Saddleback

[salsgang]

Back on topic, I have a good friend at work who owns at SB and she is as tight lipped as it gets. I've asked several times what's going on and I just get, " we'll see what happens"! WTF!

Very true. At least on-line and in the media, I have seen zero posts of "I am and condo owner and..." They are doing a remarkable job keeping this under wraps as this unfolds. Fingers crossed and still hoping for lift serviced turns this winter...

Maine Sunday Telegram article from this weekend.

http://www.pressherald.com/2015/08/30/an-economic-cloud-hovers-over-saddleback/

 

[xwhaler]

Will be up there for the long wknd coming up. Going to do a Rock and Midway pond hike with the family.
Will try and see what I see around the property.

 

[skiMEbike]

Cross post from SL today...Rumors flying around about getting rid of groomers, dismantling the lift, limited operations....All not true & squashed by GM C Farmer....Keep the faith!!

Post from C Farmer in response to the rumors:

One Groomer went to Lewiston our 600 Winch cat. It is a leased machine, they wanted it there so they are ready for either scenario and be able to get it serviced for us.
No discussion of limited operation- RUMOR
Rangeley chair still intact has not been dismantled- RUMOR

Working hard on a solution, day and night. Hope to have a clear update by the end of the week, hoping for a positive end result.
We have communicated as much as we can with condo owners and individuals but as many know a lot of this is confidential.

Back to work, Keep the Faith

 

[joshua segal]

....

Back to work, Keep the Faith

Notice the pun (i.e Faith Berry, board of trustees, daughter of owners)!

 

[DJAK]

Notice the pun (i.e Faith Berry, board of trustees, daughter of owners)!

Farmer is doing well considering the pickle he's in.

 

[Cat in January]

Disagree with that. Going public trying to push things along with scare of a deadline and then going dead silent weeks after the deadline passed is not doing well in my book. Was the deadline real or just made up to rouse public pressure in your favor? Because Saddleback elected to involve the public in their press release, they should continue to be public with what is going on. Not the particulars, but at least the generalities. Not impressed with how Saddleback has handled this at all.

 

[deadheadskier]

Maybe they should start a GoFundme page. :lol:

I'm pulling for them, but I agree the situation hasn't been handled well.

 

[Cat in January]

I too am pulling for them. Nice place with low skier density and relatively unpretentious.

 

[thetrailboss]

Disagree with that. Going public trying to push things along with scare of a deadline and then going dead silent weeks after the deadline passed is not doing well in my book. Was the deadline real or just made up to rouse public pressure in your favor? Because Saddleback elected to involve the public in their press release, they should continue to be public with what is going on. Not the particulars, but at least the generalities. Not impressed with how Saddleback has handled this at all.

Agreed. If you are going to make a threat you have to be ready to act on that threat, or else you lose credibility. I'm not sure what their goal was--to influence the State? A large lender? Investors?

 

[steamboat1]

Kind of like Magic going public & saying they have new owners but they aren't saying who yet.

I hope both mountains have a bright future.

 

[DJAK]

Disagree with that. Going public trying to push things along with scare of a deadline and then going dead silent weeks after the deadline passed is not doing well in my book. Was the deadline real or just made up to rouse public pressure in your favor? Because Saddleback elected to involve the public in their press release, they should continue to be public with what is going on. Not the particulars, but at least the generalities. Not impressed with how Saddleback has handled this at all.

I meant the dude himself, not the plan that created the pickle. He's staying positive.

 

[tipsdown]

I believe the problem is that they changed course mid-stream. The original intent was to raise capital for the new lift. Towards the end of that process they were fielding calls from legitimate potential buyers. Selling the mountain superseded raising money for a new lift and now here we are...
Negotiating the sale of a mountain/resort takes months, not days. My guess is, they felt this was a necessary move to get buyers off the sidelines. So they sent this release out to every ski publication and media outlet for a reaction. If it was crickets on the buyer side, they’d raise the money to install a new lift and kick the sale down the road. If they starting receiving calls from buyers, they’d bail on the new lift and sell. From what I’ve heard, they’ve received a number of offers over the last couple of years but were unwilling to part with it based on the buyers future plans and or terms/conditions. They’ve now backed off that stance and want out. This may have been the only way to effectively do that without giving it away at a fire sale price. Regardless, this appears to have been totally mishandled. They’re biggest mistake was trying to cram a solution into 2 weeks. If they made this announcement at the start of last ski season, they never would have been in this predicament. Who knows, they may have a marquee buyer lined up that's going to turn the area in a premier resort and they’re just finalizing details. That’s kind of what this feels like given all the “confidentiality” talk. And if that’s the case we may look back on this and say their strategy was a success….But it’s too bad it has to come at the expense of hanging their year round staff, properties owners, and community out to dry for the entire summer, if not longer.

