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<p class=MsoNormal><font size=3 color=black face=Georgia><span
style='font-size:12.0pt;font-family:Georgia;color:black'>Life is full of risks
and one way to spread the risk is to buy a share of a cask with a group of
friends; for all the people who buy casks the vast majority end up with a good
product. We recently bottled an <st1:place w:st="on">Arran</st1:place> and it
turned out exceedingly well. We have three other casks and are really not too
worried and understand that nothing is for sure but that is life….<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 color=black face=Georgia><span
style='font-size:12.0pt;font-family:Georgia;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=3 color=black face=Georgia><span
style='font-size:12.0pt;font-family:Georgia;color:black'>Lawrence<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 color=black face=Georgia><span
style='font-size:12.0pt;font-family:Georgia;color:black'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:Tahoma;font-weight:bold'>From:</span></font></b><font size=2
face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'>
mm-malts-l-bounces@grsnet.net [mailto:mm-malts-l-bounces@grsnet.net] <b><span
style='font-weight:bold'>On Behalf Of </span></b>Horst Luening<br>
<b><span style='font-weight:bold'>Sent:</span></b> Friday, November 06, 2009
12:06 AM<br>
<b><span style='font-weight:bold'>To:</span></b> <st1:PersonName w:st="on">MaltManiacs
operated former 'MALT-L' Whisky List</st1:PersonName><br>
<b><span style='font-weight:bold'>Subject:</span></b> AW: [MM-MALTS-L] buying a
cask</span></font><o:p></o:p></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Hello Ron & John!<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Startup distilleries need a lot of money. It will be bound
into their warehouses for years to come. How to finance such big money traps?<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Going to a bank means paying a lot of interests for these
years. No easy thing.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Ethusiasts like us maltheads a willing to invest into such
matter. But - there is always a but - you do not pay the costs for such a cask
but you pay the total amount upfront, what the whisky might be worth after
maturation. I definitely say might, because the cask might turn out to be not
that good. And what to do with hundreds of similar bottles? Dividing a cask is
preferrable from my point of view.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>If raw whisky costs 1 Euro per bottle, why are they
demanding 25,78 Euro (w.o. tax) in the case of Dingle? Of cause there are the
costs of the cask but the main reason is they want to raise as much money for
their future warehouse content as possible.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>I would never buy a cask myself. The risk that you end up
with much more costs (insurance, bottling, etc.) and the risk how the cask will
mature is definitely to high for me. If they would offer a liter price of 5
Euro I might get tempted so.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>P.S.: Pure Pot Still vs. Single Malt<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>From my point of view there is no contrast between those
two. Pure Pot Still means a fabrication mathod and Single Malt stands for
the ingredients. You are able to distill a malt mash in a pot still (as
the Scots do) and you might distill a mixture of several grains in those pot
stills. Some marketing reps want to mix or divide these things.<o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Regards,<o:p></o:p></span></font></p>
</div>
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<p class=MsoNormal><font size=2 face=Verdana><span style='font-size:10.0pt;
font-family:Verdana'>Horst<o:p></o:p></span></font></p>
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