Who knows what has gone on behind closed doors over the last week. It has been one week since the news became official of the Gruet withdrawal from the Cap*Rock sale. Today at 2:30 pm the results of the closed bid auction will be presented to Judge Robert Jones, and we should know who the new owner of the winery will be.
This entire affair has been a roller coaster ride, and a rickety wooden one at that. I've pretty much stopped guessing at what the eventual outcome will be, but Russ Kane has stated that he's talked to sources who say that the action has been brisk. There are a lot of questions that will be answered in the upcoming days, but the big one that everyone is waiting for is who the new owner will be.
I plan to attend the court proceedings this afternoon, and I will post updates as I have them.
Update – The judge has approved the sale of the winery to Jim Bodenstedt in the amount of $2.5 million. There were only two bids submitted, and the other was for $855,000, which would not have covered the reserve on the property.
The hope is for the closing to take place within 30 days. The estate will be pursuing legal action against Laurent Gruet, and against Gruet Winery. Trustee Max Tarbox said that the intent will be to pursue the full $4 million in damages, as well as the fees required to pursue the judgment.
Jim Bodenstedt is a San Antonio businessman who owns a number of fast food restaurants around the state. I am hoping to have more information about him soon, but he is the CEO of MUY Brands. My understanding is that the intent is to keep Cap*Rock as a winery.
Update: Here is the press release -
San Antonio Texas entrepreneurs purchase Cap*Rock Winery: Jim & Cathy Bodenstedt will lead revitalization of one of Texas’ premier wineries.
Under new ownership, Lubbock based Cap*Rock Winery will expand distribution of its award winning wine.
Lubbock, TX, August 4th, 2010: It was announced today that San Antonio entrepreneurs Jim & Cathy Bodenstedt will purchase Cap*Rock Winery. Mr. And Mrs. Bodenstedt expressed their desire to respect the wine making heritage of Cap*Rock winery while increasing the distribution in Texas and beyond. “I am excited about the opportunity to help elevate Cap*Rock to the highest level of wineries in the United States” said Mr. Bodenstedt, President and CEO of MUY Brands, LLC a San Antonio based company.
Cap*Rock Winery has won over 500 medals and awards for its wine since its beginning in 1991. Cap*Rock wines are available across Texas and in small quantities in Colorado. Mr. and Mrs. Bodenstedt expect to increase distribution in Texas and to eventually put Cap*Rock wines on store shelves across the United States.
They intend to maintain the status quo at the winery, while developing a plan to upgrade the facility. All scheduled events at the winery will proceed as scheduled. This includes public events like the August 28th Harvest Festival.
This purchase comes at an excellent time since the West Texas grape harvest will begin in a matter of weeks. Winery manager Phillip Anderson says “This year’s harvest appears to be the best in years. It will be an opportunity for Cap*Rock to extend its history of fine wine making.”