 

[thetrailboss]

I meant the dude himself, not the plan that created the pickle. He's staying positive.

He's in a tough spot no doubt.

 

[salsgang]

I believe the problem is that they changed course mid-stream. The original intent was to raise capital for the new lift. Towards the end of that process they were fielding calls from legitimate potential buyers. Selling the mountain superseded raising money for a new lift and now here we are...
Negotiating the sale of a mountain/resort takes months, notdays. My guess is, they felt this was a necessarymove to get buyers off the sidelines. So they sent this release out to every skipublication and media outlet for a reaction. If it was crickets on the buyer side, they’d raise the money to installa new lift and kick the sale down the road. If they starting receiving calls from buyers, they’d bail on the new liftand sell. From what I’ve heard, they’ve receiveda number of offers over the last couple of years but were unwilling to partwith it based on the buyers future plans and or terms/conditions. They’ve nowbacked off that stance and want out. This may have been the only way toeffectively do that without giving it away at a fire sale price. Regardless, this appears to have been totallymishandled. They’re biggest mistake was trying to cram a solution into 2weeks. If they made this announcement atthe start of last ski season, they never would have been in this predicament. Who knows, they may have a marquee buyerlined up that's going to turn the area in a premier resort and they’re just finalizingdetails. That’s kind of what this feels likegiven all the “confidentiality” talk. Andif that’s the case we may look back on this and say their strategy was a success….But it’s too bad it has to come at the expense of hanging their year roundstaff, properties owners, and community out to dry for the entire summer, ifnot longer.

^^^

Hopefully it all works out in the end.

 

[x10003q]

I was up in Rangeley last week. We hiked SB. There was nothing happening on the mountain. The whole area is just beautiful. When I spoke to the locals I got a host of opinions and hearsay about the situation. One major theme is there are too many Berry chiefs. Another was the double chair should have been replaced before they did up the Lodge. I hope they figure it out.
Top of the double in question


View of Rangeley Lake from the top of Saddleback

 

[salsgang]

Update on the Saddleback Facebook Page. No resolution yet but interesting none the less. I vote for any option but #2.

SADDLEBACKERS: All of us are waiting to see what the future holds for Saddleback.
Over the past 44 days we have exhausted all reasonable financing options for replacing the Rangeley Double chair with a quad. Although we have not been able to secure financing for the quad, there has been significant interest in a purchase of the resort. As many of you know commercial transactions of this nature take time; Buyers need to do their due diligence (homework) and the process requires a high level of confidentiality. The degree of confidentiality can be frustrating to all of us because we would love to tell you what is going on but legal restrictions prevent us from sharing.
Here are the scenarios we are working through now:
1. We have a buyer negotiating to buy the resort and install a quad lift this season.
2. We have a buyer negotiating to buy the resort; remain closed for the ski season and install a lift next summer.
3. We have two potential buyers looking at operating status quo for the winter. Improvements would begin next summer.
4. We are also discussing a leasing option.
The Berry Family is evaluating all options with the goal of a sustainable future for Saddleback.
We appreciate the outpouring of support from our community and customers – this is a tough time for all of us. We understand the frustration about the unpredictability of the future and not being able to make winter plans. We assure you we are doing everything in our power to resolve these questions as soon as possible.

 

[St. Bear]

Closing for a year doesn't make any sense. The very definition of cutting off one's nose to spite your face.

 

[Jully]

^agreed. If they close for a year I think without a doubt they'd lose a chunck of pass holders the next opening season. Seems like a no brainer to at least operate status quo... Even if on a reduced schedule or something to not lose loads of money.

 

[deadheadskier]

The thought of closing to me suggests some family infighting over not wanting to see more of their fortune whittle away.

To be honest, I would have thrown in the towel long before the tab hit $40M. Yes, I'm aware they probably made some of that back in real estate sales, but not likely much of it.

 

[soposkier]

Curious if they do not open what effect it would have on Sugarloaf weekend crowds.