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J ANU AR Y NEWS NA VIGA TION Cosentino Closes Y Last Two Wineries Founder starts new ventures ountville, Calif. —The shoe has finally dropped on Cosentino Winery. After 30 years in business and repeated attempts to avoid failure, the 70,000-case winery closed its doors Nov. 11 and ceased operations. The other parts of the Cosentino Signature Wines PLC or- ganization have also closed. According to the Stockton Record, Cosentino shut its tasting room off Woodbridge Road in Acampo, near Lodi. Cosentino previously defaulted on leases at the former Crystal Valley Cellars tasting room and vineyards in Lockeford. It had also once owned acreage and facilities in Pope Valley (CE2V) and Clements. The three properties previously had been sold to Vin- Reit and leased back. They were shuttered and returned to Vin- Reit during winter 2009. According to records published by "Wine Industry Insight," the corporation owed about $20 million to creditors, $12.5 million to Physicians Reciprocal Insurers, which held the first deed on the property in Yountville (the county assesses it at $7 million); $6 million to CSW Lender LP, and about a half-million each to California First Lending and Carpenter Ranches. Cherokee_Nov05.qxt 9/19/05 10:52 AM Page 1 Cosentino's former flagship winery in Yountville, Napa Valley, may have a new owner in the near future. The North Bay Business Journal report- ed that LCPV VinREIT LLC, a venture of Missouri-based real estate investment trust Entertainment Properties Trust, claimed Cosentino owes it $16.9 million.) Cosentino missed payments to many creditors including grapegrowers, and eventually its license to buy grapes was revoked. It also asked to be delisted from the London stock exchange after failing to file required annual reports. While continuing to make wine for Cosentino Signature Proper- winesandvines.com Learn more: Search keyword "Cosentino." ties, Mitch founded a new winery, pureCos Napa Valley (legally) or pureCru Napa Valley, with grocer Don Held, commercial property developer and builder Jim Nylen and oncologist Prabhjit Purewal. He bought grapes and made wines the past two vintages. —Paul Franson hauling precious cargo • 24 hour dispatch • Competitive rates • Personalized Service • Radio/Cell phone equipped • State-of-the-art equipment • Maximum payload capacity • Over 30 years in operation • References available • Fleet of over 200 trucks including Wine Tanks and Dry Freight Vans CHEROKEE FREIGHT LINES 5463 Cherokee Road • Stockton, CA 95215 Telephone: 209.931.3570 • or visit our website:www.gocfl.com 16 Wines & Vines JAnUARY 2011