# Final Pit Liquor Update | Pit Liquor

- Canonical URL: https://wefunder.com/feed/170537
- Entity ID: wefunder:feed_item:170537
- Published at: 2024-02-07 20:35:06 UTC
- Updated at: 2025-07-15 07:36:14 UTC

## Author
Erica L Feucht

## Subject
Pit Liquor

## Content
Dear Investor,Distilled Bath and Body, Inc. DBA Pit Liquor (“Company”), is proceeding with a sale of substantially all its assets. The Company has deemed the sale of assets is in the best interests of the Company as part of an expedient dissolution of business. The Company has been left without any other option because AKA the manufacturer, Peter Field the former acting CEO, and Rami Akkad the former accountant, have crippled operations. As a result, the Company is in default on its loan provided by the senior, first lien creditor Evan Turner and the Company is unable to fill customer orders. The Company must act to pursue potential litigation, address creditor liability, and resolve order fulfillment issues.As discussed in previous shareholder communications, Peter Field and Rami Akkad destroyed everything the company stands for and crippled operations, bringing manufacturing and shipping to its knees in December. Based on current information and belief, Mr. Field, Mr. Akkad, and the manufacturer AKA based in Canada have ceased production, impermissibly taken funds, and have refused to perform their contracted services. These acts have effectively brought the business of the Company to a halt.The Company is seeking legal representation to pursue Mr. Field, Mr. Akkad, and AKA for damages. If you, or someone you know, is an attorney willing to represent the Company on contingency please do not hesitate to get into contact with Erica and Jason Feucht. As part of dissolving the business, they wish to pursue every opportunity to recover value for the shareholders of the Company. However, they are limited in their options because of the creditor obligations and current insolvency of the Company. Mr. and Mrs. Feucht will review and if appropriate pursue any available litigation options on behalf of the Company after the arrival of their baby, adjustment to her presence, and consideration of other factors. While the Company may recover some funds from appropriate liable parties, the Company cannot continue as a going concern because of its outstanding debts and inability to produce and ship products.The Company entered into loan agreements with Mr. Turner on or about July 27, 2021. Since then, the parties have executed multiple amendments to the loan documents. However, as of the date of this letter, the Company is in default on the loan from Mr. Turner. When the Company is in default, Mr. Turner is entitled to take possession of the assets (inventory, cash, furniture, and equipment) of the Company. Further the Company is responsible for paying him all outstanding amounts due. On information and belief, the Company has insufficient assets or capital to pay the outstanding amounts due to Mr. Turner. The Company is unable to make future payments because operations have halted, and the Company cannot cause operations to resume.Since the operations were crippled in December, the Company has faced difficulties fulfilling orders and maintaining product quality control. This means, left unaddressed, the Company is facing extensive liability to customers as well as almost-guaranteed bankruptcy because there is no new revenue. Further, the Company cannot overcome this issue, because it does not presently have sufficient resources to re-start manufacturing in Colorado or any other jurisdiction. A new person is required to restart operations.Facing creditors and stalled operations, the Company, through its directors and officers, worked diligently to find a solution. After reviewing an offer from AKA, placing the company for sale with a broker, and reviewing options for Company bankruptcy, the Company in conjunction with its senior creditor have agreed to a sale of substantially all the assets of the Company to a third-party buyer. Unfortunately, due to the distressed nature of the Company, the lack of a market, and the creditor and order fulfillment pressure, no funds will be received by the Company for the asset purchase agreement. No shareholder, convertible note holder, or other person with an equity interest in the Company will receive any compensation pursuant to this asset purchase agreement. Once the asset purchase is completed, the Company will begin winding up operations and dissolution.The Company will move forward with dissolution after the assets have moved over to the buyer, Cyan Ventures LLC. Further, Jason and Erica Feucht, the founders, have been forced into personal bankruptcy by the foregoing.Please speak to your accountant or financial advisor regarding the tax treatment of your investment in the Company. If you invested through WeFunder, then your investment paperwork is available through WeFunder. If you invested directly in the Company, please refer to your copy of the signed investment paperwork. While we cannot provide legal or tax advice, we believe claiming your investment as a loss on your taxes will be the most advantageous for you.Thank you for supporting this small business. The Pit Liquor brand will continue in the world under the leadership of the buyer: Cyan Ventures LLC. Along with Mr. Turner, they will be retaining our current staff of three and working to return the quality of the product by moving operations to Seattle where they are based and they have indicated it is their intention to fulfill all existing open orders for Pit Liquor and carry customers forward.