Saddleback Mountain Cooperative - Information Thread & Survey

[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.

 

[SnowRider]

I don't know much about Saddleback but they need a copywriter to outline their plans. They sound indecisive and undecided. If I was an investor anywhere beyond local residents, this site wouldn't give me confidence. "Maybe we'll do this, but maybe we'll do THAT."

 

[joshua segal]

I don't know much about Saddleback but they need a copywriter to outline their plans. They sound indecisive and undecided. If I was an investor anywhere beyond local residents, this site wouldn't give me confidence. "Maybe we'll do this, but maybe we'll do THAT."

Really? The plan is quite lengthy and as far as I know has not been posted publicly. Where did you see it?

 

[thetrailboss]

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.

Wow. Just when we thought that was the end of the story.


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[MEtoVTSkier]

Really? The plan is quite lengthy and as far as I know has not been posted publicly. Where did you see it?

http://skisaddlebackme.com/development-plan.html

 

[fiddleski]

Wow. Just when we thought that was the end of the story.


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A long way from the end of the story. According to the foundation website:

On reaching $4 million in cash and binding pledges, SMCR, LLC will sign a purchase and sales agreement and gain exclusivity by providing a $500,000 deposit.

I take it that until the $4 mil is in hand and $500,000 put down, there's no change in status.

 

[thetrailboss]

A long way from the end of the story. According to the foundation website:

On reaching $4 million in cash and binding pledges, SMCR, LLC will sign a purchase and sales agreement and gain exclusivity by providing a $500,000 deposit.

I take it that until the $4 mil is in hand and $500,000 put down, there's no change in status.

Exactly


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[joshua segal]

http://skisaddlebackme.com/development-plan.html

That ain't it. That's about 10% of it.

 

[joshua segal]

I wouldn't hold my breath waiting for another buyer to come along. All of last year there was a stream of potential buyers that were not able to consummate a deal. As Peter said, it's just a matter of how fast the Foundation can raise the money.

 

[uphillklimber]

A bird in the hand.... I hope they can make this happen.

Joshua, I understand you are in a position of knowledge, but also have the restriction of confidentiality. Whatever you can share is appreciated, and what you can't, well.... you can't.

 

[MEtoVTSkier]

That ain't it. That's about 10% of it.

So says you, but that's all they threw out there, so that's all there is for the rest of us to go on. It already seems overly optimistic for the short term, so if there's 90% more that they are keeping secret, then that doesn't inspire a lot of confidence in the plan. Maybe a longer timeline would allow for it all to work, but it seems more like the Berry's are looking for a short-term solution.

 

[SnowRider]

So says you, but that's all they threw out there, so that's all there is for the rest of us to go on. It already seems overly optimistic for the short term, so if there's 90% more that they are keeping secret, then that doesn't inspire a lot of confidence in the plan. Maybe a longer timeline would allow for it all to work, but it seems more like the Berry's are looking for a short-term solution.

Exactly, if their plan is really to crowdfund in order to get back to operational status, plans need to be available to everyone. If I was skier outside of the immediate economic area it impacted, I would want to see more concrete plans than "zipline here, a lift there, new trails over on that mountain" before I invested. It's all wishy-washy "pie in the sky" ideas demonstrated through a quick Microsoft paint graphic.

The Balsams, no matter how overly optimistic they might be, at least have an well designed website that communicates exactly what they want to do in order to expand and develop the resort.

 

[joshua segal]

Until the deal is actually closed, there are certain aspects of confidentiality that have to be maintained. What's posted is a pretty good overview. To the extent you are worried about details, the team at the Foundation has thought it out. They are a really hi-powered team of very successful people. I'm sure if you wanted to contact them pertaining a donation or a membership share, that they will accommodate your request for more information. There is a difference between keeping something secret and not broadcasting it.

 

[salsgang]

I think the co-op / Saddleback Mountain foundation model is the best viable path forward for the mountain and the region as a whole. It will be a tremendous challenge for the foundation but I will be rooting them on and helping all that I can to make this a reality. I put a post on my blog for those wanting to read a more long-winded explanation of support.

http://www.maineskifamily.com/2016/10/editorial-opinion-on-current-saddleback-situation.html

 

[joshua segal]

I agree with salsang. Looking over the financials and knowing the last two owners and their horror stories, the co-op/foundation has finally come to the conclusion that perhaps its time to move beyond the "built-it-and-it-will-be-profitable-model". I can't imagine an investor in his right mind dumping more money into the mountain with the hope of profitability.

 

[bdfreetuna]

"trails on that mountain over there" sounds good to me. I'm not investing though. If I had an extra $2000 to kick down and I lived a little closer, I would.

 

[salsgang]

As part of the fundraising effort to get to the initial $4MM the organization will be selling 'membership levels' that will entitle folks to different benefits depending on the membership level. I hear the group will be able to start accepting funds later this week.


I have been authorized to post a preview of the membership form - I have it up on my Facebook page - you should be able to view it even if you don't have Facebook as my page is public.


https://www.facebook.com/MaineSkiFamily/


Long ways to go but steps forward are being made! More info on the organizations efforts are available on their website:

http://www.skisaddlebackme.com/

 

[AdironRider]

2 grand for 1 adult and 1 teen/kid pass, at Saddleback. Oh you get a free drink at a restaurant.

I wish all of you luck but you aren't going to succeed with that pricing.

 

[salsgang]

2 grand for 1 adult and 1 teen/kid pass, at Saddleback. Oh you get a free drink at a restaurant.

I wish all of you luck but you aren't going to succeed with that pricing.

All comments / feedback welcome of course but it is more than just getting a season pass. Contributors are helping a community organization to purchase a ski mountain... for the community. More info on the Saddleback foundation website.

http://www.skisaddlebackme.com/

 

[cdskier]

2 grand for 1 adult and 1 teen/kid pass, at Saddleback. Oh you get a free drink at a restaurant.

I wish all of you luck but you aren't going to succeed with that pricing.

Honestly that isn't unreasonable. This is somewhat similar to shares at MRG (although at MRG you're an actual owner with a share while here that's not officially the case). MRG shares cost $2K and you don't get a season pass with that...