Magic Mountain ...

[djspookman]

more MAGIC magic!

1-black chair, day before opening day 2008
2-my brother on shorties about to nail me with that chunk-o-snow
3-fat tele skis on a rainy day
4-redline in April 2008
5-roark on Goniffs, 2007?

 

[djspookman]

more stoke....

Magic loves tele......

1-sumo turn..
2-Goniffs dec 2008
3-goniffs dec 2008
4-bootin it 2009
5-tele Elle

yah, magic rocks, SAVE it. 'nuff said.

 

[bvibert]

Nice stoke! :beer:

 

[faceplant]

May 15, 2009

Dear Friends of Magic:

We are making progress with respect to the issuance of an offering to prospective shareholders. I have met with the Nelson family and have shared numerous correspondences and documents with them over the past couple of weeks in order to get them up to speed relative to both the current status of Magic as well as the direction we are trying to take it. I am pleased to advise that the Nelsons and the rest of the current ownership, after considered review, are supportive of the concept of issuing shares in order to raise capital to keep Magic operating and improving. Their cooperation in the plan is essential and appreciated because it enables us to put money raised toward improvements and operations as opposed to having to completely fund the purchase. After payment of approximately $300,000 to the current ownership which is necessary in order to clear and transfer title, they have agreed to hold an equity position in the new entity as opposed to requiring a lump sum payment at closing or holding debt. The technical aspects of a formal offering are complex, and we are working together to effectuate it as soon as possible.

One issue we have encountered is whether what we are trying to accomplish here actually fits within the guidelines provided by law under the co-op statutes. After reviewing the statute and consulting with attorneys we have determined that the new entity does not qualify as a co-op under the applicable statute. That fact will not prevent us from moving forward, but we will need to create a different legal entity which in all likelihood will be an LLC with various classes of shares. This will not change the basic tenants of the offering from a shareholder’s perspective. We will be selling shares for $3000 which will be secured by an equity position in the mountain. Shareholders will have a say in the overall philosophy and major decisions involving the mountain by way of shareholder meetings and a Board comprised of elected shareholders which will work with mountain management. There will be other shareholder benefits such as a discounted season pass, discounted lift tickets for friends and family, and special access to management via an exclusive page on the web site.

We are working diligently with the current ownership and attorneys to put this offering together. Any proceeds from shares sold will initially be held in escrow until the critical threshold of 300 shares is met and the actual transfer of title to the new entity takes place. We have completed a five year budget together with a business plan which will be posted on the web site next week.

In the interim, a group of Magic faithful have created a website dedicated to preserving Magic Mountain. Along with the website they are selling t-shirts with all proceeds going towards purchasing one and hopefully two shares in the new Magic Mountain ownership group. I applaud their efforts and it is this passion for Magic Mountain that will ultimately lead to its success. You can view their site at www.savemagicvermont.com.

I appreciate all of your patience with this process as it has taken longer than expected. As stated previously, I am happy to field any questions and encourage you all to pose them.

Sincerely,

Jim Sullivan

 

[thetrailboss]

The AP's latest article on Magic and its offering. The title seems to make things sound dire...

 

[Geoff]

We are working diligently with the current ownership and attorneys to put this offering together. Any proceeds from shares sold will initially be held in escrow until the critical threshold of 300 shares is met and the actual transfer of title to the new entity takes place. We have completed a five year budget together with a business plan which will be posted on the web site next week.

That's always been my impression of what they're trying to do. Unlike MRG, it's not a co-op. You're buying shares in a corporation. I'd be amazed if the people buying shares had any kind of control over the corporation. I figure the odds of your investment vaporizing are very high. If you blew it on hookers & blow, you'd at least have a case herpes for your money.

 

[RustyGroomer]

More Magic stoke!

Drool....

181 T-shirts sold so far. I have a lot more, keep the orders coming. Thanks guys!

 

[RustyGroomer]

Update from Magic

Jun 12, 2009

Dear Friends of Magic:

It has been a few weeks since my last update, and I wanted to touch base with you all and advise as to our progress. We have made substantial headway and are close to selling shares. As indicated previously, the money will be held in escrow until there is sufficient interest shown in order to assure that we will have the necessary financial wherewithal to proceed with this plan. That being said, I am very pleased with the widespread support which has been exhibited, and I am confident that we will sell the requisite number of shares to move forward and improve the mountain and gear up for next season. Needless to say, I am getting somewhat impatient with the process, but I remain excited and fully confident that we will be selling shares soon. Perhaps my expectations in terms of the pace of the transaction were overly optimistic. This is a complex process which not only involves various deals with current ownership, but also establishing a new company and the right to sell equity, and it simply takes time to reduce verbal agreements to written legal commitments especially when there are several parties involved. An attorney with vast experience in the field of memorializing deals and private placement offerings has been retained for several weeks now, and we have been working hard with him to take care of the voluminous legal minutia associated with this process.

The business plan relative to how the capital raised and the operating revenues will be deployed has been completed for several weeks but it has yet to be formally published because it is to a degree contingent upon the other aspects of the deal. By next week we will formally publish the business plan and associated budgets. Simultaneously or shortly thereafter I am hoping that we will be able to sign up shareholders and take payments into the escrow account. I understand that many of you cannot commit to purchasing a share until you review the business plan, but I urge you all to act quickly upon review of the plan and if you are interested in participating, please do so as soon as possible. The sooner we achieve sufficient share sales, the sooner we can get down to business and begin preparing the mountain for the upcoming season.

