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Ilhan Omar-Linked Winery Dissolves Days After Amended Financial Disclosure

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Valletta

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Valletta

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Trump claims he has no idea of his worth. Why the double standard?
No double standard, Trump has vast holdings with estimates by various financial analysis varying widely and his name itself as a brand is difficult to value. Omar now lists total household assets, including her husband's assets, as being from $18,004 to $95,000 while before her assets were reported as high as 30 million dollars!!! That a HUGE percentage difference. Trump has consistently said he is worth billions.
 
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iluvatar5150

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No double standard, Trump has vast holdings with estimates by various financial analysis varying widely and his name itself as a brand is difficult to value. Omar now lists total household assets, including her husband's assets, as being from $18,004 to $95,000 while before her assets were reported as high as 30 million dollars!!! That a HUGE percentage difference.
It's not a huge difference if you look at how wide the reporting brackets are.

We've been around and around on this subject several times in the past. At this point, if you guys can't remember that, you're either suffering from significant memory loss or you're just not trying to be honest and accurate.
 
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Valletta

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It's not a huge difference if you look at how wide the reporting brackets are.

We've been around and around on this subject several times in the past. At this point, if you guys can't remember that, you're either suffering from significant memory loss or you're just not trying to be honest and accurate.
She has now switched back to her original worth and blamed accountants. We need to find out who these accountants are and see if Omar has filed a complaint against them.
 
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iluvatar5150

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She has now switched back to her original worth and blamed accountants. We need to find out who these accountants are and see if Omar has filed a complaint against them.
Where did she "blame accountants"?
 
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ThatRobGuy

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I'll actually defend Omar's husband a bit on this one (though the urge is strong to make a joke about getting their taxes done at the "Quality Accouting Center")


Wine/Winery markets are actually more speculative than most think about, and it's actually quite a bit harder to approximate value because so much of it hedges on how good/bad the stuff you're working on this year will do on the market in a few years when it's actually ready to drink.

For long-running established wineries with a 20-year+ track record of producing quality product with a lot of market value, it's easier to nail down.

But for a relatively new winery (5-10 years old or less), unlike other "consumables" businesses where you can predict next quarter's product quality and market value, a winery's 2026 Cabernet (for example) won't be ready to sell until 2028 or later, and its quality (and therefore price) depends on a harvest and aging process that hasn't happened yet.

All signs could point to "this is going to be fantastic once it's ready" - and you can crack open that first bottle two years later and it could be amazing, or it could be a dud that doesn't taste any better than the stuff you'd find at Target for $10.

While I've been more into the craft beer scene for a while, and haven't dabbled as much in the wines lately. I was a bit of a wine snob for a few years. And the same cab from a winery can vary wildly in price from year to year. There was a cab I had from a Napa winery where the 2013 one was going almost double the price of the 2012/2014 vintages.
 
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iluvatar5150

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There must be some kind of standard for accountants.

That's not "blaming accountants".

Her updated disclosure now includes liabilities (i.e. debt) instead of just assets. This is not an issue.

I'll actually defend Omar's husband a bit on this one (though the urge is strong to make a joke about getting their taxes done at the "Quality Accouting Center")


Wine/Winery markets are actually more speculative than most think about, and it's actually quite a bit harder to approximate value because so much of it hedges on how good/bad the stuff you're working on this year will do on the market in a few years when it's actually ready to drink.

For long-running established wineries with a 20-year+ track record of producing quality product with a lot of market value, it's easier to nail down.

But for a relatively new winery (5-10 years old or less), unlike other "consumables" businesses where you can predict next quarter's product quality and market value, a winery's 2026 Cabernet (for example) won't be ready to sell until 2028 or later, and its quality (and therefore price) depends on a harvest and aging process that hasn't happened yet.

All signs could point to "this is going to be fantastic once it's ready" - and you can crack open that first bottle two years later and it could be amazing, or it could be a dud that doesn't taste any better than the stuff you'd find at Target for $10.

While I've been more into the craft beer scene for a while, and haven't dabbled as much in the wines lately. I was a bit of a wine snob for a few years. And the same cab from a winery can vary wildly in price from year to year. There was a cab I had from a Napa winery where the 2013 one was going almost double the price of the 2012/2014 vintages.
I dug into this a bit last time the usual suspects tossed these charges around and this business was only barely a "winery." IIRC, the claim was that the owners somehow came into possession of a bunch of wine and then created a brand for it. The photos on their website and social media pages were all staged and/or stock photos; there was nothing showing what you and I would think of as a winery business, be it an actual vineyard or fermentation room or bottling facility or whatever. Assuming they ever intended to keep this business going after selling off the initial stock of inventory, it didn't seem like anything more than a rebranding of OEM wines.
 
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ThatRobGuy

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That's not "blaming accountants".

Her updated disclosure now includes liabilities (i.e. debt) instead of just assets. This is not an issue.


I dug into this a bit last time the usual suspects tossed these charges around and this business was only barely a "winery." IIRC, the claim was that the owners somehow came into possession of a bunch of wine and then created a brand for it. The photos on their website and social media pages were all staged and/or stock photos; there was nothing showing what you and I would think of as a winery business, be it an actual vineyard or fermentation room or bottling facility or whatever. Assuming they ever intended to keep this business going after selling off the initial stock of inventory, it didn't seem like anything more than a rebranding of OEM wines.

