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Premier Cru: Creditors seek Ferrari, Corvette from disgraced wine purveyor
Mar 14, 2016
(ContraCostaTimes) - Creditors are chasing down the embattled owner of a bankrupt Berkeley fine wine store and asking for his expensive cars, including a 2016 Corvette and 2014 Ferrari.
In bankruptcy documents this month, Wells Fargo and Ferrari Financial Services have asked for reimbursement after Concord resident John Fox failed to make monthly payments on the two pricey sports cars. Fox entered a lease-to-own agreement for a $165,000 Ferrari in October, but is now $9,000 behind on his monthly payments, according to recently filed motions.
In January, Premier Cru filed for bankruptcy, claiming $70 million in debt and almost $7 million in inventory, largely consisting of more than 71,000 bottles of wine stored in the company's University Avenue warehouse. On Feb. 8, Fox declared personal bankruptcy, claiming similar debt, but only zero to $50,000 in assets.
After failing to file his personal assets and debts declarations last month, Fox finally filed the documents last week, but they included no information.
"Due to an active FBI investigation and based upon advice of counsel, the debtor asserts his 5th Amendment rights not to answer the questions required by schedules A-J, The Statement of Financial Affairs and The Statement of Intention," he stated throughout the court documents.
Disgruntled wine customers have accused Premier Cru and Fox of running a wine Ponzi scheme, with many customers claiming they bought wine futures from the company but never received their wine.
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