- Jun 4, 2004
- NEK by Birth
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There’s a dissonance to writing a general update for the weekly 242 newsletter while waiting for word about the ownership transition, which should come more fully into focus later today. It’s a contrast that’s been our reality here for a while now - keeping the routine and day-to-day as high on our collective radars as we do plans for the future, not the least of which being the transition from Receivership to new ownership.
It’s an exciting transition, and luckily (?) we’ve had a fair amount of practice navigating change, without changing too much.
It helps that we’ve had the best possible team on our side – from employees to all our guests, homeowners to season passholders, in country folks to those that cross borders to be here, we’ve felt the support and encouragement from all of you, across all seasons, from Receivership through pandemic and back to "normal” (an identifier we’ve never really ascribed to but in this context offers some comfort).
So, we’ll ask you to indulge us while we share a rundown of our weekly marketing updates and at the same time promise to be in touch again soon (possibly later today) to let you know what we know about what’s next on our shared Raised Jay journey.
Just got this Email. Spoiler alert: no named buyer.
Yeah I doubt it. I think this was drafted pre-auction and sent out.So then maybe the hunch that it is an investor group, who typically doesn't operate ski areas as the buyer and they're shoring up the plans with an operator prior to the press release after the gavel dropped and the auctioneer announced that Jay had been sold, ends up being true. Either that or Steve Wright and his great crew at Jay are quickly putting together some witty marketing video to annouce the new owners later today
I would assume it will take a few days before the new owner is announced, I would also assume that it is a bit more complicated than an EBay auction, and that there is some paperwork to be done before everything is ready for an annoucement, But what do I know... They'll probably have apress release out a few minutes after I post this,So.....has there been any white smoke coming out of the chimney of the Sky Haus Lodge?
The bidding began on Wednesday morning at 11 a.m. starting at around $58 million and the interested buyers continued to bid at 15-minute intervals up until close to 5:30 p.m. Now, it’s a waiting game to find out who the winner is, and how much they will pay.
Yea...not really sure why I've seen this incorrectly reported so many times. Seems like the initial increment had to be high enough to cover the break-up fee...but after that there was no reason for the incremental bids to be that high and reverted to a much lower 250K amount.The initial bid increment was $1.175 million, after that it was $250k minimums.
The auction, which was closed to the public, started at 11 a.m. Wednesday and continued past 5 p.m.
“There’ll be more info available tomorrow,” Steven Wright, Jay Peak’s general manager, wrote in an email to VTDigger around 7 p.m..
A “final sale hearing” is set for Sept. 16 in federal court in Miami before Judge Darrin P. Gayles. That event will be open to the public.