Dissapointed in all of you

[ctenidae]

All day this article has been out there, and not one mention of it yet.
You guys are slipping.

http://www.firsttracksonline.com/index.php?name=News&file=article&sid=2675

 

[millerm277]

Well, it looks like the new obstacle is done with, now only the original lawsuit is still holding things up....

 

[marcski]

To me, it seems like its more of the same with no end in site.

 

[First Tracks]

Well, it looks like the new obstacle is done with, now only the original lawsuit is still holding things up....

Not really. This only does away with the Plaintiff Vail Resort's motion for a temporary restraining order. It does nothing to resolve the litigation - theirs or Wolf Mountain's. In addition to the Wolf Mountain litigation over the land lease (ASC actually filed first to stop eviction proceedings in June 2006 - Wolf Mountain subsequently counter-sued), Wolf Mountain has also sued over the Talisker deal 8 days ago.

 

[drjeff]

I think the best way to look at it, is essentially that both parties still agree to disagree and that realistically no movement on this issue would happen anyway before the court date, so by doing this, they'll only each incure another $50,000 or so in legal fees as opposed to the $250,000 or so they would have occurred if they chose to attempt to purse the matter before the court date anyway!

The only losers it seems in this scenario is the attorney and all the extra $$ they would have billed

 

[First Tracks]

I think the best way to look at it, is essentially that both parties still agree to disagree and that realistically no movement on this issue would happen anyway before the court date, so by doing this, they'll only each incure another $50,000 or so in legal fees as opposed to the $250,000 or so they would have occurred if they chose to attempt to purse the matter before the court date anyway!

The only losers it seems in this scenario is the attorney and all the extra $$ they would have billed

Well, I've got to disagree with this one, too. Most of the billable hours in legal fees will be incurred with both written and oral discovery which will proceed anyway. Exchanges of interrogatories, extensive depositions, etc. are all necessary and will proceed. The only thing being dropped here is a hearing on Vail Resorts' motion for a temporary restraining order to block the sale until such time as the court renders a verdict or a settlement is achieved.

 

[arik]

? curtail ability to operate, yeah right

I wonder if all the high rise construction cranes are stopping to wait for resolution of the litigation, doubt it, that mountain has so much beatiful terrain and such an ugly parking lot/construction site

 

[drjeff]

I wonder if all the high rise construction cranes are stopping to wait for resolution of the litigation, doubt it, that mountain has so much beatiful terrain and such an ugly parking lot/construction site

Most of the base area high rise development was being done by developers not affliated with the sale of the resort, so I doubt the cranes have stopped lifting and/or the excavation equipment digging.

 

[ctenidae]

http://www.sec.gov/Archives/edgar/data/1043432/000089102007000223/v32691prprem14c.htm

This was just filed with the SEC today. Looks like ASC is pushing ahead with the sale to Talisker in a big FU to Wolf Mountain and Vail.

And to stockholders, at the end of the letter:

You do not have appraisal or dissenters’ rights under Delaware law, our Certificate of Incorporation or Amended and Restated Bylaws. Please note that only stockholders of record at the close of business on July 17, 2007 will be entitled to receive the Information Statement.

We appreciate your interest in American Skiing Company.

 

[ctenidae]

http://www.sec.gov/Archives/edgar/data/1043432/000089102007000221/v32586bexv10w1.htm

http://www.sec.gov/Archives/edgar/data/812011/000119312507164099/dex991.htm

From these two letters, it sounds like Peninsula was stupid and Talisker got lucky when ASC got annoyed.

 

[drjeff]

http://www.sec.gov/Archives/edgar/data/1043432/000089102007000221/v32586bexv10w1.htm

http://www.sec.gov/Archives/edgar/data/812011/000119312507164099/dex991.htm

From these two letters, it sounds like Peninsula was stupid and Talisker got lucky when ASC got annoyed.

Also sounds like ASC's quick acceptance of Talisker's offer cost them a few extra million in what it seems would have turned into a little bidding war between Talisker and Vail. Since Talisker's head guy used to be a Vail Exec, this could have turned into an interesting bidding war.(Maybe it still will)

It also seems like the Wolf Mtn folks are just sitting on the outside keeping themselves in the mix, not in all likelyhood to own The canyons, but to either get a nice big fat payout or generous lease agreement from whoever ends up owning The Canyons for the land rights depending on what in all likelyhood will be a judges ruling (and then subsequent appeals) over if Wolf still has any land rights.

This is seeming more and more like final resolution won;t come until after 2010, and the big question is will anything more than normal day to day operations of The Canyons be allowed to occur between now and then???

 

[JimG.]

Not really. This only does away with the Plaintiff Vail Resort's motion for a temporary restraining order. It does nothing to resolve the litigation - theirs or Wolf Mountain's. In addition to the Wolf Mountain litigation over the land lease (ASC actually filed first to stop eviction proceedings in June 2006 - Wolf Mountain subsequently counter-sued), Wolf Mountain has also sued over the Talisker deal 8 days ago.

I agree...this matter seems very convoluted and the Wolf Mountain suit really complicates matters. I can't see how this would be resolved by ski season.

Marc, do you think this would affect/deter operations at The Canyons in 07/08?

 

[ctenidae]

It also seems like the Wolf Mtn folks are just sitting on the outside keeping themselves in the mix

Yeah, I'm thinking Wolf's vote is up for sale.