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CopiaGate: Creditor Calls Bankruptcy Move a Sham

Napa: Just when you thought that maybe the meltdown at Copia had settled down for the time being after filing for Chapter 11 last week, in comes yet another cringe-worthy twist to the saga. Copia's main creditor, ACA, is now asking a judge to block Copia's bankruptcy move, alleging that Copia is merely trying to become a "for-profit" enterprise:

“This case is nothing more than an effort by the debtor’s management to attempt to profit by diverting assets from this failed nonprofit wine museum to a new ‘for profit’ enterprise to be run for the benefit of insiders,” according to court documents.

The Register has a rundown of the entire saga—and war of words—between the two parties involved, which can't seem to agree on anything, especially the sale of the current campus. ACA says there are "multiple potential purchasers" but Copia keeps interfering with possible sales. Copia, in turn, claims ACA "protested continuing operations at Copia and is not motivated to sell the property quickly."

It really does go on and on like this. A hearing is scheduled for December 19.
· Insurer: Copia's move to Chapter 11 a 'sham' [NVR]
· Complete Copia Coverage [~ESF~]

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