Haystack / Hermitage news - Page 21

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  1. #201
    Wow. I hope they can sort things out. Unfortunately, they have a lot to go against at this point. The recent loan issue isn't going to help.

    SoVT

  2. #202

    Join Date
    Jan 2016
    Location
    Mecox, NY / Bondville, VT
    Posts
    469
    Quote Originally Posted by VTKilarney View Post
    The fat lady is singing:
    “The action also lists as defendants, along with Barnes and the Hermitage, about 45 individuals, businesses, and government entities that have filed liens or writs of attachment against Hermitage Club properties totalling more than $9.7 million. The amount includes a $1.5 million writ filed by Reinhart Food Service, two $1 million writs filed by individuals for residential properties, and $1.2 million in liens filed by the Vermont Department of Taxes.”
    One can only hope the membership is eventually going to be on the hook to make everyone whole. I know with bankruptcy, etc. that won't happen, but it's nice to hope.

  3. #203

    Join Date
    Jan 2016
    Location
    Mecox, NY / Bondville, VT
    Posts
    469
    Quote Originally Posted by drjeff View Post
    Talked with a couple members at a race at Stratton today.. their impression was the news of the last 36hrs is good, and won't lead to anything down the road that amounts to anything other than business as usual...

    Sent from my XT1254 using AlpineZone mobile app
    that is some real spin.

  4. #204
    Quote Originally Posted by NY DirtBag View Post
    that is some real spin.
    Talking to some different members today at a race at Pico, they are expecting the doors to be locked in the next few days...

    Wish I was going to be at Mount Snow next weekend instead of Middlebury Snow Bowl for the VT State U14 championships, to see how many Hermitage members are at Mount Snow....

    Sent from my XT1254 using AlpineZone mobile app
    '07--08 season: 51 Days, '08-'09 season: 55 Days, '09-'10 season: 41 Days, '10-'11 season: 49 days, '11-'12 season: 40 Days '12-'13 season: 57 days, '13-'14 season, 60 days '14-'15 season 60 days, '15-'16 season 52 days, '16-'17 season: 50 days, '17-'18 season 52 days, '18-'19 season 45 days '07-'19 seasons: 612 Days

    '19 - '20 season:

    November: 16.17,23,29,30 (Mount Snow)
    December: 1 (Mount Snow)

  5. #205
    WWF-VT's Avatar
    Join Date
    Sep 2005
    Location
    MA & Fayston, VT
    Posts
    2,465
    "According to the complaint, Barnes and the Hermitage failed to meet their obligation to make payments on three loans, including a $15 million "base lodge" note signed in December 2014, a $1 million bridge loan in June 2016, and a second bridge loan of $1.1 million made in July 2017. Of the total $17.1 million in loans, the Hermitage and Barnes still owe $16,342,175.61 in principal, along with $213,799.76 in interest, and $43,603.79 in late charges."

    Someone at the bank is gonna lose their job now that they figured out that a customer that has made less than $700K in payments on $17M in loans was not a wise move


  6. #206
    Oh well. Hope Mt Snow buys it back.
    2019/2020 season [*powder day]

    Mount Snow [11/14, 11/21, 12/2*]

  7. #207
    Quote Originally Posted by bdfreetuna View Post
    Oh well. Hope Mt Snow buys it back.
    I don't. Peaks has enough financial troubles as is that they don't need to bring on more debt. If Peaks were to buy anything, I'd think a Western property to diversify their portfolio and offer some insurance against bad NE winters would be the right play for them.

    Sent from my XT1635-01 using AlpineZone mobile app

  8. #208
    Tough break. The Valley will take a hit with the loss of jobs and tax revenue.
    SoVT

  9. #209
    I don't remember Mount Snow being as crowded when Haystack was open. It's a decent comparison to Killington using Pico as an "overflow" ski resort. I guess everything is more expensive to run these days but I would expect Haystack to operate on a similar model to Pico (only certain days of the week and other cost saving measures like limited snowmaking).
    2019/2020 season [*powder day]

    Mount Snow [11/14, 11/21, 12/2*]

  10. #210
    I'd end the speculation of Mount Snow buying the Hermitage given the liens now via the bankruptcy filing. Add that 16 or so million onto the then millions to buy out the rest, and Peak would likely be spending North of 25 million to buy an overflow area.....

    Sent from my XT1254 using AlpineZone mobile app
    '07--08 season: 51 Days, '08-'09 season: 55 Days, '09-'10 season: 41 Days, '10-'11 season: 49 days, '11-'12 season: 40 Days '12-'13 season: 57 days, '13-'14 season, 60 days '14-'15 season 60 days, '15-'16 season 52 days, '16-'17 season: 50 days, '17-'18 season 52 days, '18-'19 season 45 days '07-'19 seasons: 612 Days

    '19 - '20 season:

    November: 16.17,23,29,30 (Mount Snow)
    December: 1 (Mount Snow)

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