Number 4 —  July, 1993

 

Auction News

After a four month hiatus, we are entering bids in the July 17th Butterfield auction.  We skipped bidding in the May auction because the selections were pretty uninteresting.

Treasurer’s Report

Dues of $150 per couple are due and payable now.  I will be in Korea for most of the month of July, so I would appreciate your mailing your dues to my office, so I can cover any auction purchases immediately upon my return.

Our current balance is:

Previous Balance

 

-537.50

 Dues Paid

 

 

150.00

 Dues Payable

 

 

600.00

 Balance

 

 

212.50

 

 

 

Upcoming Events

After discussing it with several members, I think we will have a practice tasting of our case of early 70’s California Cabernets at a restaurant in August or September.  This will allow us to establish the format and evaluate the use of a restaurant for our meetings prior to undertaking the Haut Brion tasting.  I’m concerned about the transport and storage of the Haut Brions at a restaurant, and I think this warm up event will be informative and entertaining.  With Andy’s help, I’ll organize this event with you when I get back from Korea.

New Members

We still have four potential members to add to the group, including Martin.  Since Suzanne works on the weekends, Martin is looking for an individual to join with him.  Let me know if you have any nominees.

Bylaws Update

Andy has asked me to clarify some bylaws to facilitate signing up his nominees.  To wit:

In the event that a couple or individual member must leave the syndicate, the following buyout procedure will occur.  Based upon the total value of all items in the cellar at acquisition cost (including the originally seeded value fo the cellar), the value of the out-going member’s share will be computed.  This amount will be paid to the outgoing member from quarterly dues, over as many quarters as is required.  During this time the syndicate may add a replacement member, whose “buy in” cost will be computed in a similar manner.  In this event, the out-going member may be repaid out of the incoming member’s dues.

In the event that the membership decides to totally disband, the bottles will be distributed lottery style until each member reaches their pro-rata share, by value.

It is worthwhile to remember that the purpose of the group is to drink the wine we buy.  We will acquire inventory, but only to build a properly themed tasting.  Over time, the average base value of the cellar will remain at its originally seeded level of just under $2000. There is no intent to build up heirloom investment value.

The spirit of the group is to share one another’s company, and to share wines we could not otherwise afford to consume ourselves.

See you next month.