TetonDistillery Posted November 29, 2014 Share Posted November 29, 2014 There is another update on the Balcones situation. Chip seems well on his way to exiting the private equity clowns out of the company. http://www.thespiritsbusiness.com/2014/11/balcones-drops-restraining-order-on-chip-tate/ The judge has ruled that Chip Tate is correct in that the board is not authorized to take any action without Chip being present to achieve a quorum. So Chip Tate has a veto over everything by merely declining to attend board meetings. Reading between the lines, it looks like Chip is saying that he won't be attending any future board meetings until Greg Allen and his investors resign from the company. Basically that makes their investment stagnant or possibly even worthless if they continue the fight. I suspect Chip just needs to wait them out and keep ignoring their board meetings. The expansion plans, the stock dilution, everything will be on hold and going nowhere. Eventually Greg Allen and his investors will realize they have no leverage and will seek a way to get out of this. They burned their bridges with the takeover stunt they tried to engineer on Balcones. Link to comment Share on other sites More sharing options...
Hypnopooper Posted December 4, 2014 Share Posted December 4, 2014 Looks like Chip has been Bought out and fired from the board of Balcones. Sad ending, but I think it was inevitable. Chip will land on his feet and should reappear in a year or so...http://www.wacotrib.com/news/business/balcones-distilling-founder-tate-bought-out-by-board/article_cf702743-5d51-5704-8f1d-931ab1e611c6.html?mode=jqm Link to comment Share on other sites More sharing options...
TetonDistillery Posted December 4, 2014 Share Posted December 4, 2014 Looks like Chip has been Bought out and fired from the board of Balcones. Sad ending, but I think it was inevitable. Chip will land on his feet and should reappear in a year or so... http://www.wacotrib.com/news/business/balcones-distilling-founder-tate-bought-out-by-board/article_cf702743-5d51-5704-8f1d-931ab1e611c6.html?mode=jqm Wow, Greg Allen sounds like a real peach of a guy. They just signed a settlement agreement on Tuesday to resolve all issues and buyout Chip Tate. Then the very next day they trash him publicly in an article like that? Most people would have signed the settlement agreement, then make polite parting comments about putting it all behind them and moving on. But these clowns at Balcones just seemed to feel the need to stick a knife in and flip the middle finger as a parting statement. Link to comment Share on other sites More sharing options...
3d0g Posted December 16, 2014 Share Posted December 16, 2014 Interviews with both Tate and Allen on http://whiskycast.com/episode-510-december-8-2014/ Link to comment Share on other sites More sharing options...
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