So you're telling me I should cancel that box of Sunoco Sauvignon I ordered from them?

I was really looking forward to it. Wine Unenthusiast said it pairs nicely with Doritos and Hot Pockets.
 
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All signs could point to "this is going to be fantastic once it's ready" - and you can crack open that first bottle two years later and it could be amazing, or it could be a dud that doesn't taste any better than the stuff you'd find at Target for $10.
Okay, someone is going to have to explain this to me. Other than a friend who legally got into wine making for a while, the only potent potable locally produced was moonshine. I assume that business model was based on cheap stuff that gets you drunk. That suggests a $10 bottle of the cheap stuff constitutes the “floor” of returns. If that’s the case, set up things so that it will turn a profit if it’s all cheap stuff, with anything better constituting a bonus. Better yet, knock off your own brand with the cheap stuff and get a premium off the good stuff.

What am I missing?
 
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It seems to me to very well fit the definition of blame. And to others also:

Ilhan Omar Says She Isn’t a Multimillionaire, Blames Accounting Error

Donald Trump has inflated and deated his assets so much and so often he got taken to court and lost over it. He also habitually blames everyone but himself for everything. Ilan Omar, unlike Trump, does not have any history of this fraudulent behavior so she still warrants the benefit of the doubt. Try to be less of a hypocrite.
 
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Tuur

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So you're telling me I should cancel that box of Sunoco Sauvignon I ordered from them?

I was really looking forward to it. Wine Unenthusiast said it pairs nicely with Doritos and Hot Pockets.
“What’s the word? Thunderbird!”
 
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Tuur

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Donald Trump has inflated and deated his assets so much and so often he got taken to court and lost over it. He also habitually blames everyone but himself for everything. Ilan Omar, unlike Trump, does not have any history of this fraudulent behavior so she still warrants the benefit of the doubt. Try to be less of a hypocrite.
Oh, please: Inflated worth has become so much an “accepted” business practice that finding it is like Captain Renault finding gambling at Rick’s. Condemning one and not the other is hypocrisy, and I don’t care which one is given the pass.
 
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Okay, someone is going to have to explain this to me. Other than a friend who legally got into wine making for a while, the only potent potable locally produced was moonshine. I assume that business model was based on cheap stuff that gets you drunk. That suggests a $10 bottle of the cheap stuff constitutes the “floor” of returns. If that’s the case, set up things so that it will turn a profit if it’s all cheap stuff, with anything better constituting a bonus. Better yet, knock off your own brand with the cheap stuff and get a premium off the good stuff.

What am I missing?

Aging alcohol isn't free: it costs money and involves some amount of uncertainty. That's why, generally speaking, the length of time for which an alcohol is aged has a strong correlation with its price.

For one thing, some of the product just evaporates out of the barrels over time, so 10 gallons of wine or whiskey today may be 7 gallons by the time you tap the bung. Second, there are the storage costs while the product matures. Even places that age their whiskeys under what is essentially a lean-to still have to pay taxes, insurance, etc. Third is the opportunity cost of the investment: the $10 used to make that wine today could've been inveested in something else that would have an ROI in, say, 10 years. Fourth, there's no guarantee that the end product will taste good. I imagine professionals vinteners and distillers have certain tricks that improve their odds, but because you're dealing with wood storage casks (vs stainless steel) and less-than-perfect climate control, you're not going to know for certain that it's going to be a hit.

I guess that's a long way of saying that trying to make "the good stuff" is inherently more expensive than making the "cheap stuff," but if you shoot for the "good stuff" and miss, then you're still left with "cheap stuff" that cost more to produce.

And this, folks, is one reason why I love unaged gin. It's crisp, refreshing, and cheap.
 
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7thKeeper

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Aging alcohol isn't free: it costs money and involves some amount of uncertainty. That's why, generally speaking, the length of time for which an alcohol is aged has a strong correlation with its price.

For one thing, some of the product just evaporates out of the barrels over time, so 10 gallons of wine or whiskey today may be 7 gallons by the time you tap the bung. Second, there are the storage costs while the product matures. Even places that age their whiskeys under what is essentially a lean-to still have to pay taxes, insurance, etc. Third is the opportunity cost of the investment: the $10 used to make that wine today could've been inveested in something else that would have an ROI in, say, 10 years. Fourth, there's no guarantee that the end product will taste good. I imagine professionals vinteners and distillers have certain tricks that improve their odds, but because you're dealing with wood storage casks (vs stainless steel) and less-than-perfect climate control, you're not going to know for certain that it's going to be a hit.

I guess that's a long way of saying that trying to make "the good stuff" is inherently more expensive than making the "cheap stuff," but if you shoot for the "good stuff" and miss, then you're still left with "cheap stuff" that cost more to produce.

And this, folks, is one reason why I love unaged gin. It's crisp, refreshing, and cheap.
Will recommend:

1000020626.jpg
 
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