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You also have to wonder how many more times they can scrounge up these payments.
I know nothing about the players here but my understanding is that there are some very deep pocketed people who are members and investors in this place, people who are used to and probably enjoy swimming in the deep waters of finances and takeovers. Based on that assumption, I assume there are some backroom schemes being hatched as to the best time to resolve this. If we assume there are members who like this concept of a private ski club but want Barnes out of power, then there has to be a sweet spot where his management of the club will be terminated without much conflict but before assets start getting seized by the state or local authorities. Seems like with the season largely over, these investors would do well to withhold financial support until Barnes is gone and then get it sorted out over the summer.
That will work only if the deep pocket savior investors can come up with an agreement that will protect any additional investment. Call me crazy, but I don't believe that anyone is willing to lose millions just to protect their much lower existing investment at Hermitage.
Agreed. I doubt that many of the members have the financial resources to save the place on their own and those that do aren't going to sink more money into the place just to save the value of some second home. Probably the shallower pocketed members will have to band together in sufficient number and force a buy out if they want to keep the place going and preserve their property values. Maybe they can recruit one of the deep pocketed members to get on board after they get a firm proposal on the table.
Is the club at capacity though? I was thinking the idea was that some fat cat stabilizes the place while also reseting the business model so they can finish selling to capacity and get out of the secondary real estate stuff Barnes has dragged the club into. Maybe I have my facts wrong but I thought a lot of money was frittered away on stuff which was not core to the club business.
Shocker some private rich ski area failed in the most depressing corner of the state. Good thing they got that 6 pack bubble lift for all 7 people thenski there
Best case, they liquidate. Mount Snow follows suit and sells that shit hole as well and people realize that area sucks and go ski north or west.
Off to put $100 bills in my fireplace to keep warm.