other 320 were thought to be re-labeled with the names of the competition. Apparently, no one noticed any taste difference.
by Ed Circusitch
[...] remate según informan medios estadounidenses. Una nota publicada por North Bay Business Journal (http://www.northbaybusinessjournal.com/15195/havens-billington-wine-inventories-being-liquidated/) indica que Great American Group, está rematando las existencias de la desaparecida bodega de [...]
by Liquidan los stocks de Billintong Imports | Catamayor
[...] Bartholomaus family, will be liquidated. In an article published by the North Bay Business Journal (http://www.northbaybusinessjournal.com/15195/havens-billington-wine-inventories-being-liquidated/), Jeff Quackenbush states that the Great American Group is liquidating the stock of Havens Wine [...]
by Billington wine stocks are liquidated « Wine Sur
[...] según informan medios estadounidenses. Una nota publicada por North Bay Business Journal (http://www.northbaybusinessjournal.com/15195/havens-billington-wine-inventories-being-liquidated/) [...]
by Liquidan los stocks de Billington Imports « Wine Sur
I purchased several bottles of Havens’H'Carneros Syrah-2006- and a few of the Havans Albarino 2008. These were both excellent wines. Can they be purchased individually, and if so, how do I do this? These were purchased through a wine club.
by Kaye Bradshaw