Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
https://swimsuit.si.com/swimnews/how-supermodel-christie-brinkley-built-award-winning-wine-brand-bellissima-01hwdj17cd2p
Article doesn’t say anything about Chapter 7 ??
I assume Christy looking for a buyer. I don’t think she want it auctioned to random anybody
Bellissima sales about $1M Q1 2023. Reports not filed for last 3 quarters but should be able to find out more once monthly operating reports filed w bankruptcy court
Company in liquidation. Agreement was signed in 2022 in case of liquidation:
any such event, an “Iconic Liquidity Event”), Iconic Brands shall, whether or not it is then a Member or otherwise has an ownership or other interest in the Company, within ten (10) business days of the date of occurrence of such Iconic Liquidity Event, notify each Member in writing of the occurrence of such Iconic Liquidity Event and engage, at its expense, an independent third-party appraiser reasonable acceptable to the Minority Member (the “Appraiser”) to determine the enterprise value of the Company (the “Company Value”), which determination shall be completed within thirty (30) days of the date of such Iconic Liquidity Event……
pon dissolution of the Company, the Company shall be terminated, and the Manager, or if there is no Manager, such other Person(s) appointed in accordance with applicable law to wind up the Company’s affairs (the “Liquidator(s)”) shall liquidate the assets of the Company as promptly as possible, but in an orderly and businesslike manner so as to not involve undue sacrifice. The proceeds of liquidation shall be applied and distributed in the following order of priority:
(a) first, to the payment of the debts and liabilities of the Company (other than any loans or advances made by any of the Members to the Company) and the expenses of liquidation;
(b) second, to the creation of any reserves that the Liquidator(s) deem(s) reasonably necessary for the payment of any contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the business and operation of the Company;
(c) third, to the payment of any loans or advances made by any of the Members to the Company; and
(d) thereafter, to the Members and the Manager in accordance with their respective distribution priorities set forth in Section 13(b) of this Agreement.
https://contracts.justia.com/companies/iconic-brands-inc-2924/contract/243883/
question:what will Bellissima LLC appraisal be?
He get 15 percent of whatever auction price of Bellissima LLC , this not included in shares. ICNB only own 54% of Bellissima
agreement say in event of liquidation Bellissima LLC will be auction to highest bidder, after independent appraisal
court doc now says $ICNB agreed to convert to Chapter 7, liquidation
Big fan of @christiebrinkley & They believed the pretty “investor presentations” about Toppop and Bellissima. $30 million a year forecasted, etc etc . Now ICNB in liquidation. Their retirements money gone. So sad
my friends retirement is devastated so sorry for them. But not @christiebrinkley fault, she work harder than anyone .
Bellissima has been making money case you didn’t notice. Other problems in company , not Bellissima. A company with bigger advertising budget can buy and quadruple the sales . Get appraisal
If Bellissima brand has value, it’s a great asset and the company is not bankrupt. Skinny girl sold for $100 million
How supposed to load up? I cannot buy it because it’s expert market only.
Creditor who forced them into involuntary bankruptcy is Arena Finance Markets, LP, Arena Investors, LP, & Arena Special Opportunities Partners . Dirty stuff. Lots of companies operate at a loss for many years, it’s a normal and usual way of building a business. But why $ICNB not object? They had opportunity to file objection and they didn’t file anything.
Talking bout the brand value in their bankruptcy. If you read, a creditor filed for “involuntary” bankruptcy for ICNB. ICNB. Had until Dec 1 to respond ( to stop the bankruptcy). They didn’t respond. Judge put them in bankruptcy
Now they are in Chaoter 11. If assets are greater than liabilities the bankruptcy is invalid. Brand is an asset (intangible) that SHOULD be on their balance sheet. What would a bigger company w more advertising budget pay for Bellissima? What are future sales? GET AN APPRAISAL
in Chapter 11 most of the time shares are canceled. Company can emerge stronger but common gets robbed. Not good for reputation of Christie if that happens.
Creditors forced them into bankruptcy but “Brand Valuation can be defined as the process used to calculate the value of a brand or the amount of money another party is willing to pay for it or the financial value of the brand” Bellissima worth a lot. Look at skinny girl, Bellissima worth more. An ASSET that outweighs liabilities.
This is $XELB (nasdaq) , clothing line by @christiebrinkley. Maybe do a merger w $Icnb? investors hope do.
You saying Bellissima not valuable??
Very nice. Lots of Bellissima being shipped from overseas. Anyone ever got APPRAISAL of Bellissima ? Because valuable
@christiebrinkley in new venture. Idk if this helps Iconic shareholders, I would hope. https://www.investorsobserver.com/news/qm-pr/6897247364410279
Why shareholder convert preferred shares into common?
So ..an ICNB creditor is trying to force ICNB into involuntary bankruptcy/ Chapter 11? No 8k issued for this?
Nice!
If exempt from reporting Rich should tell shareholders. We hear nothing ,,what kind of ceo
toppop exempt from SEC reports because of bankruptcy. Monthly Operating Reports (toppop only) are filed instead, in BK court. Maybe this means ICNB also exempt? If reports consolidated how do they file? Idk
You bullish??
you right, likely unpaid payroll taxes
Why toppop owe IRS $567k ? They never made any profit. Filing in bankruptcy court today
Motion to Object/Reclassify/Reduce/Expunge Claims: Claim Number(s): 30-1 Internal Revenue Service - $567,493.62.
Anyone ever appraised Bellissima LLC ?
ok thank you
Agree but Rich want @christiebrinkley to pay for debt of toppop? I don’t think so, she sue
Ok but Rich’s distribution center is now not separate anymore. Owned by icnb . Happened when toptit acquired
interesting. What insiders held shares ?
where else do u get organic, zero sugar vegan, cheap and Delicious. Bellissima is the best, just sayin
Why Cameron Diaz Avaline wine get into Target, whole Foods etc immediately after launch? Not good wine, Bellisima tastes so much better. And Avaline more expensive. Political Bs
unsure of Sec rule about quarterly reports . Subsidiary is in bankruptcy but the parent company is not. Subsidiary must file monthly operating reports in court. Toppop only for court filings. Would be nice of them to inform shareholders but wth @christiebrinkley should sell her valuable brand to a big company
No NT 10Q filed? Talk about deliberate alienation of shareholders. @christybrinkley sell your brand
Does icnb care if they’re due? Fines paid for late filings is reason they had to borrow the $600k
Yes, it’s at all time low.
the wine IS profitable per 10Q 1. But TopPop has screwed up, losses of TopPop. How to mess with Christie’s success, hope she take action