"The problem is that we're dealing with a Bay Area real estate market here."
Just about sums it all up.
Interesting comments concerning the conumdrum facing many of the 'not-contractually-secured' independent bottlers and the potentially questionable quality of some independent issues, not the least because the distilleries and their parent companies owe a few of the independent bottlers BIG-TIME for their roles in having (basically) saved the malt whisky marketplace from total obscurity decades ago.
The whole matter of the relationship between these two entities has gone through peaks and dives over the years. Still and all, it would be a shame if the increasingly 'ITS MINE / NOT YOUR'S' approach of the distilleries and their parent companies ended up depriving the independent bottlers of decent stock.