Don't you hate it when others' problems take you down, too? Well, that's the situation that Big Storm Brewing finds itself in right now. I can't imagine what the company is going through just because one of its investors is a terrible person. It really ruined it for everyone. Hopefully, this popular brewery isn't forced to close in this messy punishment process.
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Can Big Storm Weather The Trouble?
Well...maybe? This is relatively unprecedented territory after all. Usually, when a company elects for Chapter 11 bankruptcy, it's because the company is...well...bankrupt.
Instead, Big Storm Brewing is just collateral in the financial issues of a Mr. Leo Govoni. He is a partner in Big Storm and an owner of Boston Finance Group, the real company having issues.
A 2024 lawsuit has put Govoni in some dire straits. He's being accused of misappropriating about $100 million from special needs trusts.
Now I didn't know what those were either until about five minutes ago, so you're not alone. Special needs trusts are specialized irrevocable trusts established for the elderly and people with disabilities. So yeah, some not great stuff that this man is being alleged of doing.
Once again, this has nothing to do with the brewery, but they're all wrapped up in the fallout.
On June 5th, Big Storm's assets were taken away from Leo and placed in the hands of a bankruptcy trustee. The fate of the brewing company is still up in the air with this move. Now the court has a decision to make. Whether the company has more value as a going concern or in being sold for parts. (Govoni is, unfortunately, in the hole $100 million with $20 million of interest.)
As of this moment, their Clearwater, Florida Taproom is still up and running.
Big Storm's Brewing Days In Jeopardy?
While all this fallout has been going on, Big Storm has stayed true to its identity. They still make some delicious brews, as dictated by their website. On that very same website is written, "Our mission? To transform each sip into a sun-drenched experience, a celebration of Floridian culture and zest. Our creations aren't just products; they're invitations to embrace the laid-back, sunny essence of Florida." And you know what? They've done a pretty bang-up job of that if I do say so myself.
Hopefully they can get through this major hiccup and continue selling their "Bromosa's".
