1855 escroquerie sur France 2

Château Lafite: still many cases of en primeur not delivered by 1855. 

The 1855 scam is getting increasing coverage in the mainstream media. Yesterday they featured on the France2, one of France's main TV channels. The report is here but will only play in France unfortunately. This sort of exposure could well be lethal for 1855. Perhaps the protection they appeared to enjoy under the previous President of the République has now gone...

Shares in 1855 closed at 0.03€ yesterday. The range all week has been between 0.04 and 0.03.    

1855 –another injection of capital totalling 7.5 million euros - total at least 23.7m in two years!

HQ of 1855@10 Rue des Moulins – yet another injection of capital

The two press releases this morning from 1855 announcing yet another increase in capital – 7.5 million euros in two tranches of 3.0 million euros and 4.5 million euros. The 3 million is supposed to improve the quality of service by improving their logistics model and to increase the number of wines that can delivered within 48 hours. 

According to Emeric Sauty de Chalon, president of 1855, the ambition is to "Notre ambition est clairement de marcher sur les traces d'Amazon.com en terme de qualité de service" déclare Emeric Sauty de Chalon, Président. Given 1855's record I hope Amazon.com will sue for defamation and libel! 

The injection of 4.5 million euros is to 'accelerate the group's development' as explained by Sauty de Chalon: "Cette augmentation de capital va nous permettre d’accélérer le développement du groupe," déclare Emeric Sauty de Chalon, Président. 

I hope for the sake of the many customers of 1855, Cave Privée and ChateauOnline that the injection of 7.5 million euros into the business does mean that customers receive their wine and that producers get paid. 

However, 1855 has shown a voracious thirst for capital. 11th November last year there was an injection of 5 million euros. See post last November on Jim's Loire. 

On that occasion Emeric Sauty de Chalon declared:

"Cette augmentation de capital va nous permettre d'accompagner le développement des trois marques du groupe : 1855, Cave Privée et ChateauOnline" déclare Emeric Sauty de Chalon, Président.

"D'abord, en investissant fortement dans la qualité de service : nos priorités sont de réduire les délais de livraison (et notamment des Bordeaux Primeurs), d'augmenter la disponibilité des produits et d'améliorer encore nos systèmes d'information".

Far from this 5m€ injection improving the company's service, the service has clearly got worse as the thread on Cave Privée on La Passion du Vin shows.  

During 2010 there were a number of capital injections totalling 11.2 million euros. Taking today's additional injection, at least 23.7 million euros of capital has been put into 1855. In addition there is the money that customers have paid to 1855 for wines that they have not received. Shareholders might well ask why 1855 is such a mess with such a level of complaints with so many court cases against them? 

So where has all the money gone Emeric? 

Shareholders may also ask how much of this new injection of capital will need to be spent to cover all the outstanding orders as well as the expense required to settle all the court cases.    

Here are the two press releases from 1855 today:

1855 a obtenu un financement obligataire de 3.000 KE pour investir dans la qualité de service

Obtention d'un financement obligataire de 3.000 K€
Evolution du modèle logistique
Augmentation du stock de vins disponibles en 48h

17 Juillet 2012 - 1855 a obtenu un financement obligataire de 3.000 KE pour investir dans la qualité de service - COMMUNIQUE DE PRESSE

1855 annonce aujourd'hui un investissement dans la qualité de service grâce une émission obligataire de 3.000 K€.

Cette émission obligataire a été souscrite par PLF1, une société européenne "spécialisée dans le financement sur-mesure des entreprises européennes les plus prometteuses". L'émission obligataire est structurée en deux tranches d'obligations de 1.500 K€ chacune, et est couplée avec une émission de bons de souscription d'actions de 1855.

Ce financement obligataire, réalisé après une due diligence en data room, a été mis en place au sein d'Athéna, bureau d'achat du groupe, et filiale à 100% de 1855.

"Notre ambition est clairement de marcher sur les traces d'Amazon.com en terme de qualité de service" déclare Emeric Sauty de Chalon, Président.

"Et pour cela, nous faisons évoluer notre modèle logistique en augmentant le nombre de produits en stock".

"Ce financement de 3.000 KE va nous permettre d'augmenter fortement le stock de vins disponibles à l'unité et expédiés sous 48h00, et donc d'améliorer nos délais de livraison".

