Park City/Talisker-Vail Lawsuit

[jimmywilson69]

Wow! That's pretty cheap. I would have offered at least $200.

I was curious to what the going rate is. Although Vail had Cummings by the Balls...

 

[skiNEwhere]

This should definitely sell more epic passes in Utah, now that you can ski 2 resorts.

Might be worth looking into options 6 months out of the money after the stock sells off a little

 

[skiNEwhere]

I am dumbfounded by this entire situation.

An entire ski resort lost, just because someone forgot to file some paperwork.

I think this can be categorized as an epic fail.

 

[skiNEwhere]

Trail boss, would you consider getting an epic local pass now because of this? Not sure if you've skied these resorts extensively.

 

[jimmywilson69]

i would love to know how much the Lawyers fees were for this... They are probably pissed that their billings will have an end in the foreseeable future.

 

[VTKilarney]

This is good news for Killington.

 

[VTKilarney]

i would love to know how much the Lawyers fees were for this... They are probably pissed that their billings will have an end in the foreseeable future.

I seem to recall that Vail stated their legal fees were about $7 million when they made the bond request. Whether or not those fees were high, they are gong to be worth the investment. For PCMR that may be another story.

 

[skiNEwhere]

Not sure if POWDR may have had to pay some or all of vail's legal fees

 

[VTKilarney]

The media is reporting that Vail has bought PCMR. Commercial undertakings such as this require much more effort than people realize. If the transaction has indeed closed, this indicates that the deal was agreed to at least several days ago. My suspicion is that, during a chambers conference, the judge was told that there was a deal but that the case would not be dismissed until and unless the closing went through. The bond amount seems to have been enough to keep up appearances, but not so much that it would get in the way of a settlement.

Apart from the unbelievable blunder of not renewing the lease, the real question is this: How much was the amount Vail agreed to pay for PCMR influenced by PCMR's decision to litigate a losing cause? I am still of the opinion that they could have done better if they didn't dig themselves into an inescapable hole, but at the end of the day I don't really know.

I recall hearing about a study that found that when management of a business is handed down to a child, the business is much more likely to under-perform. This case doesn't seem to refute that study.

 

[VTKilarney]

Not sure if POWDR may have had to pay some or all of vail's legal fees

My gut feeling is that each party is paying their own fees and that Vail accounted for this in the purchase price. Egos tend to get in the way of a different sort of resolution.

 

[AdironRider]

Cummings sold out for 182.5 million. Whoa.

I always thought Cummings would get a nice golden parachute, ala Sterling without the racism, but not that high of one.

That was a real nice payout.

And they negotiated all current PCMR employees get to stay on board. Nice move.

http://freeskier.com/the-wire/vail-resorts-acquires-park-city-mountain-resort-182-5-million

 

[thetrailboss]

Coming soon: Canyons East

http://www.saminfo.com/news/vail-buys-pcmr-1825-million


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[skiNEwhere]

Coming soon: Canyons East

http://www.saminfo.com/news/vail-buys-pcmr-1825-million

You're about an hour late :smash:

So you going to fork up $569 for an Epic local?

 

[steamboat1]

Not sure if POWDR may have had to pay some or all of vail's legal fees

The announcement states that all litigation has been settled.

 

[DoublePlanker]

This is EXCELLENT! The best news possible for Park City. Vail's deep pockets will interconnect the mountains eventually. More stability and economic growth for Park City.

 

[Talisman]

Big Sky is going to have to change their "Biggest Skiing in America" marketing line.

 

[thetrailboss]

Trail boss, would you consider getting an epic local pass now because of this? Not sure if you've skied these resorts extensively.

Nope. LCC for me. Alta/ Bird pass.


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[skiNEwhere]

Big Sky is going to have to change their "Biggest Skiing in America" marketing line.

I think they've had that line for a while, even before they acquired Moonlight Basin. I think they are referring to the experience more than the actual size.

 

[VTKilarney]

The announcement states that all litigation has been settled.

Sometimes settlement includes an agreement to pay the other side's attorney's fees.

 

[steamboat1]

Sometimes settlement includes an agreement to pay the other side's attorney's fees.

Didn't read anything about that in the press release. Also didn't read anything about the profits Powdr made over the past few years since losing the lease. I take all litigation has been settled to mean they get to keep that too.