Winery sale reneging costs $4 million
Albuquerque, NM, winery owner Laurent L. Gruet must pay $4 million for failing to follow through on his bid to buy Cap*rock Wine Co. nearly two years ago, a bankruptcy judge in Lubbock has ruled.
Judge Robert L. Jones ruled Gruet, who bid $6.5 million for the then-bankrupt winery in July 2010, breached the contract by not completing the purchase.
At the same time, Jones dismissed fraud claims raised in the suit by trustee Max Tarbox, ruling while Gruet "made a false promise" to buy the winery, his efforts to close on the purchase proved there was no intention to commit fraud. ...
(The judge) awarded the bankruptcy estate $3.9 million in damages plus attorney’s fees and costs of more than $425,467.
The $3.9 million is based on the winery selling for $2.5 million in a second auction a month later, and $100,000 Gruet paid Tarbox to keep the deal open while trying to raise his 10 percent earnest money deposit of $650,000.
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Posted by William M. Dowd at 1:45 PM