Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
A major California wine dealer that abruptly closed its store amid accusations of fraud by customers has filed for bankruptcy, according to court filings.
Premier Cru, a wine retailer and importer based in Berkeley, California, filed for Chapter 7 liquidation Friday, citing $70 million in liabilities and only $7 million in assets. The case is believed to be the biggest wine-seller bankruptcy in recent history, and could rattle confidence in the fine wine world.
"This is by far the biggest that I've seen," said Marc Lazar, president of Domaine, a leading wine advisor and wine-storage company. "I think people are going to feel burned after this and feel less willing to open up their pocketbooks for wine."
The case is likely to include some of the richest wine collectors in the world. While the court documents are abbreviated for now, there are more than 9,000 collectors and companies listed as creditors — including billionaire collectors William Koch and Jeff Greene.
Experts say some billionaire collectors are out more than a half million dollars from wine they purchased but never received from Premier Cru.
"This company was the bluest of the blue chip." Lazar said. "It will be billionaires on the list, but also I'm afraid a lot of middle-class people who bought wine."
Premier Cru sold wine, wine futures and pre-arrival wine — meaning wine that was bottled but had not yet made it to U.S. shelves. In the wine futures market, customers buy wine that is aging but has not yet been bottled in hopes of getting it cheaper than the post-bottle price.
As reported by CNBC, at least 10 customers filed suit against Permier Cru late last year after the company failed to deliver wine it sold. Calls to Premier Cru's owners and attorney were not immediately returned.