Heracles' magic – turning Lafite into Bordeaux Supérieur

 Château Lafite-Rothschild, Pauillac

It is one of the great contemporary feats of the magicians' art: transforming cases of en primeur Château Lafite into €5.50 Bordeaux Supérieur.

Brilliantly simple in conception – persuade people to buy good vintages of Lafite etc. and eventually after many intervening years of frustration waiting for delivery offer them a €5.50 Bordeaux Supérieur as an exchange – it requires the very highest skill in sleight of hand to succesfully carry it off. 

Warning: this is not a trick that should be attempted unless you have friends in the very highest echelons of French society.  

 Emeric Sauty de Chalon: the great magician!

Also known as 'Madoff' in parts of Bordeaux

PDG: Heracles (previously 1855)

 Cora: Foire aux Vins d'Automne 

 

Highlighted @€5.50 (on left) – 2012 Bordeaux Supérieux Château Eyraux

News update on 1855 – the frauds appear to continue!

Domaine de Chevalier, Pessac-Léognan 

Ordered: 1 bouteille Domaine de Chevalier 2007 – Pessac Léognan rouge : 39,95 € 

A very recent article in Que Choisir demonstrated clearly that the difficulties and frauds associated with 1855 continue even though the company is in administration. Through an intermediary Que Choisir placed an order for wine that should have been delivered within 24 hours – the wine was supposed to be in stock and available. However, a month later they were still waiting delivery of their wines. Impossible, of course, to contact anyone at 1855.

Hardly surprising as serial fraudsters Emeric Sauty de Chalon (Président du conseil d'administration) and Fabien Hyon (Directeur général) have been retained to run the company despite the very long litany of complaints and a host of legal actions against 1855! Friends in high places?  

Que choisir article:

'1855.com

La coupe est pleine

Que Choisir alerte régulièrement ses lecteurs sur les pratiques commerciales douteuses de 1855.com. Malgré plusieurs procédures en cours (dont une plainte déposée par l’UFC-Que Choisir), ce site de vente de vin en ligne est toujours en droit de poursuivre son activité. Actuellement en redressement judiciaire, la société est en période d’observation. Honore-t-elle pour autant ses commandes ? Pas vraiment.'

Curiously within ten hours of this article appearing on line three of the four wines ordered were delivered. I suspect if it wasn't for the article the person who had ordered the wines would still be waiting for them to be delivered. In any case 1855 – Hyon and and de Chalon – were only able to cobble together three of four wines ordered – all, of which, were supposed in stock. Arnaque toujours! 

The other news is that finally a preliminary investigation into the 1855 fraud has been set up. I don't hold up much hope that both Emeric Sauty de Chalon and Fabien Hyon will be brought to justice as I suspect they still have well-connected friends in high places providing them with protection. 

There is also an interesting interview here with Hélène Poulou, the Bordeaux lawyer who represents some 300 fleeced clients. Also here there are further reflections on the persuasive charm of fraudster Emeric Sauty de Chailon. 

http://www.boursier.com/actions/actualites/news/heracles-ex-1855-le-parquet-de-paris-ouvre-une-enquete-preliminaire-570729.html

http://patrimoine.lesechos.fr/patrimoine/art-collection/marche-art/0203405616733-vin-la-descente-aux-enfers-de-1855-660624.php

http://www.lesechos.fr/entreprises-secteurs/service-distribution/actu/0203377499212-1855-la-pyramide-de-ponzi-du-vin-657558.php

Con artists @1855 offer Château d'Yquem 2012! Priceless!

1855 offering 2012 Château d'Yquem

Château d'Yquem exists but not in 2012

SudOuest, Vincent Pousson and Nicolas de Rouyn (Bon Vivant blog) have revealed that the 1855 internet wine company that specialises in taking clients' money but then frequently fails to deliver wines ordered is now offering 2012 Château d'Yquem for an eventual delivery in June 2015. I should make that 'was' offering as the clowns that run this 'company' have now removed the page from the internet site.       

It is well known, except clearly at the headquarters of 1855 in the Rue des Moulins in central Paris, that Château d'Yquem decided in December 2012 that, because of the adverse weather conditions, they would not be making any d'Yquem in 2012. This was reported by decanter.com and many other sources.  

This embarrassing episode has forced Emetic Sauty de Chalon into offering an absurd explanation that they were merely making it possible to alert their clients in case the non-existent d'Yquem became available. I suspect that Sauty de Chalon is rather bemused by all this fuss as 1855 has been offering for sale for at least 10 years wines that do not exist as far as their customers are concerned. The advert for 2012 d'Yquem merely takes 1855's business model to a new level.    

In the news release Emetic Sauty de Chalon complains that SudOuest by running this story has damaged 1855's reputation. Sauty de Chalon must be aware that it is he and the rest of the management of 1855 and the other companies in the group who have very successfully damaged the group's reputation by trousering their clients money and then failing to deliver.  

See also a recent warning in La Revue du Vin de France about buying en primeur from ChateauOnline part of the Groupe 1855. It is clear that a growing number of Bordeaux châteaux are at last warning the public not to buy from sites owned by 1855.         

1855 – shares nearly as worthless as the promises of Emeric Sauty de Chalon and Fabien Hyon!

 

1855 shares dropped to 0.02p 23.11.12 am 

1855 shares recover to 0.03p 23.11.12

Earlier this year shares in the 'arnaque' wine company 1855 were trading on the Paris Bourse at between 0.03€ and 0.04€. Now they have fallen even further  and are now trading between 0.02€ and 0.03€. At 0.02€ per share 1855 is valued at 10.66€ million, whereas at 0.03€ the company is valued at 15.99€ million. 

At 0.02€ a share 1855 is nearly as worthless (but not quite) as the frequent promises made by Emeric Sauty de Chalon and Fabien Hyon. 

Last week 1855 called an EGM of shareholders to approve a restructuring of the shares. It will be held in Paris on 21st December 2012. Designed according to Emeric Sauty de Chalon to reduce the volatility of the group's shares on the Paris Bourse. Can I suggest, Cher Emeric Sauty de Chalon, that the best way to reduce volatility in its shares is for 1855 to cease trading as an 'anarque' and instead start to trade legitimately by fulfilling all orders placed by its customers.

Details of the two motions to be put to the EGM (press release from 1855)

'Regroupement des actions

16 Novembre 2012 - Regroupement des actions - COMMUNIQUE DE PRESSE

Le Conseil d'Administration décide de convoquer les actionnaires en Assemblée Générale Extraordinaire le vendredi 21 décembre 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 :

1 ère résolution	Regroupement des actions de la Société par attribution de 1 action nouvelle d'une valeur nominale de 10 centimes d'euro pour 10 actions anciennes d'une valeur nominale de 1 centime d'euro chacune - Pouvoirs au conseil d'administration à l'effet de mettre en oeuvre l'opération de regroupement ;
2 ème résolution	Pouvoirs.

"A titre d'exemple, tout actionnaire disposant de 10 actions au cours de 0.03 euros par action au jour de la conversion recevra alors une nouvelle action au cours de 0.30 euros. Cette opération n'a donc en soi aucun impact sur la valeur du portefeuille boursier d'un actionnaire de 1855, mais a pour objectif de réduire la volatilité du cours de Bourse de 1855" déclare Emeric Sauty de Chalon, Président.

Le calendrier et les modalités de mise en oeuvre des opérations de regroupement seront arrêtés après l'adoption de la résolution en assemblée et communiqués sur le site internet de la société.

Les opérations techniques de regroupement d'actions seront confiées à CACEIS Corporate Trust, filiale du groupe Crédit Agricole.'