[MM-MALTS-L] buying a cask

[Ron Smith]

Hi all
 
Yes I know it's a subject that keeps turning up, but i wondered what the
latest advice on buying a cask of whisky is these days. i know a few
years back there were a lot of rip offs on the go, but has that all
settled down now? i ask as a friend has the oppo to buy into some
cask(s) from Bunnahabhain (a favourite) but is understandably leery.
Opinions? A copy of the proposal below:
 
"This information is to help those people who have expressed an interest
in either a share or a tenth share of a cask of Margadale which is the
name given to a peated malt distilled at Bunnnahabbain Distillery.
Distilled in Jan 2005 using peated malt, it's similiar in
characteristics to Bunnahabbain Moine.
The casks I've bought have still to be delivered down to Bladnoch to be
gauged to check that there has been no leakage and that evaporation
levels are "average" The casks can be warehoused or moved elsewhere if
the buyer prefers, other members prefer to purchase just a tenth share.
Some of you have asked for an entire cask, many have indicated that they
would like the whisky to be transferred into a sherry hogshead. Can I
say that I will be willing to try to accomadate most requirements but in
the first instance right now I am selling the casks or shares on the
basis of which I am acquiring them which is in barrels, probably refill.
I anticipate that each cask will have been filled originally with
between 190 and 200 litres of alcohol at a filling strength of 63.5% and
that evaporation will not have exceeded 2% per annum over 5 years, ie
10% which should leave approximately 90% of the original litres of
alcohol remaining. Barrels do vary slightly in size.
The casks will be re-guaged within the next couple of weeks and the
contents shall be stated on your Cask Purchase Agreement. If any cask
contains less than 195 bulk litres times 63.5% times 0.9 which is 111.4
litres of alcohol (allowing for five years evaporation)the buyer will
have the opportunity to obtain a full refund or if he/she prefers, a
pro-rata refund for any discrepancy. The price of a cask will be £1250
and a one tenth share slightly more to reflect extra paperwork £135.
Warehouse Rent/Insurance is NOT INCLUDED but must be payable in addition
to Bladnoch Distillery at the current rate from the date when the casks
become 5 years old (which I think is the 10th of January 2010.) It will
be payable annually in advance or on demand, the annual rate for 2010
will be £10.40 (20 pence per week)
For those of you who are interested in purchasing a one tenth share of a
cask, the agreement will stipulate that it should be bottled when it has
matured for a total of ten years or if otherwise, provided written
agreement has been reached by all the cask owners.
IMPORTANT Please Note. Having considered the level of interest I have
purchased 8 casks from the broker who has given me an option until
Friday for another four casks which I am certain to take up."
 
 
Thanks
Ron
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