As mentioned in our previous post on January 17th, the secured creditor had indicated that they “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.” The secured creditor was specifically referring to funds separately identified by Vinfolio for fixed price auction and Marketplace transactions completed from January 1, 2010 to January 15, 2010 (the payment period just prior to the Assignment for the Benefit of Creditors).
What’s a “completed” transaction?
- Marketplace – Completed transactions are based on the date the wine passed Vinfolio’s inspection after it was physically received (as evidenced by the date the seller was sent a “Sale Completed” email).
- Fixed price auctions - Completed fixed price auction sales measured are as of the date the sale was made and invoiced.
What’s authorized for payment?
Some good news! The secured creditor has just authorized checks from these transactions (as defined above) to be issued (although it may take until early next week for them to be processed and mailed). The issuance of these checks will bring these Marketplace and fixed price auction transactions after December 31, 2009, current. UPDATE ON JAN. 29: The Assignee has just informed us these checks will be mailed on Thursday or Friday of next week.
Payment for transactions completed after January 15, 2010 is being managed by the Assignee and, the funds are being segregated for payments owed to sellers (although processing will take longer than usual during the Assignment which took place on January 15).
Transactions on or before December 31, 2009
For those Marketplace and fixed price auction transactions completed on or before December 31, 2009 for which payments have not been made or for which checks did not clear, we are still reviewing the situation for how those transactions can be appropriately addressed. We do not expect to be able to provide any further news on these transactions until next week at the earliest.
More information when available
As we’ve stated recently, we realize the situation has its challenges, but we are focused on minimizing disruptions to day-to-day operations. We are working diligently to address issues that this situation has created and ask for your patience as we work through the process. As more information becomes available, we will share it. While this may mean that some questions won’t be answered immediately because they require more investigation or are not in our control, please understand that we are not ignoring these issues and continue to work toward resolutions.
