Underground cellar bankruptcy

The resulting events were reported on in Entrepreneur. You will find more articles with a brief search of 'Underground Cellar' on Google. This created an ownership conflict between the lending bank and the customers, both holding legal underground cellar bankruptcy to the wine.

All that is clear at present is that it is not being shipped. The revolutionary model of Underground Cellar looked, from the outside at least, like a winner. Yours truly received such a message that seemed odd given that I assumed that a literal bottle was set aside in their climate-controlled warehouse in Napa with my name on it. I paid for it, after all. Not so. Other customers apparently had issues even earlier having wines they had purchased actually shipped.

Underground cellar bankruptcy

Grand Tour Tickets Now on Sale! In a section of a Napa Valley warehouse, more than half a million bottles of wine rest on pallets stacked 30 feet high. Every bottle was purchased by customers of Underground Cellar, a San Francisco-based internet retailer boasting 24, clients. Among a variety of perks, the bedrock promise of Underground Cellar was that it would store wine for free under ideal conditions until customers asked for delivery. Underground Cellar was founded by Jeff Shaw, 38, with a tempting promise—buy wines at good prices and you might also get better wine than you paid for. It then packaged the wines by themes, ranging from West Coast reds and whites to Riojas. The firm attracted customers with an adventurous, even gambling, spirit. They might not always get the wines they ordered, but when that happened, they were upgraded to wines worth more than what they paid—possibly much more. Many customers, including Dannemeyer, were drawn to Underground Cellar during the pandemic. And then this website sent out emails three times a day. With all the negativity out there, it was a fun way to buy wine. The concept of the mystery boxes was hatched, founder Jeff Shaw told Wine Spectator , when he was a year-old growing up in Arizona. And there was a holographic card of the great Charles Barkley. When I started Underground Cellars, I thought, why not apply the same idea to mystery packs of wine? One source for those most-coveted wines early on was Colorado customer Lance McCollough, who also made a small investment in Underground Cellar as a startup.

Underground Cellar customers have underground cellar bankruptcy unable to retrieve a single bottle from the warehouse for the last seven months. A copy of the Court Order can be found hereand specific details on claim process and shipping can be found here.

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Opinions expressed by Entrepreneur contributors are their own. Underground Cellar, a San Francisco -based company, could easily be a wine enthusiast's dream: for free, customers could buy and store up to bottles in the company's "temperature-controlled CloudCellar" in Napa Valley and ship them also for free whenever they wanted. In late April, the wine company abruptly halted operations , and, a few days later, filed for Chapter 7 bankruptcy, The San Francisco Chronicle reported. Gregg Thatcher, a former customer, also runs a Facebook group dedicated to discussing the current situation with Underground Cellar. It has nearly members.

Underground cellar bankruptcy

Underground Cellar gained popularity among wine lovers because of its gamelike platform offering customers occasional upgrades to more expensive bottles than they had paid for. But earlier this year, customers started having trouble accessing the wine they had ordered. Underground Cellar filed for a chapter 7 liquidation in the U. Bankruptcy Court in Wilmington, Del. Shaw had been separated from the company months before the bankruptcy filing, according to liquidation trustee Don Beskrone. He said the Liquid Lotus bid was by far the best offer received and would allow customers to retrieve their purchased wine, at their own cost. A central issue is who owns the wine: the customers or the company.

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The revolutionary model of Underground Cellar looked, from the outside at least, like a winner. This created an ownership conflict between the lending bank and the customers, both holding legal claims to the wine. Aaron Romano Collin Dreizen. After the initial Dec. If the charge remains on your card after 7 business days, please contact us. By Peter Hellman. How have the bottles been stored? And then this website sent out emails three times a day. The settlement with the Ad Hoc Group, Triple Point asserts, is costing it millions of dollars compared to what it would have reaped if its first offer had been accepted. It even remains a matter of speculation if the wine is indeed actually stored somewhere and exists.

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Why did I only receive part of my order? Dec 1, In accordance with the terms established in bankruptcy court, the claims portal is now redirected from the undergroundcellar. It even remains a matter of speculation if the wine is indeed actually stored somewhere and exists. In addition, the maximum case size Fedex will ship is 12 bottles so larger orders are guaranteed to ship in multiple shipments. When I started Underground Cellars, I thought, why not apply the same idea to mystery packs of wine? A hard-fought conflict between lawyers for customers and the bank ran for over 6 months and with no resolution in sight, on October 13th, the Bankruptcy Trustee moved to abandon the dispute entirely, leaving both sides with nothing. Underground Cellar was founded by Jeff Shaw, 38, with a tempting promise—buy wines at good prices and you might also get better wine than you paid for. One source for those most-coveted wines early on was Colorado customer Lance McCollough, who also made a small investment in Underground Cellar as a startup. Restaurant Search.