Haystack / Hermitage news

[SIKSKIER]

Best I could find was he sold most of his interest in Oakleaf in 2003 for 160ish million.

 

[NYDB]

What aspect didn't smell right?

What I want to know is how much risk and loss Barnes put on the line. I don't know what his take was, but didn't Barnes sell his waste management company for hundreds of millions of dollars prior to starting Hermitage?

I think knowing his worth would really put his defaulting on debt obligations in perspective. Did he sign checks that his wealth couldn't cash or has he refused to pay bills he can clearly afford and decided to use every means he has to screw over local vendors and the local municipality

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No doubt it is the latter.

 

[thetrailboss]

What aspect didn't smell right?

What I want to know is how much risk and loss Barnes put on the line. I don't know what his take was, but didn't Barnes sell his waste management company for hundreds of millions of dollars prior to starting Hermitage?

I think knowing his worth would really put his defaulting on debt obligations in perspective. Did he sign checks that his wealth couldn't cash or has he refused to pay bills he can clearly afford and decided to use every means he has to screw over local vendors and the local municipality

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It seemed too ambitious and I also wondered about the money piece as you mentioned.

 

[sull1102]

It's the latter. He has the money 100%. Ownership of the club is a bit murky as far as how much exactly does Barnes own vs the members. Last year I was told over and over again that the club was all set because they had enough members signed up to be self sustainable. The whole concept of him not paying off basically any of the Berkshire loans is pretty much right in line with what would be expected of this type of character... He made his money in the trash business, who else was involved with the trash business once upon a time?

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[NYDB]

oh damn! So now he's mobbed up?

Time to bust the place out for the insurance money!

 

[sull1102]

The insurance thing is tough when you're self insured tho

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[bigbob]

The rumor I heard the other day was he was caught fooling around with a you lady by his wife and she had he locked out of all the bank accounts!

 

[sull1102]

The rumor I heard the other day was he was caught fooling around with a you lady by his wife and she had he locked out of all the bank accounts!

Unless this is a new young girl, which is semi realistic, that rumor is over a year old now. Practically all of Southern Vermont knew about the first go around when the girl was supposedly pregnant.

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[drjeff]

Unless this is a new young girl, which is semi realistic, that rumor is over a year old now. Practically all of Southern Vermont knew about the first go around when the girl was supposedly pregnant.

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Diapers are now involved.

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[Pez]

You ARE the father!

 

[sull1102]

Oh wow, I guess to some extent I kind of hoped for his wife and kids that wasn't the case. They always seemed like nice people and that's a tough thing to go through.

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[thetrailboss]

Interesting read: https://liftblog.com/2018/03/03/as-the-hermitage-faces-foreclosure-what-about-the-lifts/

And I did not know that Doppelmayr filed a lien on the property for the unpaid lift.

 

[Vaughn]

It might be easier to list stuff Hermitage did actually pay for at this point.

Lifts - no
taxes - no
local vendors - no
utilities - no

 

[njdiver85]

Interesting read: https://liftblog.com/2018/03/03/as-the-hermitage-faces-foreclosure-what-about-the-lifts/

Based on this, it would seem the likely course of action would be Chapter 11, followed a few years later with the members buying back the club for cents on the dollar?

 

[djd66]

Interesting read: https://liftblog.com/2018/03/03/as-the-hermitage-faces-foreclosure-what-about-the-lifts/

Based on this, it would seem the likely course of action would be Chapter 11, followed a few years later with the members buying back the club for cents on the dollar?

Maybe that was part of his business plan.

 

[thetrailboss]

Maybe that was part of his business plan.

Lately Vermont ski expansions have featured fraud as part of their business plans. :roll:

 

[DoublePlanker]

Interesting read: https://liftblog.com/2018/03/03/as-the-hermitage-faces-foreclosure-what-about-the-lifts/

And I did not know that Doppelmayr filed a lien on the property for the unpaid lift.

There has been a correction to the article. Doppelmayr says there is no lien and the lift was entirely paid off.

 

[tnt1234]

Interesting read: https://liftblog.com/2018/03/03/as-the-hermitage-faces-foreclosure-what-about-the-lifts/

Based on this, it would seem the likely course of action would be Chapter 11, followed a few years later with the members buying back the club for cents on the dollar?

Ha! A high end member co-op! A rich man's MRG.

"Pull your lexus right up tot he ticket counter Mrs. Got Rocks - you are working the snack bar today..."

 

[djd66]

There has been a correction to the article. Doppelmayr says there is no lien and the lift was entirely paid off.

If this is true - it is good for the bank - as they will have a hard asset to go after.

 

[sull1102]

Lately Vermont ski expansions have featured fraud as part of their business plans. :roll:

Shows just how hard it is to do in this state the right way

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