1855: pressure growing

La Revue du Vin de France follow up story

Following the news that Jean-Pierre Meyers, one of France's leading business people and who has long been an investor in 1855, has thrown in the sponge and liquidated his investment in the company, pressure is clearly growing on this toxically mismanaged company. 

La Revue du Vin de France followed up their story (5.12.12.) of Meyers pulling out with news that some of the leading Bordeaux producers are considering taking 1855 to court along with threats from the Abus1855 group. 

'L’affaire 1855 met le tribunal de Bordeaux sous pression

Plusieurs propriétaires bordelais envisagent sérieusement de porter plainte contre le site 1855. Une perspective qui embarrasse le tribunal de Bordeaux, déjà en charge de l’instruction de l’affaire Bettencourt, dans laquelle Jean-Pierre Meyers, gendre de l’héritière de l’Oréal et longtemps actionnaire de 1855, est déjà partie prenante.

L’affaire 1855 commence à devenir embarrassante pour le tribunal de Bordeaux. Non pas tant à cause des remous suscités au sein du monde viticole, mais parce que le nom de l’un des principaux actionnaires du site, Jean-Pierre Meyers, y a longtemps été associé. Bien qu’il se soit retiré du capital de l’entreprise voilà deux mois et demi, M. Meyers est l’époux de Françoise Bettencourt, principale plaignante de la plus grosse affaire instruite aujourd’hui à Bordeaux : celle de l’abus de faiblesse dont la mère de cette dernière, Liliane, héritière de l’Oréal, aurait été la victime. Ayant déjà fort à faire avec ce sujet ultra-sensible, les magistrats bordelais ne veulent pas voir les deux dossiers se télescoper.'

Read the rest here.

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Challenges.fr followed on 6th November with an article that covered Meyers pulling out along with the suggestion that legal action might be considered against Jean-Pierre Meyers for supporting an 'arnaque'. 

 

'6.12.12

Les déboires de la société 1855

Alors que les plaintes de clients lésés se multiplient, Jean-Pierre Meyers, le gendre de Liliane Bettencourt, a décidé de ne plus apporter son soutien financier au site de vente en ligne de vins.

Rien ne va plus pour le site de vente de vins en ligne 1855. Cofondé par Emeric Sauty de Chalon, 1855 vient de perdre l’un de ses plus importants soutiens. Considéré comme l’un de ses principaux actionnaires, Jean-Pierre Meyers, époux de Françoise Bettencourt (fille de Liliane), dont la famille contrôle 30,8% de L’Oréal s’est retiré du capital en toute discrétion, selon nos confrères de la Revue du Vin de France (RVF).

Après avoir investi près de 10 millions d’euros en huit ans, l’homme d’affaires a décidé de jeter l’éponge. Et pour cause. 1855 accumule les récriminations de ses clients qui se plaignent fréquemment de ne pas être livrés. Au printemps 2012, la justice a été saisie du dossier et le site de ventes de vins condamné à trois reprises par les tribunaux de Bordeaux et d’Arcachon pour défaut de livraison des vins.'

Read the rest here.

See also article on Abus1855 – J-P Meyers jette l'éponge (J-P Meyers throws in the towel.
 

 

The bouncing cheques of Cave Privée (Groupe 1855)

1855 declared an 'arnaque' (fraud) by France2 

The 1855 group appears to be getting itself further into the mire. Cheques sent by Cave Privée to reimburse customers for undelivered wine are now bouncing as this post by Olivier on La Passion du Vin explains. The cheque was for 400 euros. Hardly a huge sum for the group, which has apparently had an injection of 7.5 m euros in additional capital recently.   

Olivier:

'Alors là, chapeau bas! 

Je pensais avoir tout vu mais non... CP est capable d'encore plus ! 

Après avoir attendu des mois et des mois mes vins, j'ai enfin réussi à être remboursé en me déplaçant pour venir chercher un chèque...où il manquait 4 euros !
 

Très gentiment, on me les a donné en liquide...
 

Et 2 semaines plus tard, lettre de ma banque me retournant le chèque qui s'avère être sans provision !!! C'est grandiose ! Mais de qui se foutent-ils ?'

The consequences of bouncing cheques in France can be quite severe and expensive as this link explains.

If cheques for small sums like 400€ bounce you have to wonder whether the 1855 group is trading while insolvent. 

Following thin trading yesterday shares in 1855 closed down one cent at 0.03€ a share. 

  

1855: Why does Jean-Pierre Meyers support a company labelled by France2 as an 'arnaque'?

13 Heures item on 1855 is clearly labelled 'Arnaque (fraud)
See screen in background  

Having arrived in France early this morning and the Loire by early afternoon, I have now been able to review the news item of 1855 that was broadcast on France2 on Friday afternoon.

The link is here. The item on 1855 can be found around 17.45 minutes into the broadcast. It features a customer (Gilles Rémy) who ordered some 60 bottles of Bordeaux en primeur (2000 euros worth) from 1855 that should have arrived in 2007. In March 2012 he received judgment in his favour. Despite this he still has not received his wine nor has he been reimbursed. He and his lawyer have started legal action to close down the 1855 internet site. The case will be heard in late September and the result will surely be eagerly awaited by many. 

