Judge rules in favor of billionaire after California man sells him faux-vintage wine

Published April 11, 2013

Associated Press

NEW YORK –  A federal jury in New York City has sided with a Florida billionaire, finding that a California businessman defrauded him by selling bottles of phony vintage wine.

The jury in Manhattan federal court returned its verdict late Thursday. It then was sent back to determine how much businessman Eric Greenberg owes William Koch, a yachtsman who won the America's Cup in 1992.

Outside the courtroom, Koch was smiling. He said he hoped the verdict sent a message to those in the wine auction market who follow a code of silence about fake wines.

He had sued Greenberg to seek the return of $320,000 he spent on 24 wines at a 2005 auction. Greenberg insisted on the witness stand that he never intentionally sold a bad bottle of wine.

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BBC sells Lonely Planet guide business

Published March 19, 2013

Associated Press

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BBC Worldwide, the commercial arm of the BBC, says it has agreed to sell its travel guide business, Lonely Planet, for $77.8 million to U.S.-based NC2 Media.

The BBC said Tuesday the decision follows a review that laid out a strategy to focus on BBC brands. NC2 Media, based in Nashville, Tennessee, has primarily focused on the distribution and development of digital content.

Lonely Planet has printed approximately 120 million books in 11 different languages. However, the company's performance has been hit by the consolidation of the publishing industry and the economic crisis, which hurt travel.

Founded in 1973 by Tony and Maureen Wheeler, Lonely Planet employs 400 people and is headquartered in Melbourne, Australia. The strength of Australia's currency has also hurt the company.

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