The family has also reached a proposed settlement that could help prevent liquidation
A California winery that has been operating for 45 years could face liquidation if it fails to find a buyer by October 15, following a long-running legal dispute between members of the family that owns it. Adelaida Vineyards, one of the earliest wineries established in Paso Robles, filed for Chapter 11 bankruptcy in December 2024 after a court ordered it to pay $12.7 million in a case brought by one of the founders’ children. The winery had approximately $16.3 million in liabilities when it sought bankruptcy protection, according to a report by the San Francisco Chronicle. Court documents estimate that selling the business could bring in between $3.8 million and $6.7 million. However, if its assets are sold separately through liquidation, their estimated value would fall to between $1.4 million and $2.8 million. The family dispute developed after Elizabeth separated the winery from Applied Technologies Associates, the oil-and-gas technology company founded by her husband, who died in 2010.
The financial problems follow a dispute between siblings Matthew and Kedrin Van Steenwyk over the relationship between the winery and the family’s oil-and-gas technology business. Matthew accused Kedrin and other company directors of using money and resources from the technology business to support the winery. Despite the approaching deadline, Adelaida remains open to visitors. The family has also reached a proposed settlement that could help prevent liquidation, although the agreement still requires court approval.
Under the agreement, Kedrin would receive $30 million for her ownership interests in Applied Technologies and other family companies and resign from their leadership positions. Matthew and Gretchen would receive her voting interests, while Kedrin would retain her ownership in KMBG and Adelaida. The agreement still needs court approval.