LEGACY CREDITORS GET THEIR DUE
As WSD reported Thursday (August 17), Jess Jackson of Jackson Family Wines has finalized his $97 million bid in the U.S. Bankruptcy Court for Legacy Estate’s three wineries – Napa’s Freemark Abbey Winery, Sonoma County’s Arrowood Vineyards & Winery and Santa Barbara’s Byron Vineyard & Winery. No terms or details have been made public.
Before the transaction could be finalized, Jess had to buy out the 6-year deal Legacy had with sales and marketing agency Wilson Daniels. Jess offered to deal with Wilson Daniels separately outside of the bankruptcy proceedings last week, allowing virtually all of the $97 million available to creditors. Now, creditors will get close to if not all of what they are owed after the agreement between the two companies was confirmed on Friday.
Jackson’s bid trumped an offer of $94 million from FAB Acquisition Co., a joint venture between the Huneeus family and Bill Price, a founding partner of the Texas Pacific Group.
Before the transaction could be finalized, Jess had to buy out the 6-year deal Legacy had with sales and marketing agency Wilson Daniels. Jess offered to deal with Wilson Daniels separately outside of the bankruptcy proceedings last week, allowing virtually all of the $97 million available to creditors. Now, creditors will get close to if not all of what they are owed after the agreement between the two companies was confirmed on Friday.
Jackson’s bid trumped an offer of $94 million from FAB Acquisition Co., a joint venture between the Huneeus family and Bill Price, a founding partner of the Texas Pacific Group.
posted at 1:53 PM
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