TITLE

Corkscrewed

AUTHOR(S)
Smillie, Dirk
PUB. DATE
March 2008
SOURCE
Forbes Asia;3/24/2008, Vol. 4 Issue 5, p32
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article relates how Joel Shapiro, founder of 360 Global Wines, put his wine business into a financial mess. Shapiro's plans for building a great wine company was to borrow other people's money and pick up distressed vineyards. When that didn't work, he used other people's money to buy a granite quarry in Texas and a stake in a small discount brokerage in Long Island, New York. When Shapiro resigned as chief executive, 360 had already spent $55 million in cash, left behind $30 million in unpaid bills and posted a shareholder deficit of $105 million.
ACCESSION #
31791183

 

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