Aaaaaaand, we're out.

[ctenidae]

http://www.firsttracksonline.com/index.php?name=News&file=article&sid=2836

As of 12.01 am tomorrow, ASC will officially be no more.

 

[Angus]

anyone have any insight into the profit/loss associated with the bankruptcy and asset sell-off. I never much followed the financial side of this story but I assume the equity shareholders were wiped out long ago and the specialty investment cos. that deal in distressed debt swooped in & bought up the various senior and subordinate debt on pennies on the dollar, recovering their investment and a nifty return on the various sales. any help?

 

[SkiDog]

They still own canyons....

M

 

[BushMogulMaster]

They still own canyons....

M

Actually, the ownership of the Canyons is in dispute right now. It will be quite some time before that's worked out. Lots of lawyers, and lots of pissed off people.

 

[ctenidae]

Actually, the ownership of the Canyons is in dispute right now. It will be quite some time before that's worked out. Lots of lawyers, and lots of pissed off people.

The ownership's not in doubt, just their right to sell it and to who.

 

[ctenidae]

anyone have any insight into the profit/loss associated with the bankruptcy and asset sell-off. I never much followed the financial side of this story but I assume the equity shareholders were wiped out long ago and the specialty investment cos. that deal in distressed debt swooped in & bought up the various senior and subordinate debt on pennies on the dollar, recovering their investment and a nifty return on the various sales. any help?

Equity's been essentially wiped out for a long time. There wasn't any distressed activity on it, either. Oak held the senior subordinated debt, and after the senior notes got paid off, Oak got most, if not all, of their money back. In the end, I don't think anyone made any too much. All of the asset sales were designed to pay off the debt. Oak had about $200M in it.

As of 4/29/07 they had about $150M in debt and $400M in Series C Preferred stock, and none of the stoc is getting paid.

 

[drjeff]

Did anyone else notice that Vail re-upped the offer at the bottom of that press release, included payment tied to future real estate sales.

 

[ctenidae]

Did anyone else notice that Vail re-upped the offer at the bottom of that press release, included payment tied to future real estate sales.

They're all just trying to be the one who doesn't get the deal but gets the breakup payment.