"Cet investissement dédié à l'amélioration de la qualité de service devrait soutenir la croissance organique des marques du groupe : 1855, ChateauOnline et Cave Privée".

1855 a réalisé une augmentation de capital de 4.500 K€ pour accélérer son développement :

Souscription faite auprès des actionnaires fondateurs et historiques

Entrée d’un actionnaire institutionnel au capital du groupe

Paris, mardi 17 juillet 2012 — Communiqué de presse.

1855 annonce aujourd’hui avoir réalisé une augmentation de capital de 4.500 K€ pour accélérer son développement.

Cette augmentation de capital a été souscrite par Aphrodite (la holding des fondateurs de 1855), les principaux actionnaires de la société, et par Midi Capital (société de gestion associée au Groupe Caisse d’Epargne), qui fait ainsi son entrée au capital de 1855.

L’augmentation de capital a été réalisée par placement privé de 106 111 456  actions nouvelles au prix de 0.03 euros par action (prime d’émission comprise), et par émission de 18 977 000 actions nouvelles au prix de 0.04 euros par action.

A l’issue de cette augmentation de capital, Aphrodite, la holding des fondateurs, détient toujours 50.2 % du capital de la société.

« Cette augmentation de capital va nous permettre d’accélérer le développement du groupe » déclare Emeric Sauty de Chalon, Président.

« D’abord, en soutenant la croissance organique de l’activité Vins, qui est déjà en progression de +20% sur le premier quadrimestre de l’année 2012 ».

« Ensuite, en saisissant des opportunités de croissance externe, dans la lignée des opérations menées depuis deux ans et dont les résultats sont en ligne avec nos attentes ».

« La combinaison de ces deux leviers de développement devrait permettre à 1855 de renforcer sa position de numéro un de la vente de grands vins sur internet en France ».

1855: same problems with Cave Privée

10 Rue des Moulins, Paris – the offices of 1855 are here

The growing 145-page thread on La Passion du Vin clearly shows that the long-term problems customers face with 1855 in getting their wines are now being experienced by people who order through Cave Privée. Cave Privée is now owned by 1855 and is managed by that genius – Fabien Hyon. 

Some customers do get their wine but it is frequently months late and meanwhile they get fobbed off with the same sort of lame excuses and unfulfilled promises that clients of 1855 experience. My guess is that some of the delays are due to producers either not wishing to deal with the crooks that run 1855 and Cave Privée or not being paid and therefore not supplying Fabien Hyon and Emeric Sauty de Chalon with wine.

The advice given by a number of La Passion du Vin posters not to deal with Cave Privée is surely wise and eminently sensible.   

1855 Assemblée Générale (AG): how long will Jean-Pierre Meyers continue to support these crooks?

The spirit of Charles Ponzi will be at 1855's Assemblée Générale today

1855 will hold its AGM for its shareholders today at the Hotel Ibis Ledru Rollin  close to the Gare du Lyon in Paris – starting time 10.30h.

It would be good to think that they will take this opportunity to demand that Emeric Sauty de Chalon and Fabien Hyon start running 1855 and its associated companies – Cavée Privée and Châteauonline – as proper businesses and cease to defraud their customers by failing to supply the wines, especially Bordeaux en primeur, ordered. That they will also ask how many hundreds of court cases 1855 is currently facing. 

Will they ask about the latest mention of 1855 in La Revue du Vin de France?

They might also ask these internet geniuses why share information for investors isn't updated. They manage to change to the date but not the share price nor the company valuation nor the number of shares. Come Fabien Hyon get yourself organised!

1855's version of their share price etc 0.07€ a share

 The reality: 0.04€ a share

I fancy the chances of the investors asking pressing questions are as probably as slim as the Bordelais, apart from a few honorable exceptions, having the courage to condemn 1855 and warn people not to deal with them. 

No my guess is that the most pressing concern for Emeric Sauty de Chalon, Fabien Hyon and the investors is how much longer will Jean-Pierre Meyers be prepared to support this scam. When will he decide that the damage his association with 1855  does to his reputation as one of France's most prominent businessmen is too great? What I wonder do Jean-Pierre Meyers' fellow directors at L'Oréal and Nestlé make of his support for 1855?    

**

Emeric Sauty de Chalon's amended invitation to 1855 investors: 

'Batir la première arnaque mondiale dans la vente de grands vins' 

1855 – dupes its shareholders too! Emeric Sauty de Chalon – can't you even get the share price right?