 I find that Fabien Hyon, md of the 1855 group, has a considerable physical likeness to the celebrated Charles Ponzi

 Fabien Hyon starring on 13 heures France2: Friday 3rd August 2012

Fabien Hyon claims as he and Emeric Sauty de Chalon have done on a number of occasions in the past that yes the company has had financial problems but these will now be sorted as they have just had a new injection of capital. France2 clearly were not convinced by M. Hyon's assurance.

The France2 broadcast has arnaque (fraud) as a clear background title. I have to wonder what Jean-Pierre Meyers, a director of L'Oréal and Nestlé and one of the main shareholders of 1855 thinks of his association with a company that has now been so publicly labelled as fraudulent?   

1855: Philippe Castéja pokes Jean-Pierre Meyers with a sharp stick!

Entrance to Château Latour 

(1855 were recently condemned by a court in Bordeaux for failing to deliver 2008 Lafite and Latour to a customer)

 Château Lafite

I'm delighted to see that Philippe Castéja, president of the Conseil des Grands Cru Classées in 1855 has now spoken out against both 1855 and its investors (Jean-Pierre Meyers and Caisse d'épargne) that provide the financial muscle that allows 1855 and its associated companies (Cave Privée and Chateauonline) to continue to fleece its customers. Castéja's comments are from an excellent article in Le JDD published on 30th July 2012. 

"Nous sommes extrêmement gênés…" Président du Conseil des grands crus classés en 1855, Philippe Castéja ne veut pas employer de mots qui fâchent, mais le ressentiment est palpable. "Nous sommes en permanence questionnés par des consommateurs lésés qui ont payé pour acheter nos vins et qui ne sont pas livrés. C’est inadmissible. Et je ne comprends pas comment des gens comme M. Meyers ou la Caisse d’épargne peuvent se rendre complices de ces manoeuvres."

Philippe Castéja is clearly astonished that Jean-Pierre Meyers, a respectable businessman, banker and board director of L'Oréal and Nestlé, is complicit in the 1855 scam. It can hardly be comfortable for Jean-Pierre Meyers to be so publicly and pointedly criticised by one of the pillars of the Bordeaux wine establishment. Equally this is an embarrassment for Caisse d'épargne, who have recently invested in 1855 through Midi Capital, one of their associated companies.          

1855: shares sink back to 0.04€

Château Pontet-Canet: 2006 ordered in 2007 and still not delivered although 1855 claimed it would be available in spring 2009

In early June shares in 1855 (France's leading wine internet Ponzi scheme) fell to 0.04€ their lowest value this year. After a brief rally back up to 0.06€ they have now fallen back to 0.04€. Only a year ago 1855 shares were trading at 0.17€ and in 2011 they reached a high of 0.21€, while the low was as this year – 0.04€. To date the high for 2012 is 0.10€. Most of the trading for this year has been between 0.05€ and 0.06€. Five years ago shares in 1855 traded as high as 3.84€, so now ought to be considered as 'junk bonds'.  

Does the current level of 0.04€ indicate that shareholders are becoming increasing concerned over the blizzard of court cases that 1855 now faces raising doubts whether the company can pay the compensations awarded to their customers by the courts. Is there also a fear that the arrival of François Hollande as the new French president that the high level protection 1855 appears to have previously enjoyed may now disappear or lessen. After all if the DGCCRF can move against an alleged fraud committed by Burgundy négociant  Labourié-Roi, why can't they move against Emeric Sauty de Chalon, Fabien Hyon and close down 1855? 

Two screenshots (taken this evening) from 1855.com site showing that 2006s from Châteaux Lynch Bages and Pontet Canet are currently available on the site for delivery within 10 days. Yet customer YU ordered two bottles of each back in July 2007 for delivery in the spring 2007 and is still waiting for his wines to be delivered!!  

How long will Jean-Pierre Meyers be prepared to be associated with this 1855 scam? 

    

1855 – 25% discount but still 75% bénéfices pour les arnaques...

"1855: are we crazy? OK we take 25% off but as we don't deliver we still pocket 75%!"

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Two further examples of 1855's continued failure to deliver a significant proportion of the Bordeaux en primeurs that their customers order:

TC

I’ve been waiting for My 2006-2007 primeurs to be delivered by 1855.com for over 3 years now and I am trying to reach Fabien Hyon to settle the matter. Some of the wines that they cannot deliver are on sale on their website and deliverable within 48h, outrageous!

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Philippe from '1855 Retard des Primeurs' Page125

Bonjour à tous,

Je suis nouvellement inscrit et je viens gonfler les rangs des clients en conflit avec 1855 au sujet de la livraison de primeurs 2008. J'ai une commande de plusieurs milliers d'euros en attente de livraison avec le parcours malheureusement habituel : mail , téléphone , promesses non tenues , mise en demeure ...

J'en arrive actuellement à l'action judiciaire avec l'aide d'un avocat...

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Crazy? Sadly only those who still order from 1855 and their associated companies – Chateauonline and Caveprivée – and expect to receive their wine.  

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'Management' and leading shareholder of 1855 

Emeric Sauty de Chalon and Fabien Hyon are the senior 'management' (conseil des arnaques) team of 1855 (1855.com, 1855.con). Thierry Maincent was a director and one of the directeur général délégués until he resigned his posts for personal reasons on 30th September 2010. Businessman Jean-Pierre Meyers, who is on the boards of L'Oreal and Nestlé, is a long-term shareholder of 1855. 

1855 is a probationary member of La Fevad!!