Ragged

[Angus]

this does not sound good - they were making snow this am - hmmmm

http://business.bostonherald.com/businessNews/view.bg?articleid=178649

 

[ctenidae]

A lawsuit by an injured skier required the ski area’s insurer to put aside $200,000 to meet a possible claim. When a new insurer took over the ski area’s policy, it opted not to renew it.


harumph.

 

[thetrailboss]

A lawsuit by an injured skier required the ski area’s insurer to put aside $200,000 to meet a possible claim. When a new insurer took over the ski area’s policy, it opted not to renew it.


harumph.

I'd be interested to know "why" they were being sued. If the insurance company is dropping coverage, than it must be a major problem of some sort or the other that Blue Hills (the insured) was liable for. Something like not posting trails, not getting staff certified, etc.

 

[ctenidae]

I'd be interested to know "why" they were being sued. If the insurance company is dropping coverage, than it must be a major problem of some sort or the other.

Possibly. Major is also a relative term, and having to set aside $200K of reserves may be considered "major" by whichever insurance company it was. The fact they're having trouble writing new coverage is troublesome, though.

 

[hammer]

I'd be interested to know "why" they were being sued. If the insurance company is dropping coverage, than it must be a major problem of some sort or the other that Blue Hills (the insured) was liable for. Something like not posting trails, not getting staff certified, etc.

If ski area liability insurance is anything like homeowner's insurance, I'd think that just filing a claim could mean cancellation...:-?

 

[billski]

Well, they are obviously still operating in Danbury, so either they have secured some insurance or they are taking a huge risk running without it. The later is less likely.

Either way, their snow report says:
"[FONT=Verdana, Arial, Helvetica, sans-serif]DAILY NOTES: We're making snow from top-bottom and are finishing up work on the 6-pack. It is scheduled to open Friday, 1/26."

People sue for whatever reason their 3am Ambulance chasing lawyer recommends. Sadly, it's guilty until proven innocent, so they plaintiff can accuse Ragged of anything. Nothing unique to Ragged. Resorts are the subject of stupid suits everyday. Mostly they are settled out of court as a cheaper solution than paying more attorneys for extended litigation. Either way, the attorneys on both sides always win biggest.

[/FONT]

 

[57stevey]

Hmmm....Ragged Claims that they have 98 percent snowmaking. Something is not right here....

Billski--any response?

Pretty sure that yellow shading on the map is the "slow skiing" area...

 

[billski]

6 pack is turning again...

Ragged got their 6-pack running again. they now have 9 of 50 trails running, up from 2 open trails. A late start, but hopefully it will start to draw customers. They now have 2 blues and 7 greens open

 

[eatskisleep]

Ragged got their 6-pack running again. they now have 9 of 50 trails running, up from 2 open trails. A late start, but hopefully it will start to draw customers. They now have 2 blues and 7 greens open

Still only one route from the 6 pack... all the way to the bottom. I was getting worried they wouldn't open it yesterday as it was delayed for quite sometime there. Overall conditions were pretty good on the lower terrain but the stuff serviced by the 6-pack wasn't the greatest.

 

[billski]

Still only one route from the 6 pack... all the way to the bottom. I was getting worried they wouldn't open it yesterday as it was delayed for quite sometime there. Overall conditions were pretty good on the lower terrain but the stuff serviced by the 6-pack wasn't the greatest.

I'll bet the place was pretty empty, no?

 

[eatskisleep]

I'll bet the place was pretty empty, no?

Minus the 300 or so racers; yes.

 

[thetrailboss]

The latest, thanks to the folks at the NELSAP Board:

Ragged's creditors plan a March 1st Auction. That's right....the resort owes on its $5 million loan and missed a payment. The resort has faced three bad seasons and is now refinancing/restructuring.

Comments?

 

[tcharron]

The latest, thanks to the folks at the NELSAP Board:

Ragged's creditors plan a March 1st Auction. That's right....the resort owes on its $5 million loan and missed a payment. The resort has faced three bad seasons and is now refinancing/restructuring.

Comments?

So basically, they have 1 month to pony up 5 mil.

The owners seem to think they can just make up the payment, but there seems to be a difference of opinion there.

 

[The Sneak]

Someone's gotta save this place. It was one of my favorites, esp for day trips in good snow years.

 

[billski]

So basically, they have 1 month to pony up 5 mil.

The owners seem to think they can just make up the payment, but there seems to be a difference of opinion there.

No, they have one month to restructure their debt. Big diff.

 

[billski]

ski!

Someone's gotta save this place. It was one of my favorites, esp for day trips in good snow years.

You can help by getting over there and helping their cash flow:


http://www.ragged-mt.com/

[FONT=Verdana, Arial, Helvetica, sans-serif] Temporary Pricing:[/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif] [/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif] [/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif]
Adults 19-64
Teen 13-18
Juniors 6-12
Seniors 65-71
Seniors 72+
Children 5 and under[/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif]
[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]Weekend [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif] $35.00
$22.00
$12.00
$12.00
$12.00
Free[/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif]

[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]Midweek [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif] $20.00
$15.00
$10.00
$10.00
$10.00
Free[/FONT]

 

[thetrailboss]

No, they have one month to restructure their debt. Big diff.

Sort of...not really...seems that the lender wants to recoup the over $5 mill they have lost. So yes, there appears to be a refinance deal in the works...but that is to cover the amount owed to the lender. At least that is how I read this:

As of the auction date, the Endriunases will owe in excess of $5 million, according to Laconia attorney John P. Giere, who represents Endeavor Financial Services. The amount exceeds the original amount that was borrowed and includes advances his client has paid to protect its interests and the expenses for the potential sale to a new owner.

Giere stressed that "there's always the possibility that between now and March 1st that the Ragged Mountain folks will redeem the property by paying all amounts owed and that would be in everybody's best interest."

In response, Pins explained, "we're in the midst of refinancing. We missed a payment and our lender, as they should, started the proceedings" to recoup its money, a process that includes setting an auction date.

 

[billski]

Re-financing, is just one restructuring vehicle option used to "pay" the amounts owed. That's what Giere is saying. However, there are always other restructuring options, including debt t for equity, etc. The auction (liqudation) threat is always the first to be held over the debtor's head. Auctions are the last resort of the debtee - there are too many encumberances, delays to say nothing of the fact that Endeavor is likely to get but pennies on the dollar owed. Better to get the debtee paying again.

It's an interesting dance. It's not what's on top of the table that matters, it's what's going on under the table that's the important stuff.

 

[dcarbs]

ragged article

This Looks pretty bad-
They have had financial difficulties going back to 2000

http://www.concordmonitor.com/apps/pbcs.dll/article?AID=/20070205/REPOSITORY/702050305

 

[Vortex]

I'll be there Sunday with my son for the usasa (United Sates of America Snowboarding Assoication) Boarder cross. Two events. Have not been here in about 5 years. Then the following Sat for another Boarder cross. They have skier crosses planned on both of those days also.

At least my ticket won't be that exspensive. I prepaid to register him. Looks like with the discount tickets I loose on on the deal though. I could have bought a $12 dollar tickets for him each time instead of paying $25 for pre- registering. I showed them.