From 1855 investors' page: 19.6.2012: 'Cours de bourse: 0.07€

Reality: 0.04€ all day

Claimed company valuation@0.07€: 28.25m€

Actual company valuation@0.04€: 18.07m€  


Difference between 1855's claims and reality: 10.18m€

Number of shares (titres) according to 1855: 403,580,632 

Actual number of shares: 451,695,031

*

No only does 1855 (senior management: President – Emeric Sauty de Chalon – Fabien Hyon – Managing Director) systematically dupe its en primeur customers will promises of deliveries that do not arrive, it also appears to set out to dupe its investors by posting inaccurate share data on the 1855 site.  

The claim above that shares are trading at 0.07€. The reality below from Boursorama and NYSE that shares in 1855 are trading at 0.04€ as they did yesterday and that the value of the company by its shares is 18.07MEUR and not 28.25MEUR as the company claims. 1855's shares have not been at 0.07€ for some time.

NYSE showing the downward curve over the last year

1855: share price movements: almost all red

Emeric Sauty de Chalon's amended invitation to 1855 investors: 

'Batir la première arnaque mondiale dans la vente de grands vins' 

1855: Assemblée Générale (AGM) this Friday@Ibis, Gare du Lyon

Charles Ponzi will be at 1855's AGM this Friday in spirit

Diary date this Friday for the many friends and supporters of 1855, Emeric Sauty de Chalon and Fabien Hyon – the company's assemblée générale at 10.30 at L'Hôtel Ibis, Paris Gare de Lyon Ledru Rollin, 41/43 avenue Ledru Rollin, 75012 Paris. 

This is a great opportunity for those customers who happen to be in the vicinity of the Gare de Lyon to go to the Ibis and ask Emeric Sauty de Chalon and Fabien Hyon when they can expect to get their long overdue wine. A few placards denouncing the 1855 scam would also I am sure be appreciated by de Chalon and Hyon. It also might be an opportunity to ask Jean-Pierre Meyers how long he will continue to bankroll this scam assuming that he attends the shareholders' meeting.   

1855's notice of the meeting: 

'Le Conseil d'Administration décide de convoquer les actionnaires en Assemblée Générale Ordinaire le 22 juin 2012 à 10h30, à l'Hôtel Ibis Paris Gare de Lyon Ledru Rollin, 41/43 avenue Ledru Rollin, 75012 PARIS, à l'effet de délibérer sur l'ordre du jour suivant :'


Further details here. There are no less than seven resolutions concerned with raising further capital. Shares in 1855 closed at 0.04€ today.

1855: record Ponzi sentences – an appropriate tariff for Emeric Sauty de Chalon and Fabien Hyon?

10 Rue des Moulins (Maison Ponzi?), Paris where the offices of 1855 are located 

Last week Allen Stanford was sentenced to 110 years in jail for running a Ponzi scheme:

'Allen Stanford jailed for 110 years for $7bn Ponzi (14th June 2012)

Disgraced tycoon Allen Stanford has been sentenced to 110 years in jail for operating a Ponzi scheme that defrauded investors of more than $7bn (£4.5bn).'

Details on the BBC news here. http://www.bbc.co.uk/news/world-us-canada-18450893

Substantial although Stanford's 110 year sentence is, it is easily eclipsed by 150 years given to Ponzi king – Bernard Madoff:

'Bernard Madoff jailed after pleading guilty to Ponzi fraud (12th March 2009)

Bernard Madoff, the disgraced Wall Street financier, was jailed after pleading guilty in New York to masterminding one of the biggest ever corporate frauds – a $50bn Ponzi scheme.

The 70-year-old, dressed in a grey business suit, was led out of court in handcuffs after Judge Denny Chin ordered that he should be held pending sentencing on June 16. He faces a maximum 150-year jail sentence.

Read the rest of the Daily Telegraph article here.

http://www.telegraph.co.uk/finance/financetopics/bernard-madoff/4980025/Bernard-Madoff-jailed-after-pleading-guilty-to-Ponzi-fraud.html

The huge sentences handed down to Madoff and Stanford raises some intriguing questions in respect to 1855 and, in particular, to Emeric Sauty de Chalon and Fabien Hyon. If these two scamsters were ever tried and convicted of fraud what would be an appropriate sentence – what tariff ought to be applied?

