SnowRider
New member
Havn't heard anything about the auction. Did anyone buy it?
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So what happend to Ragged?
- Thread starter SnowRider
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eatskisleep
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April 3rd. I guess there is some company based in Utah that is interested in it for $10 million.
Angus
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from Fosters online...www.citizen.com
Ragged Mountain granted extension
CONCORD, N.H. (AP) _ Owners of the Ragged Mountain ski resort were expected to file for bankruptcy on Thursday or auction off the property. Neither happened.
Instead, the owners were given a 30-day extension by their lender to help work out ''a smooth transition to development of the property,'' co-owner Al Endriunas said.
''I think it's a 30-day extension that will ultimately turn into a longer extension, assuming certain milestones are met in the next 10 days,'' Endriunas said.
Al and Walter Endriunas were expected to file for bankruptcy protection on Thursday after a judge denied an emergency motion to prevent a foreclosure auction.
Court records say the Danbury resort has defaulted on a $4.75 million loan. Its lender had said it was ready to foreclose. The auction had been scheduled for Thursday afternoon; it would have been canceled if the bankruptcy filing was completed.
''We're going to hold back and let them continue to see if they can work things out,'' said John Giere, an attorney for Endeavor Financial Services.
Filing for bankruptcy could allow the resort to stay open for the rest of the season, but if the owners do not submit a financial reorganization plan to pay back creditors, the court could sell the property.
''We're negotiating with different parties right now; whether it's a joint venture or whether it be a sale, I'm really not at liberty to discuss that because nothing's firm,'' Al Endriunas said Thursday.
The Endriunas brothers had filed a petition for a temporary injunction Tuesday asking the judge to stop the foreclosure so they could sell the resort themselves, according to court documents. A Utah company has offered to purchase the resort for $10 million, but attorneys for the mortgage lender argued the offer is not ''iron clad'' and may not yield enough money to pay off the resort's debts.
According to the court petition, the Endriunas brothers owners were already negotiating to sell Ragged Mountain - but did not have a formal purchase offer - when they defaulted on a $4.75 million loan from Endeavor Financial Services LLC in January. The loan was supposed to help Ragged refinance and pay off existing debts and begin engineering and architectural planning for an expansion that would include 800 new slopeside condominiums, Endeavor attorney John Giere said.
After the notice of foreclosure sale was advertised, Ragged Mountain was approached by several interested buyers, one of whom signed an offer Feb. 23 to purchase the resort, the petition said.
The buyer made a formal purchase offer and had given a $100,000 deposit; the owners expected the agreement to be completed by March 9. Ragged had asked Endeavor to cancel the auction in anticipation of the sale, but the company refused and demanded that the resort immediately pay the current interest owed on the loan, which was due to be paid off by Jan. 12, according to a court document.
Ragged Mountain's owners said they don't have the money, but would be able to pay its Endeavor debt if they sell the ski area.
According to the judge's order, the property has been appraised at more than $20 million. Given the apparent value of the resort, it is likely that the ultimate sale price - whether at auction or through the bankruptcy court - would exceed the $10 million offer, a lawyer for Endeavor said.
Giere said the purchase agreement allowed a 60-day inspection period, meaning the Utah buyer could terminate the agreement at any time, for any reason, and get the deposit back.
''We thought the agreement was a little thin because of that,'' Giere said. ''And there was a good likelihood that it would not come to a closing, and that eventually the delay on the sale of the property would continue to increase the amounts that are owed, not only to Endeavor, but other creditors.''
Ragged Mountain granted extension
CONCORD, N.H. (AP) _ Owners of the Ragged Mountain ski resort were expected to file for bankruptcy on Thursday or auction off the property. Neither happened.
Instead, the owners were given a 30-day extension by their lender to help work out ''a smooth transition to development of the property,'' co-owner Al Endriunas said.
''I think it's a 30-day extension that will ultimately turn into a longer extension, assuming certain milestones are met in the next 10 days,'' Endriunas said.
Al and Walter Endriunas were expected to file for bankruptcy protection on Thursday after a judge denied an emergency motion to prevent a foreclosure auction.
