Published May 18, 2010 by E. Thomas Wood
The bankruptcy estate of iPayment Inc. CEO Greg Daily has received about $1.4 million from the sale of his wine collection, according to a filing made last week in Nashville's U.S. Bankruptcy Court.
A New York auction house offered Daily's collection in three sales between December 2009 and February of this year.
In it, the auctioneers observe that "when Mr. Daily puts his mind to doing something, he does it big and he does it darn right," with wine collecting as no exception. The catalog and the records of the sale that were filed with the court testify to Daily's dedication in building a collection full of rare and curious specimens.
Included in the sale were several 18-liter bottles of Caymus Vineyards Special Selection Cabernet Sauvignon that sold for between $2,600 and $4,000 each. The catalogue says Daily spoke of having opened more than 100 of these massive bottles over the years.
The priciest item in the auction was a six-liter bottle of 1959 Château Lafite Rothschild, which sold for $46,000. A pair of three-liter Jeroboams from the celebrated 1982 vintage of Château Pichon Longueville Comtesse de Lalande sold for $5,500. Other French 1982 holdings from Daily's cellar also commanded top dollar: A total of 85 bottles of Château Mouton Rothschild from that year sold for a combined $82,400.
The oldest item for sale appeared to be an 1842 bottle of Terrantez "Deus as fez" Madeira, which went for $600.
Many of the wines sold at or near the top prices estimated by the auctioneers, but not all. A case of Chateau Lafleur, 2000 vintage, estimated to be worth up to $22,000, fetched only its reserve price of $12,000. And a magnum of 1961 Château Latour à Pomerol, estimated at up to $15,000, drew a winning bid of a mere $8,500.
When Daily first proposed to sell the wines last year, he said they could bring in as much as $2 million. At the time, he was managing his own affairs in the Chapter 11 bankruptcy case, filed last year after a Los Angeles jury awarded $300 million in damages against him in a lawsuit brought by a former iPayment investor. A trustee has since been appointed to handle the case
Now do you really want to use a company that the CEO files for chapter 11 bankruptcy LOL
http://www.nashvillepost.com/news/2010/5/18/bankrupt_ceos_wine_sale_nets_14_million
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