There are naturally a number of caveats here. 

Neither Emeric Sauty de Chalon nor Fabien Hyon has yet been charged with any crime. Indeed they appear to continue to enjoy a high level of protection allowing them to continue to fleece a significant proportion of their customers with apparent impunity. As Emeric de Sauty de Chalon said in a video here the internet is 'une utile magique' (I assume he meant a wonderful invention for trousering your customers' money). 

Clearly some people get their wines, even those who order Bordeaux en primeur. However, the blizzard of court cases against 1855 graphically demonstrates, a significant number do not and are systematically fobbed off with unfulfilled promises assuming that they are able to contact 1855 – a big assumption! 

It is also clear that, although the frauds perpetrated by 1855 have been going on for some considerable time, they are nowhere near the magnitude of those committed by Stanford and Madoff.  

So what would be, if the circumstances arose, an appropriate punishment for Emeric Sauty de Chalon and Fabien Hyon?  

**

Shares in 1855 today traded between 0.03€ and 0.05€. Trading closed at 0.04€ and most of today's transactions were at 0.04€. 

  

1855 reveal mechanics of their Ponzi scheme

1855.con: Current offer on 2011 en primeurs 

I would suggest that this 'Crazy Primeurs 2011' offer surely reveals the mechanics of the 1855 Ponzi scheme run by Emeric Sauty de Chalon and Fabien Hyon.   

Six months ago Fabien Hyon said in an article by Rue89 that 1855's strategy was to reduce the sales of en primeurs in 2012 to 15% of their turnover. In 2006 it had been 60%. Hyon also admitted that the failure by 1855 to deliver the en primeurs ordered was 'unacceptable'.  

From Rue89:

« Nous ne respectons pas toujours nos propres conditions générales de vente concernant les délais de livraison, et ce n’est pas acceptable », reconnaît le directeur général, Fabien Hyon. « Mais nous remboursons intégralement les clients souhaitant renoncer à leur commande. »

Preuve que les soucis ne sont pas terminés pour 1855.com : les plaintes arrivent en nombre croissant à la Brigade sur les vins, installée à Aubervilliers.

Depuis cinq ans, les ventes de primeurs représentent une part toujours plus faible de l’activité de 1855.com. En 2012, la société veut diminuer les ventes de vin primeurs à 15% de son chiffre d’affaires, contre 60% en 2006.'

So why the apparent change in strategy?

The answer is surely in the promise made in the article by Hyon that disappointed 1855 clients will have their money fully refunded. As many clients of 1855 have discovered the promises of Fabien Hyon and Emeric Sauty de Chalon are somewhat elastic. However, the blizzard of court cases against 1855 (well into three figures) are likely to oblige de Chalon and Hyon to keep this promise. Furthermore we are now just three weeks away from the end of June when the 2009 en primeurs are supposed to be delivered.  

On past performance the chances of 1855 delivering the 2009 by the end of June must be fat zero, so triggering a raft of new court cases against 1855. With Jean-Pierre Meyers possibly reluctant to pour more money into 1855, only bringing him grief and tarnishing his reputation, 1855's conseil d'arnaques – headed by Emeric Sauty de Chalon and Fabien Hyon – desperately needs capital to meet the ever-growing court judgments. As we have seen in the past these judgments often involve 1855 having to settle for twice the original purchase price plus the complaint's legal fees. What would the late great Charles Ponzi have done in this situation?

You guessed! Recruit a new set of dupes (des pigeons) who think they are getting their 2011 Bordeaux en primeurs at a bargain price but who are actually funding the multiple 2012 court judgments against 1855. In turn these poor dupes may well never receive their wine, although they might receive an invitation to a glittering Champagne soirée at Emeric Sauty de Chalon's Château Ponzi.     

     

Charles Ponzi

'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!!

   

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%!"

*

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!

**

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...

**

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

** 

'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!!

1855: so much for a positive Press Release – shares@0.04€

On Friday 1855 put out a press release reporting that Chateauonline had grown 40% in the first five months of 2012: 

'1855 : se félicite de la croissance de ChateauOnline.

(CercleFinance.com) - 1855 annonce que ChateauOnline a réalisé une croissance de 40% pour son activité 'Vins', à données comparables, sur les cinq premiers mois de l'année 2012.

