Park City/Talisker-Vail Lawsuit

[trackbiker]

Xanadu. The ultimate feeder hill?

I look at Xanadu as more of an amusement ride like bungee jumping or parasailing that people will do to say they did it, once.

 

[skiNEwhere]

I look at Xanadu as more of an amusement ride like bungee jumping or parasailing that people will do to say they did it, once.

That's pretty much what I said about ski Dubai

 

[trackbiker]

That's pretty much what I said about ski Dubai

Sorry I missed that post but I did get the joke. :smile:

 

[trackbiker]

Back to the original topic.....Wasn't there supposed to be some type of ruling today on the lease bond? Tick...tick...tick....tick..

 

[steamboat1]

Back to the original topic.....Wasn't there supposed to be some type of ruling today on the lease bond? Tick...tick...tick....tick..

I think 3pm mountain time.

 

[thetrailboss]

T-Minus 1:43 minutes......

 

[AdironRider]

Heard on the wire bond set at 17.5 million.

So HS was nowhere close.

http://www.sltrib.com/sltrib/news/58378483-78/pcmr-park-resort-talisker.html.csp

 

[VTKilarney]

Heard on the wire bond set at 17.5 million.

So HS was nowhere close.

http://www.sltrib.com/sltrib/news/58378483-78/pcmr-park-resort-talisker.html.csp

HS was only predicting what Vail was asking for, not what the judge would grant. He was, however, way off on what Vail asked for.

I'd call this a win for PCMR. They have some heat taken off them if they want to drag this out. The judge's decision may not speed up a resolution.

 

[Highway Star]

He was, however, way off on what Vail asked for.

No, I wasn't. You're an idiot.

 

[thetrailboss]

Heard on the wire bond set at 17.5 million.

So HS was nowhere close.

http://www.sltrib.com/sltrib/news/58378483-78/pcmr-park-resort-talisker.html.csp

OK. I guess it shows that PCMR and Talisker have not been able to come to some kind of deal in mediation. Bummer. I guess we now know that PCMR has to pay to play or get out. We will see what they do.

 

[thetrailboss]

I'd call this a win for PCMR. They have some heat taken off them if they want to drag this out. The judge's decision may not speed up a resolution.

It is a Pyrrhic victory at best. They've lost the war. They might have one more season if they cough up the cash and in a short time. Otherwise they have to get off.

 

[VTKilarney]

Agreed they have lost the war.

 

[Highway Star]

FYI thats to be PAID in assurity bond or cash by NEXT FRIDAY...

to operate 15/16 season another $19 MIL has to be paid by march 2, 2015.

total to operate 2 seasons looks to be $36.5 mil...

This $36.5M figure compares directly to my guess of $200M to $300M Vail was asking for in their docs, actual $201M that Vail was asking for in their docs, $125M Vail asked for in court, and $1M to $7M POWDR asked for.

 

[Highway Star]

It is a Pyrrhic victory at best. They've lost the war. They might have one more season if they cough up the cash and in a short time. Otherwise they have to get off.

They will likely operate the next two seasons, but at the end Vail will likely recover the bond amounts or more, and POWDR will be kicked out or pay rent over $10m per year. Pretty much worst case scenario IMHO, I'm not happy with how this effects Killington going forward.

 

[thetrailboss]

They will likely operate the next two seasons, but at the end Vail will likely recover the bond amounts or more, and POWDR will be kicked out or pay rent over $10m per year. Pretty much worst case scenario IMHO, I'm not happy with how this effects Killington going forward.

Good point. Killingtonians would prefer to see this end NOW before Killington revenues get sucked away to pay for this mess at PCMR. I imagine that they will impose a "legal fee surcharge" on their passes soon

 

[Highway Star]

Good point. Killingtonians would prefer to see this end NOW before Killington revenues get sucked away to pay for this mess at PCMR. I imagine that they will impose a "legal fee surcharge" on their passes soon

John Cumming is like a black hole. Millions of dollars go to him every year. You can bet that any money funding this whole fiasco is going to come from what would normally be capital improvements at his resorts, and not his own personal profits.

Looking at Vail's reports is pretty insightful. While they may pay their executives and directors a few $100k each year, and stock dividends, they plow over $100M (half their profits) back into capital improvements to keep the machine going and their customers happy. At this point, POWDR's profits are going to Cumming, debt, Vail legal issues and then a small sliver for capital.

 

[VTKilarney]

Well, I guess the TGR forum rumor of a deal turned out to be BS.

 

[thetrailboss]

Well, I guess the TGR forum rumor of a deal turned out to be BS.

It's a case of Vail wanting too much money and Powdr wanting to pay too little....

Powdr had a hell of a deal--$150k annually for a lease of that size?!


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[VTKilarney]

I wonder why POWDR said that they would have to make a decision as to whether or not to post the bond. I thought if it was in that range they would have gladly posted it. Is business that bad because of this fiasco that they are actually worried about turning a profit even with the bond?

 

[thetrailboss]

I wonder why POWDR said that they would have to make a decision as to whether or not to post the bond. I thought if it was in that range they would have gladly posted it. Is business that bad because of this fiasco that they are actually worried about turning a profit even with the bond?

I would not think that they would have $17.5 mill just lying around....

Also maybe they were waiting to see what the bond amount would be before trying to come to some kind of deal with Vail.


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