Court records say the Danbury resort has defaulted on a $4.75 million loan. Its lender had said it was ready to foreclose. The auction had been scheduled for Thursday afternoon; it would have been canceled if the bankruptcy filing was completed.
''We're going to hold back and let them continue to see if they can work things out,'' said John Giere, an attorney for Endeavor Financial Services.
Filing for bankruptcy could allow the resort to stay open for the rest of the season, but if the owners do not submit a financial reorganization plan to pay back creditors, the court could sell the property.
''We're negotiating with different parties right now; whether it's a joint venture or whether it be a sale, I'm really not at liberty to discuss that because nothing's firm,'' Al Endriunas said Thursday.
The Endriunas brothers had filed a petition for a temporary injunction Tuesday asking the judge to stop the foreclosure so they could sell the resort themselves, according to court documents. A Utah company has offered to purchase the resort for $10 million, but attorneys for the mortgage lender argued the offer is not ''iron clad'' and may not yield enough money to pay off the resort's debts.
According to the court petition, the Endriunas brothers owners were already negotiating to sell Ragged Mountain - but did not have a formal purchase offer - when they defaulted on a $4.75 million loan from Endeavor Financial Services LLC in January. The loan was supposed to help Ragged refinance and pay off existing debts and begin engineering and architectural planning for an expansion that would include 800 new slopeside condominiums, Endeavor attorney John Giere said.
After the notice of foreclosure sale was advertised, Ragged Mountain was approached by several interested buyers, one of whom signed an offer Feb. 23 to purchase the resort, the petition said.
The buyer made a formal purchase offer and had given a $100,000 deposit; the owners expected the agreement to be completed by March 9. Ragged had asked Endeavor to cancel the auction in anticipation of the sale, but the company refused and demanded that the resort immediately pay the current interest owed on the loan, which was due to be paid off by Jan. 12, according to a court document.
Ragged Mountain's owners said they don't have the money, but would be able to pay its Endeavor debt if they sell the ski area.
According to the judge's order, the property has been appraised at more than $20 million. Given the apparent value of the resort, it is likely that the ultimate sale price - whether at auction or through the bankruptcy court - would exceed the $10 million offer, a lawyer for Endeavor said.
Giere said the purchase agreement allowed a 60-day inspection period, meaning the Utah buyer could terminate the agreement at any time, for any reason, and get the deposit back.
''We thought the agreement was a little thin because of that,'' Giere said. ''And there was a good likelihood that it would not come to a closing, and that eventually the delay on the sale of the property would continue to increase the amounts that are owed, not only to Endeavor, but other creditors.''
billski
Active member
the extension makes great business sense. Peak earning seasons, let them squeeze whatever cash they can out of fixed assets now...
hiroto
Member
Ragged closing 3/19?
Came across this note on their daily notes:
" We are closing for the season tomorrow, 3/19"
http://www.ragged-mt.com/ski/snowreport.htm
After just receiving 12 inches of new snow? This cannot be good.
Came across this note on their daily notes:
" We are closing for the season tomorrow, 3/19"
http://www.ragged-mt.com/ski/snowreport.htm
After just receiving 12 inches of new snow? This cannot be good.
No $$$ left.
RISkier
Active member
My completely naive perception of Ragged. And I do mean naive since I've never been there, don't live in the vicinity, and don't have any insider knowledge. My perception is that location is a problem for Ragged. It's a pretty substantial mountain, about similar in size to Gunstock and maybe a little smaller than Sunapee, but what's the market? Why would I ever go there coming up from the South? The drive to Loon up I93 is easier, and probably just as fast in terms of time. And both Loon and Waterville Valley offer more terrain. Skies looking for challenge will drive a little further and go to Cannon. Sunapee would be an easier and shorter drive for us. It doesn't seem to be the kind of place that would draw the multiple-day crowd. So my perception is that folks living in the more heavily populated areas will either stay more local or they'll drive right past a place like Ragged. I think Tenney has the same kind of problem; a mid-size mountain with a location that's easy to ignore. Any thoughts on these perceptions?
billski
Active member
convenience....