'Après une phase d'intégration opérationnelle, de reconstruction de la gamme de produits et de re-développement des outils marketings, la marque ChateauOnline est repartie sur une croissance significative', souligne Emeric Sauty de Chalon, Président.

'Nous sommes confiants pour que la marque ChateauOnline poursuive sur cette dynamique de croissance sur toute l'année 2012', ajoute-t-il.'

Unfortunately no mention of whether the 40% increase was orders received and delivered or whether it was just 40% of orders taken with an unspecified quality of orders not delivered.  

The result? Shares in 1855 have dropped to 0.04€ for the first time for a considerable period of time and certainly the lowest since 1st January 2012. 1855 heading for true junk bond status....? 


Late addition: The shares recovered slightly and finished the day at 0.05€, although not before again slipping briefly to 0.04€ 

1855: share price drops back to 0.05€

Château Grand Puy Lacoste: some en primeurs not delivered by 1855 

After rising to 0.07€ on the publication of more favourable results for 2011, the price of shares in 1855 has now fallen back to a low of 0.05€ with trading in the range 0.06€ and 0.05€. Presumably this may reflect the number of clients awaiting their en primeur Bordeaux, the number of pending court cases against 1855 and the growing evidence that some suppliers are not being paid.


Addition (1.6.12): The shares closed (31st May 2012) at 0.05€.  

1855: Another recommendation to hire DDG

1855 Offices in Paris: 'six figure summed owed in tax by company'! 

I have received this message from TH, which further reinforces the recommendations and praise for Gwendoline Cattier in pursuing cases against 1855.

Certainly anyone thinking taking action against 1855 and it would seem only prudent to take action sooner rather than later when be well advised to consider engaging the services of Gwendoline Cattier and DDG.

If there are other French law firms with a successful track record in dealing with 1855, then I would be equally happy to post their details here.

TH:

Thanks for the Jimsloire blog. Most helpful re 1855. 

I confirm your recommendations that ESPECIALLY 1855 customers not living in France should contact Gwendoline at DDG.

She’s smart, quick (even works on Sundays) and has a thorough grasp of this mess. As you may know, her English is excellent. Any claimant can be quite informal. DDG are comfortable with that.

 

·         I am suing for non delivery of 2008 and 2009 en primeurs.

·         Madame Cattier’s rates are very reasonable. Due to her increasing experience with 1855, the “real” costs of consulting her are falling. No need for any real briefing. Just assemble facts and tell her. She does not waste your time and money, because she needs no time to comprehend the case. Even the claim letter she sent me is almost a stereotype – just fill in the blanks.

·         I paid a 1000€ retainer. I fully expect all costs to be paid/reimbursed by 1855 at or before trial. We are not talking USA here. Costs of taking private actions are very low. Of course, assuming you win, costs will be for 1855 to pay.

·         French law firms are not allowed to “advertise”. They must rely on clients spreading the word. A powerful incentive to perform well.

·         At least one of DDG’s senior partners has friends who have been scammed by 1855. So DDG has a keen interest in seeing that customers get their wine or get their money back. Plus compensation where appropriate.

·         The alleged 2011 profitability of 1855 is a smoke screen. It’s easy to make a “profit” if you keep taking money from customers, but do not buy wine or pay your bills!

·         I have letters from several “suppliers” to 1855 who have not, and will never, do business with 1855.

·         I understand that 1855 owes the French Administration a substantial (6 figure) sum in unpaid taxes/social charges. The Administration has decided not to push 1855 into bankruptcy for now, as it “expects 1855 to work its way out of its problems”. Shutting down 1855 would ensure that 1855’s creditors get next to nothing and would anyway harm the French wine industry. There are political as well as “connections in high places” considerations.

·         The lawyers acting for 1855 are NOT specialists in such cases. They normally operate in the political/government arena. So with upcoming elections in France, they are seriously over-stretched.

·         1855 policy is – “Nobody gets any repayment or compensation unless they take 1855 to court.” (Unnamed source – but VERY good authority!)

·         1855 respond to complaints to French nationals only (basically) if it costs them no money, are forced to by M. Blanchettier, or on the court steps.

·         1855 specifically ignore non-French residents, believing it will be too difficult/costly for a non-French resident to take action in the French courts. There is no concept of class action here – nor punitive damages. Compensation is exactly that. “What did you lose and what will it cost you to get your wine now?)