I have spoken and shared e-mails with many of you, and have benefited greatly from your counsel. The passion for this great mountain is apparent and strong, and I am confident that together we can make it work. Again I encourage you all to spread our message far and wide and make efforts to recruit new or past Magic faithful to our cause. Thank you for your support, your patience, and your enthusiasm. As always, please contact me with any questions. You will be hearing from me next week.

All the best,

Jim Sullivan
President

 

[RustyGroomer]

Shareholder & business plan up on www.magicmtn.com

Please read. Magic management worked very hard & put quite a bit of thought into this, feedback is welcome.

 

[pepperdawg]

A good read....keeping fingers crossed...

 

[deadheadskier]

I wish Magic all the luck in the world. That said, there is nothing in that business plan that would make me want to part with $3000. This would be the case even if I lived close enough to have Magic as a viable home mountain for myself. It's a killer place, but do the math. They NEED 1K shares sold to support 25K skier visits with possible growth to 35K. Say, the average skier spends 5 days there a season (which I think is low), that would mean 1 out of every 5 to 7 people would be share holders. I'd be curious to see what the percentage is at MRG, but those goals sound bat shit crazy to me.

I think the concept of a co-op is great and while it worked for MRG, I just don't see it happening at Magic. There are ways to maintain the majority of a resort's sense of place and still incorporate the necessary real estate development to make it financially viable. See Sugarbush and Saddleback as examples. Yes, they've changed and aren't 'what they were', but a lot of the vibe still remains.

Don't mean to be harsh here and like I said, I really hope Magic succeeds. If they do, I'll be the first to admit I was wrong. That said, if I was Mr. Sullivan, my goal would be trying to find development partners. It's obviously a difficult economic climate to do this right now. Perhaps he already is and is hoping to find one individual with deep pockets and is passionate about the area to purchase a hundred shares or so.

 

[Masskier]

I haven't skied Magic in many years, but have fond memories as a kid skiing there. I hope it survives cause its a great option to ski rather than the other over crowded areas in Southern VT. However I don't think that a 1,000 shares at $3,000 a share (3 million) is nearly enough of a investment into this mountain. It seems to be more of a band aid and patches than real capital improvements. ie.. $2,500 to repair roof. How old is the roof that it needs repair? Maybe it needs to be replaced. I think much of the infrastructure needs to be replaced instead of repaired.

 

[faceplant]

independence day for Magic?

July 3, 2009

Dear Friends of Magic:

The offering documents are completed and are posted on www.magicmtn.com. The documents consist of a Private Placement Memorandum Form U-7 and a Subscription Agreement. The Business Plan and Financials which were posted last week are incorporated in the Private Placement Memorandum via a link. For anyone wishing to review hard copies of these documents, please contact us and we will be happy to mail them to you.

The process for purchase of a share is as follows: Review the Private Placement Memorandum and the Subscription Agreement, and if you have any questions, please contact us at the office via phone or e-mail. If after a review of these documents you are prepared to make a purchase, print a copy of the Subscription Agreement, sign it and mail it in with a check. As stated previously, all money collected will deposited in an escrow account until we hit our benchmark of 300 shares sold.

A brief word about the Private Placement Memorandum: This is a document required by the Federal and State regulations and its purpose is to assure full disclosure in the offering. Much of the verbiage duplicates that which you have encountered in the Business Plan. You will notice in the PPM that the amount we are seeking to raise is $999,000 as opposed to the $3 million figure outlined in the Business Plan. The reason for the difference is technical. The Federal Rule under which we are raising the first $999,000 (Regulation D Rule 504) limits offerings to $1 million or less. The reason we pursued this avenue is because it provided the fastest manner in which we could actually sell shares. We will be following this initial offering with an offering which will allow us to raise the remaining $2 million, and we will coordinate it so that the transition will be seamless.

Thank you all for your interest. We need to sell as many shares as we can right out of the gate in order to reach our threshold of three hundred and then begin putting the money to work. I am optimistic that we will reach our goals, and I look forward to working with you all to improve and revitalize Magic.

Please do not hesitate to contact us if you have any questions. For those in the area this weekend, please remember the fireworks and live music tonight beginning at 7 PM, and more importantly, the Community Meeting on Sunday, July 5 at 11 AM to discuss and answer questions about The Magic Partnership.

Sincerely,
Jim Sullivan
President

 

[RustyGroomer]

Just bought my share stoke!

I still have plenty of T-shirts & stickers for sale! www.savemagicvermont.com

Get yours today...

 

[billski]

Rusty - YOU ARE SO CRUEL!

 

[RustyGroomer]

The gloves are off billski. Doing anything I can to help save Magic. You can expect more Magic stoke all summer long.

 

[billski]

No problem at all. Whatever can be done to save a great place.

 

[bvibert]

You can expect more Magic stoke all summer long.

Awesome!

 

[thetrailboss]

I still have plenty of T-shirts & stickers for sale! www.savemagicvermont.com

Get yours today...

I'm sure most of our AZ posters would ask if the girls come with the T-shirts or not......

:wink:

 

[GrilledSteezeSandwich]

Just bought my share stoke!


I still have plenty of T-shirts & stickers for sale! www.savemagicvermont.com

Get yours today...

Giggity Giggity Goo...send them your money..