Saddleback Meeting - Page 3

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  1. #21
    Edd's Avatar
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    Lift Blog tweeted this alarming news about the deal being dead. Havenít confirmed it otherwise. Hope this is incorrect.



    https://twitter.com/liftblog/status/...866947079?s=21


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  2. #22

  3. #23
    On the irrational confidence scale, the Berry family has to be running at like a 9 out of 10 if they thought they could welch on this deal in hopes of spawning a bidding war, after this mountain has sat closed for so long.
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  4. #24
    Edd's Avatar
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    Quote Originally Posted by AdironRider View Post
    On the irrational confidence scale, the Berry family has to be running at like a 9 out of 10 if they thought they could welch on this deal in hopes of spawning a bidding war, after this mountain has sat closed for so long.
    Yeah, thatís why Iím struggling with the accuracy of this. Itís a uniquely delicate business situation soooo...., would they jeopardize that? Seems weird.

  5. #25
    MEtoVTSkier's Avatar
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    Well, they don't seem to have much of a track record for making sensible decisions...

  6. #26

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    I wonder if the current sale of Jay Peak has brought some new interest in Saddleback.

  7. #27
    x10003q's Avatar
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    The Berrys just being the Berrys.

  8. #28
    These people are idiots. It's unfortunate the tax bill isn't high enough that they have incentive to sell while it's not generating revenue.

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  9. #29
    Whether or not they are idiots in this particular situation remains to be seen. You can hardly blame them if they enter into a deal to sell the mountain for more money than Aretaris put on the table.

  10. #30
    Quote Originally Posted by VTKilarney View Post
    Whether or not they are idiots in this particular situation remains to be seen. You can hardly blame them if they enter into a deal to sell the mountain for more money than Aretaris put on the table.
    That depends on the status of the exclusivity agreement they had in place (it's unclear if it lapsed from my read). The letter alleges that the Berrys got greedy and tried to start a bidding war despite signing a contract explicitly saying they would do nothing of the sort.

    Putting the ethics of this aside (if true, this is obviously unethical), it could open the Berry family up to damages from breaking the exclusivity agreement, it could make other buyers not want to work with them (i.e. if the new buyers didn't know the Berrys were potentially breaching an exclusivity agreement), and it is difficult to know if the new buyers were anywhere near as serious about buying as Aretaris was (bird in the hand vs. two in the bush).

    As a side note, maximizing the value of your assets within three confines of your country's ethical and legal practices is a much better strategy than acting as you suggest. The biggest reason to do this is because business is a repeat game (albeit this is less relevant for the Berrys in this case). Furthermore, the more complicated/long the transaction process, the more likely that one's unethical behavior is likely to come to light and hurt them.
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