Here is the short article from WCAX. The sale is official.
-
Welcome to AlpineZone, the largest online community of skiers and snowboarders in the Northeast!
You may have to REGISTER before you can post. Registering is FREE, gets rid of the majority of advertisements, and lets you participate in giveaways and other AlpineZone events!
Haystack is Officially Sold
- Thread starter thetrailboss
- Start date
ctenidae
Active member
Further info:
Form 8-K for AMERICAN SKIING CO /ME
--------------------------------------------------------------------------------
30-Mar-2005
Entry Material Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 25, 2005, the Company's subsidiary, Mount Snow Ltd. (Mount Snow), entered into a Purchase and Sale Agreement for the sale of the assets of Mount Snow comprising the Haystack ski resort to Tyringham Ridge, Inc. (Buyer). The Purchase and Sale Agreement provides for a $5,000,000 purchase price, subject to certain customary adjustments. The Purchase and Sale Agreement includes a two year right of first refusal in favor of the Buyer for certain developmental land owned by Mount Snow (but not used in its ski resort operations) known as the Howe Farm.
Under the terms of the Purchase and Sale Agreement, Mount Snow will continue to be allowed to withdraw water from sources at the Haystack resort after the closing in amounts which approximate Mount Snow's historical use from this source. In addition, Mount Snow will retain a right of first refusal to re-acquire the Haystack resort (not including certain developmental real estate assets) for not less than twenty years following the closing.
The closing on the sale of the Haystack resort is subject to the Buyer's completion of a 90 day due diligence period as well as satisfaction of customary contingencies. Net proceeds to the Company from the sale of the Haystack resort are expected to be used for additional liquidity, to fund capital expenditures and reduce senior debt, each as permitted under the Company's senior credit facilities.
Form 8-K for AMERICAN SKIING CO /ME
--------------------------------------------------------------------------------
30-Mar-2005
Entry Material Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 25, 2005, the Company's subsidiary, Mount Snow Ltd. (Mount Snow), entered into a Purchase and Sale Agreement for the sale of the assets of Mount Snow comprising the Haystack ski resort to Tyringham Ridge, Inc. (Buyer). The Purchase and Sale Agreement provides for a $5,000,000 purchase price, subject to certain customary adjustments. The Purchase and Sale Agreement includes a two year right of first refusal in favor of the Buyer for certain developmental land owned by Mount Snow (but not used in its ski resort operations) known as the Howe Farm.
Under the terms of the Purchase and Sale Agreement, Mount Snow will continue to be allowed to withdraw water from sources at the Haystack resort after the closing in amounts which approximate Mount Snow's historical use from this source. In addition, Mount Snow will retain a right of first refusal to re-acquire the Haystack resort (not including certain developmental real estate assets) for not less than twenty years following the closing.
The closing on the sale of the Haystack resort is subject to the Buyer's completion of a 90 day due diligence period as well as satisfaction of customary contingencies. Net proceeds to the Company from the sale of the Haystack resort are expected to be used for additional liquidity, to fund capital expenditures and reduce senior debt, each as permitted under the Company's senior credit facilities.
ctenidae
Active member
Ooh, Tyringham Ridge, Inc also owns an airplane...
jamesdeluxe
New member
Never been... could someone point me toward Haystack photos?
madskier6
Member
Does anyone know what the new owners are planning on doing with Haystack? I heard rumors last spring that Haystack would be converted to a private ski club (members only). Is that what this owner plans to do or will it remain open to the public?
riverc0il
New member
same rumors i heard but i have yet to hear the official word.
Word is private ski club
nightingale
New member
- Joined
- May 20, 2004
- Messages
- 46
- Points
- 0
ctenidae said:
Sounds like something out of James Bond. :wink: :lol:
nightingale said:
Well, I think that those are other lots that are outside of the Haystack Deal. The lots mentioned in the article are lots that are not developed and are near Haystack....the lots are being sold at Tax Auction. AFAIK the Haystack properties are all owned by the Tyringham Corp and are all paid for....
Similar threads
- Locked
