← Return to Archives - Subscribe to FREE NewsFetch Email Newsletter
From: lewis.perdue@wineindustryinsight.com

Subject: Riboli ( Full court Docs) drilling test water wells for possible Rabbit Ridge Winery Purchase - WINE EXECUTIVE NEWS -October 19, 2021

Date: 2021-10-19 13:03:59

To: Emailing List Subscriber
Please use CMD+F (Mac) or CRTL+ F(Windows) to find your specific search term within this issue of NewsFetch. This "double search" is due to our links sourcing from websites not within WineIndustryInsight.

Riboli drilling test water wells for possible Rabbit Ridge Winery Purchase + Full court Docs. -- WINE EXECUTIVE NEWS - October 19, 2021


You are receiving this email because you are a premium VIP subscriber to Wine Executive News Premium Member.

If you do not wish to receive this, please click the following link: >>>> [UNSUBSCRIBE] <<<<



Screen Shot 2016-11-28 at 1.38.22 PM

VIP Wine Executive News Member Briefing

The premium, VIP service of Wine Industry Insight

From editor & publisher, Lewis Perdue
October 19, 2021


Riboli drilling test water wells for possible Rabbit Ridge Winery Purchase + Full court Document

The  complete Riboli Declaration court filing is available to premium subscribers who can go directly to the full version by logging in here:

Not a Wine Executive News subscriber?

Subscribe to Wine Executive News now, and get the rest of this original article along with everything else on the site every day, including original documents, spreadsheets,and source materials for just $29.99 per month or $209 per year.


Riboli Paso Robles, LLC.,  has expressed interest in buying the Rabbit Ridge Winery and its vineyards. The LLC, an entity formed by the owners of San Antonio Winery, Inc. for the purchase of real estate properties, is currently drilling test wells to see if they would move forward.

At issue are a 7,500-square foot house from which the Russells were evicted, a guesthouse, and about 100 acres of vineyard land. According to sources close to the family, the Russells have moved to Bradenton, FL where they are planning to start another, as-yet-undisclosed wine operation.

According to a declaration filed considered October 18 in U.S. Bankruptcy Court for the Central District of California, Riboli has offered $9.1 million for the property and is conducting due diligence water well testing to determine if it will go forward.

"If the available quantity of water that is disclosed from the water drilling is not sufficient to meet our criteria (understanding that the Purchase Agreement permits our withdrawal prior to the end of Due Diligence for any reason in our sole discretion), we will not go forward with the Purchase because the Purchase Price will not be justified by the quantity of water that is available for the vineyard."

The filing -- to be considered by the court on October 25, -- also stated that" "other contingencies apply presently, but must be removed within 5 business days after the final report for the last water well drilled ...."

The costs of drilling test wells are not being borne by Riboli, but by a private company under a speculative agreement in which the drilling company would be reimbursed if a sale takes place.

Bankruptcy Background

Court documents indicate that Codding's company -- Northern Holding -- abruptly became Rabbit Ridge's owner on or about Oct. 28, 2020, just as Farm Credit West was preparing to foreclose on the property.

That same day, winery founder and winemaker  Erich Russell signed quitclaim deeds transferring the properties Northern Holding. According to the court, those quitclaim deeds were recorded on the same day -- as was Northern Holding's Chapter 11 bankruptcy filing.

On June 15, 2021, the Chapter 11 was converted to Chapter 7 liquidation when (Free link) an attempt to sell the real estate assets failed. Northern Holding has previously been threatened by the court with liquidation because it failed to file the required asset, liability and other disclosure documents.

Previous Wine Industry Insight Articles on Rabbit Ridge



New Subscriber Info

You can always contact me directly at: lewis.perdue@wineindustryinsight.com or by replying to this email.

When you sign up for premium, I always check to see if you are also getting the free News Fetch. If not, I sign you up so you will get the news quickly.


3 More places where you can find VIP premium content


Every article that contains premium content will usually be the top link in the daily News Fetch unless some monumental news bumps it to #2.
For your convenience and future reference, all of the News Fetch emails are automatically converted to web pages and can be found here: NewsFetch Newsletter Archives.

In addition, articles that contain premium content will also be in the "Features" category on the Wine Industry Insight web site.

Why 2 billing systems?

Because our billing company of the past nine years was bought by a company that does not accept American Express, we have had to change our subscription process, and the method of accessing premium content. (Here’s more about that.)


================= CONTACT DATA ====================
Lewis Perdue
670 W. Napa St., Suite H, Sonoma, CA 95476
Phone: 707-326-4503, fax: 707-940-4146
Email: lewis.perdue@wineindustryinsight.com