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  1. #601
    Not sure if our neighbor was paid. I'm going to guess yes as all of this took place a few years back and he was working in CT for some before all this stuff went down up there.



    Jeff,
    We can't find a plumber in the Bratt area. No one returns calls. We had a father and son come out for an estimate...then radio silence. Our neighbor is contractor up there. He said finding plumbers is next to impossible.
    SoVT

  2. #602
    And the "patient" has a pulse!

    "Members OK deal to bring back ski resort

    The Hermitage Club at Haystack Mountain.
    KRISTOPHER RADDER - BRATTLEBORO REFORMER
    Posted Thursday, September 6, 2018 7:54 pm
    By Chris Mays, Brattleboro Reformer

    DEERFIELD VALLEY — Hermitage Club members voted 209-165 to pay a higher annual due and move forward with a deal that would bring a private ski resort back to life again this winter.

    "Overall, I am pleased with the results, as the majority voted in favor of the plan," Harper Sibley, company president, wrote Wednesday in an email to members.

    Out of 525 members, 151 did not vote, according to results shared in his email. And one member said financial projections indicated that more than 400 members would need to pay their dues in order for the project to work and they would collectively need to spend $4 million during the season. Dues would go from $9,500 last year to $15,000 this year.

    Hermitage officials have been trying to put together a "restructuring" package after its private ski resort at Haystack Mountain, a golf course, four inns and several townhouses were foreclosed on by mortgage holder Berkshire Bank in February. Hermitage properties also were closed down by the Vermont Department of Taxes the following month for failure to make tax payments.

    Oz Real Estate of New York City is expected to commit more than $50 million to company "restructuring," and a board of directors will be created with two board members appointed by Oz, two appointed by Hermitage founder Jim Barnes and four appointed by club members, according to the club member. Barnes would no longer own the majority of the company under the plan; Oz would own 30 percent, members would own about 41 percent, Barnes would own 27 percent, and vendors and contractors could convert debt to about 1 percent.

    Sibley called the members' feedback "very helpful" as his team reviews its next steps with lenders, advisers and representatives from Oz.

    "We will continue to work with this information over the next several days as we formulate a final plan for membership review," he wrote. "To set expectations, please understand that these meetings are comprehensive and do take time and we would project to have more information for the membership to review by Monday."

    Sibley said members were asked whether they support the restructuring via a non-binding straw poll, which had been done electronically over the long weekend.

    "Even more importantly, 85 percent or $78.7 million of the investment capital voted in favor of the conversion," wrote Sibley, referring to three groups previously created for Hermitage investments.

    His email says that members of the $100,000 Club who invested $100,000 at a clip for a combined $23 million said yes to the plan and another set who contributed $8.5 million collectively said no. The group who helped purchase the Barnstormer chairlift, whose members invested a combined $2.1 million, supported the plan. Investors who provided a total of $3.9 million did not. The group who bought secondary memberships in the form of a five-year loan had members who invested a combined $3.1 million in support, and members who invested a total of $2.3 million did not.

    The club member said support from about 80 percent of each group of investors would be needed to move forward according to financial projections provided by the company, and that did not appear to happen. The idea, the member added, is to replace large amounts of debt with equity or ownership in the company.

    The voting results show Barnes' debt to be about $54 million. Overall investment in debt conversion is said to be about $78.7 million with him and $28.6 million without him.

    Sibley did not respond to an email for comment by press time.

    There is a hearing scheduled for Oct. 25 in Windham Superior Court, Civil Division to discuss reports submitted by the receiver appointed by the court to preserve properties under the Berkshire Bank foreclosure.

    Reach staff writer Chris Mays at cmays@reformer.com, at @CMaysBR on Twitter and 802-254-2311, ext. 273."
    '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:

  3. #603
    While I think they'll be able to hire enough employees to get things running, management is going to almost have to sell themselves during job interviews with anyone worth two pennies to get some half decent people working there this winter. I am glad to see the place likely reopening, would be sad to drive by the place all winter completely shut down. They really need to get out there soon though and start mowing etc.

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  4. #604
    Quote Originally Posted by drjeff View Post
    Out of 525 members, 151 did not vote, according to results shared in his email. And one member said financial projections indicated that more than 400 members would need to pay their dues in order for the project to work and they would collectively need to spend $4 million during the season. Dues would go from $9,500 last year to $15,000 this year.
    That's quite a jump from the original $5000-ish dues. Definitely going to be more exclusive if it happens. At that price I don't think it's really a wise choice for the $200K-ish earners they initially targeted. I wonder how many of the 151 are just walking away at this point.

  5. #605
    Quote Originally Posted by jaytrem View Post
    That's quite a jump from the original $5000-ish dues. Definitely going to be more exclusive if it happens. At that price I don't think it's really a wise choice for the $200K-ish earners they initially targeted. I wonder how many of the 151 are just walking away at this point.
    Depends on whether is a permanent increase to $15k or a one year deal - like an assessment- to raise money for the deal? In any event I hope it works and they can open this winter. Whether you like it or not, it's better for all of us that it be open.
    2017/18 = 37
    2016/17 = 31
    2015/16 = Depressing
    2014/15 = 28
    2013/14 = 27

  6. #606
    Smellytele's Avatar
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    Not sure where it is actually goes from here because "The club member said support from about 80 percent of each group of investors would be needed to move forward according to financial projections provided by the company, and that did not appear to happen".
    Last edited by Smellytele; Sep 10, 2018 at 2:05 PM.
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    2015/2016 -27 days 2016/17 - 51 days 2017/18 - 57 days

  7. #607
    I spoke to a member Saturday and he said that they did not get enough members to commit to spending the money to open this season. They need 400 members and only 200 committed.

    He thinks the place will be sold for pennies on the dollar and that they are looking for an angel investor to save the place.

  8. #608
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    Quote Originally Posted by heiusa View Post
    I spoke to a member Saturday and he said that they did not get enough members to commit to spending the money to open this season. They need 400 members and only 200 committed.

    He thinks the place will be sold for pennies on the dollar and that they are looking for an angel investor to save the place.

    The other 200 didn't want to throw good money after bad...
    2010/11 - 30days 2011/12 - 29days 2012/13 - 40 days 2013/14 - 39 days 2014/15 - 42 days
    2015/2016 -27 days 2016/17 - 51 days 2017/18 - 57 days

  9. #609
    Quote Originally Posted by slatham View Post
    Depends on whether is a permanent increase to $15k or a one year deal - like an assessment- to raise money for the deal? In any event I hope it works and they can open this winter. Whether you like it or not, it's better for all of us that it be open.
    The $15k annual dues number is one that I heard multiple members talk about the last couple of season's as to what a REALISTIC dues standpoint for what they were getting should be

    The reality is as well that many members of the Hermitage Club are also paying annual dues, probably at or above that 15k number to a country club or yacht club (or maybe even both) as well

    Sent from my Moto Z (2) 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:

  10. #610
    Smellytele's Avatar
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    Quote Originally Posted by drjeff View Post
    The $15k annual dues number is one that I heard multiple members talk about the last couple of season's as to what a REALISTIC dues standpoint for what they were getting should be

    The reality is as well that many members of the Hermitage Club are also paying annual dues, probably at or above that 15k number to a country club or yacht club (or maybe even both) as well

    Sent from my Moto Z (2) using AlpineZone mobile app
    Seem only half are willing to pay the 15k
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