Saddleback Mountain Cooperative - Information Thread & Survey

[xwhaler]

Little preview of the big news coming today at 11. Great news for Saddleback and the Rangeley Lakes Region!
Now the big test will be whether they do raise enough funds quickly to open this yr with limited operations.

http://www.pressherald.com/2016/10/...-agreement-to-buy-troubled-saddleback-resort/

 

[Jully]

$2.2 Million is not a bad price for the area! Love to hear more about the $5 million in "pledges"

 

[mbedle]

Just think how pissed some of the previous potential purchasers are seeing it got sold for only 2.2 million. Wasn't it on the market for I think 8 million or was it 12 Million? Got that all wrong - looks like the sale price is 6 million.

 

[Smellytele]

Just think how pissed some of the previous potential purchasers are seeing it got sold for only 2.2 million. Wasn't it on the market for I think 8 million or was it 12 Million? Got that all wrong - looks like the sale price is 6 million.

Well maybe that included the land that was sold to the Trust for Public Land

 

[xwhaler]

Folks, all the info that you are all debating is contained on this brand new website. I encourage you to read it and then analyze the content.
Too much ill-informed speculation abounds right now in this thread but all we need to know at the moment is nicely presented below.

http://skisaddlebackme.com/

 

[deadheadskier]

Surprised they are still talking some grand expansion plans. I think most would be happy with just getting the Rangeley done and running a lean, sustainable operation. All that new stuff would be fantastic, but also carries a lot of risk.

 

[xwhaler]

Running a limited operations outpost ski area just having replaced the Rangeley may not be enough to make the mtn sustainable for the long term.
They have a stepped plan to add/develop as additional funds are raised.
I think they also need to show some future development so folks understand the vision and are more willing to donate.

I think the main thing is they are trying to do something different and address some of the obvious shortcomings of why the mtn has been living on the edge for many many yrs.

 

[bdfreetuna]

Wow this is great. Even with selling all that land for conservation they still want to go forward with major expansion plans.

 

[MEtoVTSkier]

All that said, if we can raise the funds fast enough, it is this initiatives intention to open the ski area in some fashion – even if it is just spinning lifts with little to no other services. One reason is to of course provide skiing to our community, but a more important reason is to buffer the economic impact on the region by being closed for one more year. However, it is certain that at least initially any opening will be limited to members of the community and their guests. The last thing we want to do is provide an inferior product to the general public.

That just doesn't sound very good to me... Seems you don't want to alienate any potential investors...

Other than that looks good, although I agree, the expansion plans seem optimistic/aggressive. We'll see I guess.

 

[joshua segal]

Just think how pissed some of the previous potential purchasers are seeing it got sold for only 2.2 million. Wasn't it on the market for I think 8 million or was it 12 Million? Got that all wrong - looks like the sale price is 6 million.

The newspaper reporter got it wrong. $2.2 was the cash at closing. There is also a substantial note payable to the Berry's. I'm not sure if the amount and terms of that note are public information, so I'll quit there.

 

[Smellytele]

so 2.2 plus 3.8m in debt to start.

 

[joshua segal]

so 2.2 plus 3.8m in debt to start.

I can confirm that this much is correct

 

[Tin]

I can confirm that this much is correct

If youre just going to tease and give the Saddleback lovers bluebells why bother posting? We get it, you have connections.

I

 

[mbedle]

I don't think that is correct. SMCR, LLC needs to raise 4 million before the agreement of sale can be signed. The Berries are requiring 4.9 million in cash to payoff debt they have at the resort. 2.2 million will come from SMCR and 2.7 million will come from the sale of 3,294 acres to the Trust for Public Land. SMCR will generate the 4 million via share sales and donations (not sure who would donate to the for profit company). The remaining 1.8 million is for operating expenses. What I am having a hard time understanding is the separation between SMCR and SMF.

 

[bdfreetuna]

Saddleback throws us a curve ball on their Facebook:

Saddlebackers, many of you by now have seen the Saddleback Mountain Foundation's announcement of their initiative to raise monies for the purchase of the mountain. We wish them well with their efforts. We continue to work with the Saddleback Mountain Foundation, in addition to the other qualified buyers who are also in the process of pursuing the purchase of the resort. When the trail is clear we will update you.

 

[joshua segal]

FWIW, Peter told me a few minutes ago that they raised $600K (15%) just at the meeting today. Think about who has the most to lose if Saddleback goes under? The owners of the condos and (the economy of - including real estate values of) Rangeley. I'm betting that most of the money will be coming from those sources.

 

[joshua segal]

If you're just going to tease and give the Saddleback lovers bluebells why bother posting? We get it, you have connections.

I am only trying to correct some directions in which this thread goes that are blatantly incorrect. I can't give out confidential information. I've been on AZ long enough to know some names whose posting I don't bother to read. Perhaps you should do so with mine!

 

[tipsdown]

I don't think that is correct. SMCR, LLC needs to raise 4 million before the agreement of sale can be signed. The Berries are requiring 4.9 million in cash to payoff debt they have at the resort. 2.2 million will come from SMCR and 2.7 million will come from the sale of 3,700 acres to the Trust for Public Land. SMCR will generate the 4 million via share sales and donations (not sure who would donate to the for profit company). The remaining 1.8 million is for operating expenses. What I am having a hard time understanding is the separation between SMCR and SMF.

Right on...SMCR and SMF are essentially one in the same...Is structured as such for Legal/Financial/Tax considerations...

 

[benski]

FWIW, Peter told me a few minutes ago that they raised $600K (15%) just at the meeting today. Think about who has the most to lose if Saddleback goes under? The owners of the condos and (the economy of - including real estate values of) Rangeley. I'm betting that most of the money will be coming from those sources.

How?! Most people have work so how many people could even make it to the meeting. Did that include people who offered money online? sound like they are off to a good start.

 

[joshua segal]

How?! Most people have work, so how many people could even make it to the meeting? Did that include people who offered money online? Sounds like they are off to a good start.

I wasn't there, but Peter debriefed me by phone after the meeting. He estimated attendance at 150. There was coverage from all the local newspapers, AP, all the local TV stations, NECN and I forget who else. He said, that the checks/pledges in hand were just from the meeting today. He felt they could not accept money until there was an agreement with the Berrys and this press conference was the official roll-out. The interest shown online is not included and when push comes to shove, he realizes that many of those who showed interest and indicated they would provide support, may not actually come through when the reality of writing a check comes along.