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Conti Progressing Under Trustee Management

Conti Estate/Charles B. Mitchell Winery operations have made a “staggering improvement” since Michael and Michelle Conti were locked out of their bankrupt business on May 4, according to court documents filed in U.S. Bankruptcy Court for the Eastern District of California.

TRUSTEE ISSUES OPTIMISTIC STATUS REPORT

According to the first status report filed by Robert A. Luciano [$VIP], the U.S. Trustee appointed to oversee the Contis’ personal and business bankruptcies, “It is my opinion that by releasing the Conti’s from any presence at the winery and bringing back a large portion of the staff that previously worked for Charles B. Mitchell and were part of the success of that business has shown a staggering improvement in a very brief amount of time.

“Based on the progress that has been made with little or no roadblocks since May 4th, I am confident that by the June report I will have a bottling schedule established, events calendared through the fall of 2009 and the accounts receivable and payable will be more defined,” said Luciano’s court filing.

The status report previously noted that the winery’s locks had been changed on May 4.

HEARING SET ON LIMITED USE OF BANK CASH COLLATERAL

A hearing has been scheduled for 9 a.m., June 22 on a stipulation to allow the use of Bank of Alameda’s cash collateral for the month of July. According to the stipulation document (which also contains a cash flow projection) [$VIP] the collateral in question consists of the proceeds from wines sold from inventory.

MAY MONTHLY OPERATING REPORT AVAILABLE IN DATA CELLAR

Wine Industry Insight’s Data Callar also contains the Trustee’s monthly operating report for the period ending May 31,2009. [$VIP]


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