So it looks like the legal wrangling is over and an auction will be scheduled.
From the Vermont Standard 8/1
Ruling Could Open Up Sale Of W. Windsor Resort
By Katy Savage
Standard Staff
WEST WINDSOR — When the ski resort that once attracted thousands of people to a sleepy New England town with 200 acres of terrain and 57 trails closed in 2010, it hit the economy harder than expected.
Condo prices on Ascutney Mountain Resort in West Windsor dropped significantly and local realtors and business owners have been affected directly from the tourist decline.
But, a judge’s recent ruling could change all this. Last week, William D. Cohen issued a judgment order that MFW Associates, LLC had a priority interest in the resort superior to Snowdance Realty Company, ending a stalemate between the two parties. Sale of the resort could take place within 30 days.
Officials are hoping a sale signals the beginning of the end of the town’s economic woes.
“It’s another step forward,” Select Board Chairman Glenn Seward said. “With legal proceedings nearly complete now the resort stands a good chance of getting back up on its feet with a new owner.”
In 30 days, after a redemption period, there will be an auction where interested parties will be permitted to bid on the property, according to a lawyer representing MFW Associates, LLC.
“We’re at the end is what I would say,” the lawyer said. The lawyer declined to comment on the issue further and declined to give his name. Attempts to contact the Plausteiners at their home were not successful.
The “end” has been a long road coming.
The Plausteiners bought Ascutney Mountain Resort out of bankruptcy in the early 1990s for $1.1 million. But it didn’t take long before they too started having money troubles.
In 1998, the Plausteiners — as Snowdance LLC — were the majority owners of the ski resort and investment banker Dan Purjes and Myles Wittenstein were the minority owners. In 2005, Snowdance took out a $4.5 million promissory note from PRIF Ascutney LLC, a New Jersey-based investment company. Soon after, in 2008 when
From the Vermont Standard 8/1
Ruling Could Open Up Sale Of W. Windsor Resort
By Katy Savage
Standard Staff
WEST WINDSOR — When the ski resort that once attracted thousands of people to a sleepy New England town with 200 acres of terrain and 57 trails closed in 2010, it hit the economy harder than expected.
Condo prices on Ascutney Mountain Resort in West Windsor dropped significantly and local realtors and business owners have been affected directly from the tourist decline.
But, a judge’s recent ruling could change all this. Last week, William D. Cohen issued a judgment order that MFW Associates, LLC had a priority interest in the resort superior to Snowdance Realty Company, ending a stalemate between the two parties. Sale of the resort could take place within 30 days.
Officials are hoping a sale signals the beginning of the end of the town’s economic woes.
“It’s another step forward,” Select Board Chairman Glenn Seward said. “With legal proceedings nearly complete now the resort stands a good chance of getting back up on its feet with a new owner.”
In 30 days, after a redemption period, there will be an auction where interested parties will be permitted to bid on the property, according to a lawyer representing MFW Associates, LLC.
“We’re at the end is what I would say,” the lawyer said. The lawyer declined to comment on the issue further and declined to give his name. Attempts to contact the Plausteiners at their home were not successful.
The “end” has been a long road coming.
The Plausteiners bought Ascutney Mountain Resort out of bankruptcy in the early 1990s for $1.1 million. But it didn’t take long before they too started having money troubles.
In 1998, the Plausteiners — as Snowdance LLC — were the majority owners of the ski resort and investment banker Dan Purjes and Myles Wittenstein were the minority owners. In 2005, Snowdance took out a $4.5 million promissory note from PRIF Ascutney LLC, a New Jersey-based investment company. Soon after, in 2008 when