For those that do not follow the Powder Mountain thread, here are the articles. These foreign investors were brought in by the previous regime at Powder Mountain to finance a hotel project. They now are suing Reid Hastings. Powder Mountain is countersuing them for not raising the full amount of money that they had promised. I am a bit surprised as to the fact that Reid took on this liability. I would have told the Summit Bros that this was their problem and not included this in the purchase.
www.sltrib.com
They loaned a ‘modest amount’ to Utah ski resort to get green cards. Now they say Reed Hastings owes them $76M.
A group of mostly Chinese nationals who invested in Utah's Powder Mountain ski area as a means of obtaining a green card is suing Netflix founder Reed Hastings and the resort's other owners for $75.9 million.
Netflix founder saddled with $76M in EB-5 debt at North America’s biggest ski resort: lawsuit
Netflix Founder Reed Hastings may need to dig himself out of a $75.9 million crevasse at North America’s biggest ski resort.
therealdeal.com
