ASC Big Rumor

[Phildozer]

Has anyone else heard a big BIG rumor about ASC?

I can't be the first to post but would be glad to elaborate if someone else has.

 

[NHpowderhound]

LIft ticket prices are going up to $80 @ SR and K-ton? :lol: ;-)
((*
*))NHPH

 

[andyzee]

Yeah, I heard something goin round.

 

[AdironRider]

I heard they might be selling a western resort.

 

[salida]

Steamboat?

 

[ski_resort_observer]

Has anyone else heard a big BIG rumor about ASC?

I can't be the first to post but would be glad to elaborate if someone else has.

hmmmmm.....a rumor about a rumor. On another ski forum there is a solid rumor about something big happening for ASC so I guess your rumor about a rumor is confirmed. :lol:

 

[WWF-VT]

July 14th Press Release
http://biz.yahoo.com/prnews/060714/laf035.html?.v=55

American Skiing Company (OTC Bulletin Board: AESK - News), one of the largest operators of alpine ski, snowboard and golf resorts in the United States, today announced that its Board of Directors has retained investment advisors to initiate a strategic review of business options for the Steamboat Ski and Resort Corporation in Colorado, including the potential sale of the resort.

 

[Vortex]

My biggest interest is when the guns start? When do they open. When do they close. Like to hear back from K on the AZ challenge on some of this.

 

[Phildozer]

The rumor is:

ASC is working with Morgan Stanley to unload *all* resort properties.

Les Otten is working to purchase Sundary River and Attitash.

 

[Vortex]

The River use to open earlier and close later in years past. Wow by the way.

 

[ski_resort_observer]

July 14th Press Release
http://biz.yahoo.com/prnews/060714/laf035.html?.v=55

American Skiing Company (OTC Bulletin Board: AESK - News), one of the largest operators of alpine ski, snowboard and golf resorts in the United States, today announced that its Board of Directors has retained investment advisors to initiate a strategic review of business options for the Steamboat Ski and Resort Corporation in Colorado, including the potential sale of the resort.

Yup...Steamboat has been for sale for over a month now.

 

[ctenidae]

I heard a rumor someone was discussing a rumor here that we'd all already discussed several times over the past 4 or 5 months.

Can anyone confirm or deny the rumors of that rumor, or is it just a rumor?

It's not a tumor.

 

[Grassi21]

I heard a rumor someone was discussing a rumor here that we'd all already discussed several times over the past 4 or 5 months.

Can anyone confirm or deny the rumors of that rumor, or is it just a rumor?

It's not a tumor.

I am detective Jon Kimble...

 

[ALLSKIING]

The only bad thing I can think of about this is that there would be no ASC pass anymore.

 

[thaller1]

The only bad thing I can think of about this is that there would be no ASC pass anymore.

ditto... but I'd survive!

 

[ctenidae]

My thinking is that they'll sell off one area in its entirety (looks like Steamboat's the choice, there), and they'll try to sell off a lot of the resort properties to get out from under the debt the hotels and developments have. The ski areas themselves are making money, it's the debt load that's killing them. Cash from a sale of Steamboat would help them pay down some of the debt to make the rest sellable.

 

[bvibert]

The rumor is:

ASC is working with Morgan Stanley to unload *all* resort properties.

Les Otten is working to purchase Sundary River and Attitash.

Any other news on this rumor??

 

[tjm235]

I work for Steamboat. No word yet on any interested parties. We're still going through our annual external audit, so in reality nothing would happen until the audit is complete... i.e. we currently have no solid figures to present potential buyers with. I would highly doubt any change of ownership before winter... (and if we are sold prior to winter, most inter-mountain passes would probably still be valid through 06/07 season). As for other ASC resorts for sale, so far there is no validity to that rumor. ASC has made a public statement regarding Steamboat, but no other resorts have been mentioned:
http://industryreport.mountainnews.com/2006/07/asc_weighs_possible_sale_of_st.shtml

As for a comment someone made about paying down debt... I would see this less as a sale to pay down debts from the hotels (most of our Grand Hotel debts are virtually gone, Steamboat and Canyons held auctions in the past year to pay off remaining debt). I think it is more a sale so that the investors, Oak Hill, can finally leave ASC and get return on their investment... but that is purely opinion and speculation, don't know the true reason for the sale.

 

[ctenidae]

I work for Steamboat. No word yet on any interested parties. We're still going through our annual external audit, so in reality nothing would happen until the audit is complete... i.e. we currently have no solid figures to present potential buyers with. I would highly doubt any change of ownership before winter... (and if we are sold prior to winter, most inter-mountain passes would probably still be valid through 06/07 season). As for other ASC resorts for sale, so far there is no validity to that rumor. ASC has made a public statement regarding Steamboat, but no other resorts have been mentioned:
http://industryreport.mountainnews.com/2006/07/asc_weighs_possible_sale_of_st.shtml

As for a comment someone made about paying down debt... I would see this less as a sale to pay down debts from the hotels (most of our Grand Hotel debts are virtually gone, Steamboat and Canyons held auctions in the past year to pay off remaining debt). I think it is more a sale so that the investors, Oak Hill, can finally leave ASC and get return on their investment... but that is purely opinion and speculation, don't know the true reason for the sale.

Good info, good info. I would posit that paying off debt and paying of Oak Hill amount to substantially the same thing. I'm sure Oak would love to finally close out this investment. It's got to be one of the last hangers-on in that fund.

 

[Phildozer]

I read that statement but the rumor has it that the additional sale review is above-and-beyond the Steamboat work.