Ailyan suggested that on the current figures creditors may get back 47/48p in the £1. This will obviously depend upon what the deficiency is once all the figures are in and the costs associated with the liquidation. My guess after yesterday's meeting is that the payout may well be lower.
I was at the meeting representing HG, who had bought 5 cases of 2009 Château Mouton-Rothschild on 8th February 2010 for £10,000 a case totalling £50,000. I asked Ian Vanderhook (for the sake of simplicity I'll use this version of his name) how he was able to sell 2009 Mouton in February 2010 well before the château had released its price for the 2009 and how many cases it was putting on the market. In response to my question asking him when the price of the 2009 Mouton was released, Vanderhook blustered that the date varied from year to year. He also claimed that the merchants and brokers with whom he dealt would have given him the price. This would appear to be highly unlikely as they would neither know the price nor the size of their 2009 allocation – a vintage that was obviously going to be in great demand.
* 18.11.2011. Please note that these figures (assets, deficiency etc.) are calculated from information supplied by Ian Vanderhook. Now that the liquidator has been appointed these figures will be investigated. It is not clear, for instance, whether the stock listed with a book value of £3,039,101 is calculated from the cost price value provided by Octavian Vaults or from a separate valuation.
22.11.2011: I have been informed by Nedim Ailyan that the value of the stock at Octavian is based on Vanderhook's valuation. This stock is due to be valued this week but given "the paucity of information" provided by Vanderhook to the liquidator it would seem all to likely that the stock in Octavian is worth less than the 'book value' of £700,000-£800,000 given to the meeting. The rest of the £3,039,101 is made up of 2009 (£2 million) and 2010 (£250,000) Bordeaux en primeur orders placed with UK wine brokers/merchants.
Furthermore Ailyan believes that the tax bill will rise very substantially once HMRC completes it investigation into the tax affairs of Bordeaux UK Ltd and Vanderhook. Listed at £63,720 it may rise to £500,000 and even over £1 million if HMRC applies penalties, although apparently in cases where members of the public are involved HMRC may well be waived.