Cornhead
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I'd go for that. Wonder if Laszlo placed a bid?
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Greek Peak in NY future may not be around!
- Thread starter ScottySkis
- Start date
ScottySkis
Well-known member
That would be awesome.
LasersInTheTaiga
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If only there were some large university with enormous amounts of cash on hand that could just buy it, Dartmouth or Middlebury style...
Mpdsnowman
New member
I would like to think it will be there next year one way or the other.
ScottySkis
Well-known member
I have a feeling it will be new owners to be announced soon.
ScottySkis
Well-known member
http://www.wxhc.com/local-news.php?id=4068&cat_id=1&p=#ontitle Greek sold to a Highway construction company. I really hope they bring in some ski and snowboarding management. At least Greek looks to be open next year.
Rambo
Member
"Greek sold to a Highway construction company." - Actually a Highway Construction SUPPLY company.
Here are the alleged 4 bidders:
1. The Pacific Group---- realestate developer based out of SLC
2. M.R. Dirt-----excavation company out of Towanda PA
3. Vista Group of Companies---Canadian grouop that owns hotels all over the USA and Canada
4. Meir-Stemerman---- John Meir is prez of four companies in Elmira NY and Marc Stemerman is prez of Chemung Supply Co.
Looks like Stemerman-Meir may get it if their high bid of 6.8 million is approved by the bankruptcy judge.
http://www.wxhc.com/local-news.php?id=4068&cat_id=1&p=#ontitle
County Business Owners Look to Buy Greek Peak Resort for $6.8 Million
Wednesday, March 20, 2013
It looks as though an Elmira based business interest has put in the tentative winning bid in connection with the Greek Peak Bankruptcy auction.
Oldie 101.5 has learned that Chemung Supply owner Marc Stemerman along with business partners John and Chrissy Meier who own Meier Industries have submitted the highest bid in connection with Tuesday’s asset auction that was held at the Crown Plaza Hotel in Syracuse. The partners submitted a bid of just under $7 million dollars.
Federal court documents show that Stemerman and the Meier’s have tentatively reached an agreement with the FDIC to purchase the entire Greek Peak Resort including the Ski Center, Hope Lake Lodge and indoor water Park as well as the new $11 million dollar Adventure Center and mountain coaster; along with some undeveloped parcels and several hundred condominium interests.
Stemerman and Meier were among four bidders at the bankruptcy auction, which was set up to satisfy Greek Peak’s $47 million dollar debt, Greek Peak filed for Chapter 11 bankruptcy protection back in August after its primary lender, Tennessee Commerce Bank, of Franklin, Tenn. was shut down by F-D-I-C.
The F-D-I-C assumed the ski resort’s debt load and has financed the resort with a nearly $2 million dollar credit line to keep the operation going this winter.
Our sources say Stemerman has no ties to ski industry and does not own any other resorts. The initial word is that he will not change the name. Stemerman’s company Chemung Supply Corporation is highway construction and maintenance materials, equipment, and Supplies Company.
A Federal bankruptcy judge must still approve the sale, that approval is could come Today, but according to court filings several of the debtors that are owed money from the resort including money from the previous expansion are objecting to the sale.
Attorney for Greek Peak argue the auction process was fair and that the proposed sale price of $6.7 million is the best offer that would come from the auction. The attorneys say the assets were advertised to 160 different groups, and with the ski season ending the sale must move ahead because the property will not be as attractive to buyers during the summer months.
The second highest bidder was Vista Canada a company that owns several hotels, the documents don’t say what their bid was but they have agreed to maintain the bid if the sale is not approved.
Greek Peak public relations Jessica Sloma said the new owner may hold a press conference with current owner Al Kryger on Friday.
Here are the alleged 4 bidders:
1. The Pacific Group---- realestate developer based out of SLC
2. M.R. Dirt-----excavation company out of Towanda PA
3. Vista Group of Companies---Canadian grouop that owns hotels all over the USA and Canada
4. Meir-Stemerman---- John Meir is prez of four companies in Elmira NY and Marc Stemerman is prez of Chemung Supply Co.
Looks like Stemerman-Meir may get it if their high bid of 6.8 million is approved by the bankruptcy judge.
http://www.wxhc.com/local-news.php?id=4068&cat_id=1&p=#ontitle
County Business Owners Look to Buy Greek Peak Resort for $6.8 Million
Wednesday, March 20, 2013
It looks as though an Elmira based business interest has put in the tentative winning bid in connection with the Greek Peak Bankruptcy auction.
Oldie 101.5 has learned that Chemung Supply owner Marc Stemerman along with business partners John and Chrissy Meier who own Meier Industries have submitted the highest bid in connection with Tuesday’s asset auction that was held at the Crown Plaza Hotel in Syracuse. The partners submitted a bid of just under $7 million dollars.
Federal court documents show that Stemerman and the Meier’s have tentatively reached an agreement with the FDIC to purchase the entire Greek Peak Resort including the Ski Center, Hope Lake Lodge and indoor water Park as well as the new $11 million dollar Adventure Center and mountain coaster; along with some undeveloped parcels and several hundred condominium interests.
Stemerman and Meier were among four bidders at the bankruptcy auction, which was set up to satisfy Greek Peak’s $47 million dollar debt, Greek Peak filed for Chapter 11 bankruptcy protection back in August after its primary lender, Tennessee Commerce Bank, of Franklin, Tenn. was shut down by F-D-I-C.
The F-D-I-C assumed the ski resort’s debt load and has financed the resort with a nearly $2 million dollar credit line to keep the operation going this winter.
Our sources say Stemerman has no ties to ski industry and does not own any other resorts. The initial word is that he will not change the name. Stemerman’s company Chemung Supply Corporation is highway construction and maintenance materials, equipment, and Supplies Company.
A Federal bankruptcy judge must still approve the sale, that approval is could come Today, but according to court filings several of the debtors that are owed money from the resort including money from the previous expansion are objecting to the sale.
Attorney for Greek Peak argue the auction process was fair and that the proposed sale price of $6.7 million is the best offer that would come from the auction. The attorneys say the assets were advertised to 160 different groups, and with the ski season ending the sale must move ahead because the property will not be as attractive to buyers during the summer months.
The second highest bidder was Vista Canada a company that owns several hotels, the documents don’t say what their bid was but they have agreed to maintain the bid if the sale is not approved.
Greek Peak public relations Jessica Sloma said the new owner may hold a press conference with current owner Al Kryger on Friday.
Last edited:
jaywbigred
Active member
LOL, my thoughts exactly...you can guess where the Big Red in my screenname comes from.
I dunno, with only a $5,000,000,000 endowment....
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