Document:

<PAGE>

                                                                   Page 11 of 55

                                  EXHIBIT 10-2

                                  BILL OF SALE

                  THIS BILL OF SALE made as of the 25th day of May, 2004, by and
between GBC Liquidating Corp., a New York corporation (the "Seller"), and St.
Paul Associates, LLC, a New York limited liability company (the "Buyer").

                                   WITNESSETH:

         That Seller, pursuant to the Note Purchase Agreement, dated as of May
25, 2004, between Seller and Buyer (the "Agreement"), for and in consideration
of the purchase price and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, does hereby (a) grant, bargain,
sell, assign, convey, transfer and deliver, without recourse, unto Buyer, its
successors and assigns, all right, title and interest of Seller in, to, under
and by virtue of the properties and assets, all as the same exist on the date
hereof (the "Assets"), described on Schedule A attached; and (b) authorize Buyer
to file amendments to all financing statements filed in New York State showing
High Falls Brewing Company, LLC as debtor and Seller as secured party of record,
which amendments shall assign to Buyer all of Seller's rights under such
financing statements:

         TO HAVE AND TO HOLD the Assets hereby sold and transferred to the Buyer
and its successors and assigns FOREVER.

                            [Signature Page Follows]

<PAGE>

                                                                   Page 12 of 55

         IN WITNESS WHEREOF, the parties hereto have caused this Bill of Sale to
be duly executed and attested, all as of the day and year first above written.

Attest:                                   SELLER:

                                          GBC Liquidating Corp.

__________________________

                                          By: /s/ Steven M. Morse
                                          Name: Steven M. Morse
                                          Title: Vice President & CFO

Attest:                                   BUYER:

                                          St. Paul Associates, LLC

__________________________

                                          By: /s/ Samuel T. Hubbard, Jr.
                                          Name: Samuel T. Hubbard, Jr.
                                          Title: President

State of                 )
County of                ) ss:

         On the _____ day of ___________________ in the year 20___, before me,
the undersigned, a Notary Public in and for said State, personally appeared
__________________________________________, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person
upon behalf of which the individual(s) acted, executed the instrument.

                                                ________________________________
                                                Notary Public

State of                 )
County of                ) ss:

On the _____ day of ___________________ in the year 20___, before me, the
undersigned, a Notary Public in and for said State, personally appeared
__________________________________________, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s)
is/are subscribed to the

<PAGE>

                                                                   Page 13 of 55

within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

                                                ________________________________
                                                Notary Public

<PAGE>

                                                                   Page 14 of 55

                                   SCHEDULE A

         1.       Security Agreement dated as of December 15, 2000 between HFBC
and The Genesee Brewery, Inc.

         2.       Contingent Trademark Assignment dated as of December 15, 2000
between HFBC and The Genesee Brewing Company, Inc.

         3.       Security Agreement Amendment No. 1 between The Genesee Brewing
Company, Inc. and HFBC dated as of July 30, 2002.

         4.       All financing statements filed by GBC against HFBC.

         5.       Amended and Restated Subordinated Promissory Note of even date
with this Bill of Sale in the principal amount of $4,000,000, executed by High
Falls Brewing Company, LLC, as Maker, and payable to GBC Liquidating Corp., as
Payee.<PAGE>

                                                                   Page 15 of 55

                                  EXHIBIT 10-3

                                 GENERAL RELEASE

TO ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN,

KNOW THAT

         GBC Liquidating Corp., a corporation organized under the laws of the
State of New York, as RELEASOR,

in consideration of the sum of ONE DOLLAR ($1.00) and other good and valuable
consideration received from High Falls Brewing Company, LLC, as RELEASEE,

receipt whereof is hereby acknowledged, releases and discharges the RELEASEE and
RELEASEE'S heirs, executors, administrators, successors and assigns from all
actions, causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, extents,
executions, claims, and demands whatsoever, in law, admiralty or equity
(collectively, the "LIABILITIES") which against the RELEASEE, the RELEASOR or
RELEASOR'S successors and assigns ever had, now have or hereafter can, shall or
may have, for, upon, or by reason of any matter, cause or thing whatsoever from
the beginning of the world to the day of the date of this RELEASE, including,
without limiting the generality of the foregoing,

     1.   All liabilities of Releasee to Releasor under or pursuant to the Asset
          Purchase Agreement between Releasee and Releasor dated as of August
          29, 2000, as the same has been amended from time to time (the "ASSET
          PURCHASE AGREEMENT"); except for Releasee's obligations set forth in
          Sections 10.1, 10.2 and 10.5 of the Asset Purchase Agreement; and

     2.   The Subordinated Promissory Note dated December 15, 2000 in the
          original principal amount of $4,500,000 executed by Releasee, as
          Maker, in favor of Releasor, as Payee (the "ORIGINAL NOTE") provided,
          that Releasee shall not be released from the Liabilities under the
          Original Note to the extent of the Liabilities set forth in an Amended
          and Restated Subordinated Promissory Note of even date herewith in the
          principal amount of $4,000,000, executed by Releasee, as Maker, in
          favor of Releasor, as Payee (the "NEW NOTE") which amends, restates
          and replaces the Original Note and has been transferred on the date
          hereof to St. Paul Associates, LLC. The parties hereto acknowledge and
          agree that this Release does not in any way release or alter the
          Releasee's obligations to the Releasor under an Agreement of even date
          herewith between Releasor and Releasee which provides for, among other
          things, the reimbursement of past interest payments under the Original
          Note and the payment of the "Amended Accrued Interest

<PAGE>

                                                                   Page 16 of 55

          Amount" referred to therein, and all obligations in such Agreement
          shall continue in full force and effect and not be considered or
          included in the releases "Liabilities."

     3.   The mutual obligations between Releasee and Releasor set forth in the
          Intercreditor Agreement dated as of December 15, 2000 among Releasee,
          Releasor, Manufacturers & Traders Trust Company and Cephas Capital
          Partners, L.P, provided, however, that the Release with respect to
          these obligations shall be conditioned upon the effectiveness of both
          (i) the General Release of even date herewith made by Releasor and
          Manufacturers and Traders Trust Company and (ii)the General Release of
          even date herewith between Releasor and Cephas Capital Partners, L.P.

          This RELEASE may not be changed orally.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

                                                                   Page 17 of 55

         IN WITNESS WHEREOF, RELEASOR has caused this RELEASE to be executed on
the 25th day of May 2004.

RELEASOR:                            GBC Liquidating Corp.

                                     By: /s/ Steven M. Morse
                                     Name: Steven M. Morse
                                     Title: Vice President & CFO

RELEASEE:                            High Falls Brewing Company, LLC

                                     By: /s/ John B. Henderson
                                     Name: John B. Henderson
                                     Title: President & COO

STATE OF _________       )
COUNTY OF __________     ) ss:

         On the _____ day of __________________ in the year 2004, before me, the
undersigned, a Notary Public in and for said State, personally appeared
_____________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                                ________________________________
                                                Notary Public

<PAGE>

                                                                   Page 18 of 55

STATE OF _________     )
COUNTY OF __________   ) ss:

         On the _____ day of __________________ in the year 2004, before me, the
undersigned, a Notary Public in and for said State, personally appeared
_____________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                                ________________________________
                                                Notary Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]