Word: krug
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Dates: during 1970-1979
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...their corks. BATF has already received three complaints from other winemakers and says it will act on them as quickly as possible. Officials at Sebastiani, one of the brands the ads show losing, say they are prepared to bring suit against Coke. Peter Mondavi, chief of Charles Krug Winery, questions the honesty of the ads. Says he: "It's deceiving the public to compare their premium wines with our table wines." Even some members of San Francisco's Vintners Club expressed surprise. Club Chairman Jerome C. Draper said, "We're very upset. We had a written agreement...
...increased until, in 1965, they exploded into a fistfight. The other family members talked Robert into taking a six-month leave to cool off. He soon concluded they wanted him out and started a rival business, the Robert Mondavi Winery-while still sharing the family's profits from Krug. In a final burst of fraternal affection, Peter helped his brother-competitor by arranging for Krug to crush grapes for the new winery and lending it a badly needed bottling machine...
...tente did not last; the other Mondavis soon asked Robert to stop using the family name as a label (he refused). Meanwhile, Krug prospered under Peter's direction, but an involved tax situation held down the family's share of its earnings. In 1972, for instance, Krug earned $1.9 million pretax, but the family partnership netted only $332,525 of that. Peter proposed forming a new partnership that would ease the tax bite-and, not incidentally, reduce Robert's share to 10%. Robert refused to join, so the other Mondavis went ahead without him. Robert promptly sued...
...Peter stood close together at her funeral but spoke not a word to each other. Last month Judge Robert D. Carter awarded Robert a complete victory. He found that the old partnership, C. Mondavi & Sons, is "no longer the family corporation originally envisioned" and ordered the assets of the Krug Winery sold...
Appeals could prolong the battle for years. But if control of Krug is finally sold, both brothers will prosper. Estimates are that the sale would bring about $40 million, of which both Robert and Peter would each stand to collect $10 million before taxes...