·         It is advisable to go to court in Paris. Lower levels of local courts e.g. the Tribunal d’instance, may be less sympathetic, as any individual judge may view en primeur buyers as “Speculators” – only one level of gambler less bad than 1855. Accept Gwendoline’s advice on which route to take.

·         The higher Paris Courts are now well used to actions against 1855. There are reliable reports of judges ridiculing 1855’s attempts to defend, or make excuses for, its business practices.

·         Regarding 2009 en primeurs, the court has demanded that 1855 prove to the court, that they have fulfilled all orders, or paid appropriate compensation, by the end of July.  I understand that if 1855 fail, they will effectively be in contempt of court. Then the court takes over and costs to litigants will be further reduced.

I am not a “speculator”. I want to drink what I ordered. Sadly (?) Robert Parker re-tasted one of the 2009 wines I ordered, last month. He scored it 100! In the last 3 weeks the price has, from some sources, trebled. So I anticipate some problems finding what 1855 should already have delivered.

Keep up the good work please.

p.s. I LOVE the Ponzi letter. Absolutely brilliant!

p.p.s. Perhaps good news that Latour will stop selling en primeur. Maybe if all follow suit it will stop the fraudsters and even possibly result in the Bordeaux wine market prices being regulated by real-time demand rather than gambling. A side benefit would be that producers will accept a risk that is normal in most business. Not “hedge” that risk to the end customer, with middle-men making all the money.

Château Latour: a blow to 1855's business model?

Château Latour: no en primeur from 2012

The news that Château Latour will no longer sell its wines en primeur from the 2012 vintage may well be a blow to 1855's wallet thinning business model of taking (trousering) money from its clients for en primeur and then delaying delivery as long as possible and, in some instances, not at all.

Latour have announced that they will only be releasing their wines when they are ready to drink. Much will depend upon whether the other leading Bordeaux châteaux follow suit. If the whole en primeur system was to change dramatically this could well have a serious effect on 1855's already precarious cash flow. Fabien Hyon has spoken of 1855's intention to reduce the proportion its en primeur sales. This may only be an acknowledgment that there was less demand for en primeur in 2010 and that fewer and fewer people ar prepared to order en primeur through 1855.

A lawyer who is involved with a number of cases against 1855 told me recently:

'The 1855’s case is totally unbelievable. I do not know the number of legal cases against 1855.

Few months ago, there were more than 200 cases before the business court and more than 80 cases before the Civil Court and many many cases before the Tribunal d’instance.'

Equally unbelieveable is that France's Repression des Fraudes haven't stepped in and that neither the Union des Grands Crus de Bordeaux nor the Conseil des Grands Crus Classés have have had the courage to issue any warning against 1855's appalling business 'practices'.

**

Of course should the other leading Bordeaux châteaux follow Latour's lead it is likely to have implications for the wine investment market including stopping the 'en primeur take the money and run scam' and also perhaps for the power of some leading wine critics whose scores and reports following the annual en primeur tastings are currently eagerly awaited. 

Don't expect Latour 2011 en primeur to be cheap!

Carbon emissions

Early estimates suggest that ending the annual en primeur tasting would reduce the Bordeaux region's carbon emissions by a staggering 1.46%.

   

1855: an April bonjour from Charles Ponzi

Charles Ponzi in 1920

From Charles Ponzi
1.4.2012


Dear Fabien Hyon,

You may be surprised to hear from me – after all I moved onto a new  entrepreneurial sector in January 1949. 

However, I have been so impressed by the way that you and Emeric Sauty de Chalon have managed 1855 maintaining with considerable élan the fundamental principles of a Charles Ponzi business. The fact that you and Emeric have managed to both keep the business afloat paying off creditors and customers at the last moment reflects great credit on you both, despite an increasing number of legal cases. I'm equally impressed that you have managed to keep Jean-Pierre Meyers on side, willing to splash the cash to keep 1855.com afloat. You, two, are indeed my worthy successors. 

Fabien, on a personal note, I also feel impelled to contact you because of the remarkable similarities in our physical appearance. When I saw your photo here I did a double take before realising that this is you and not me as a younger man!   

I trust you will continue to fleece your 'customers' for many years to come.


In awe, messieurs! 


Charles Ponzi