I did about a dozen trips to Ragged in the late 90s with my kids who were learnign. From Mass, it takes me 2 hours to get to Ragged, Loon, Waterville or Sunapee. You figure. Ragged is the "cheese stands alone" kinda place: not many restaurants, bars, practically no hotels or night life. Day tripper place.
There are a lot of miles on secondary roads to get to it from 93 or 89. Can make drive pretty scarey for suburb families with mega-suv's who have to tangle with the dreaded snow-covered, roads. C-o-n-v-e-n-i-e-c-e trumps all in this group. Contrast this to the other three, which are a few minutes off a major interstate.
What do I like about this place and why did I go there? a) lower price/why pay more when you aren't gonna use more? b) no crowds, c) no lines. Perfect for my kids. But all those factors don't seem to matter to the convenience crowds. Lots of locals, but sadly that's about it.
If you put a major interstate within 10 miles of Ragged, it would change everything.
The only thing I never liked was the damned lower parking lots (read: icy walk with YOU carrying all the munchkin's gear, along with your own) if you didn't get there early enough, which happens often with rug rats...
I did about a dozen trips to Ragged in the late 90s with my kids who were learnign. From Mass, it takes me 2 hours to get to Ragged, Loon, Waterville or Sunapee. You figure. Ragged is the "cheese stands alone" kinda place: not many restaurants, bars, practically no hotels or night life. Day tripper place.
There are a lot of miles on secondary roads to get to it from 93 or 89. Can make drive pretty scarey for suburb families with mega-suv's who have to tangle with the dreaded snow-covered, roads. C-o-n-v-e-n-i-e-c-e trumps all in this group. Contrast this to the other three, which are a few minutes off a major interstate.
What do I like about this place and why did I go there? a) lower price/why pay more when you aren't gonna use more? b) no crowds, c) no lines. Perfect for my kids. But all those factors don't seem to matter to the convenience crowds. Lots of locals, but sadly that's about it.
If you put a major interstate within 10 miles of Ragged, it would change everything.
The only thing I never liked was the damned lower parking lots (read: icy walk with YOU carrying all the munchkin's gear, along with your own) if you didn't get there early enough, which happens often with rug rats...
Warp Daddy
Active member
RIS: Your analysis seems logical from a marketing perspective . I too wonder what the Ragged "Niche" market is too,given abundant competition in their region and most with more accessable location and as much or more vertical and terrain .
shwilly
Member
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- Apr 13, 2006
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A few years back, like my 2nd-4th seasons on the slopes, I preferred both Ragged and Tenney to Loon, Waterville, or Sunapee for weekend day trips due to crowds. When fully open, they're both nice intermediate mountains 2+ hours from Boston with manageable crowds and enough variety to have fun for a day. Ragged in particular has some nice easy bumps and glades.
Considering how many people are beginners and intermediates, I don't understand why these places have struggled so much lately. Some combination of marketing, bad finances, and bad weather, I guess.
Considering how many people are beginners and intermediates, I don't understand why these places have struggled so much lately. Some combination of marketing, bad finances, and bad weather, I guess.
SteveFoy
New member
I've made it a point to visit Ragged once per season for about 15 years now. In the beginning with no kids, and now with the whole family. We like Ragged even though on paper, it doesn't compare well with other areas in the region. The trails aren't the most challenging but they are fun. It has 2 peaks which is unusual for a medium sized area. It's the only place I've seen with a beginner glade trail. Another trail has what is basically a "beginner" head wall- very steep, but short enough to make it doable for non-expert skiers. The trails have some character (especially compared to super wide groomers which have become all too common at other areas).
When I first went there the facilities the were so bad it was embarassing. But tickets were cheap and the trails were fun and they kept improving the place. But snowmaking was never they're forte. Instead of improving the snowmaking it seems like they invested heavily into the the high-speed 6 pack chair. Big mistake. That lift dumps too many skiers onto too small a peak. This results in trails that are way too crowded (especially when some trails are closed due to lack of snowmaking). They should have spent the money on improved snowmaking, kept the old lifts, and try to keep their costs down. A decent size, no frills ski area with low ticket prices would have set them apart from their competitors and could have created a nice niche for themselves.
The last few years the snowmaking got worse and worse. This year was a total joke. They tried to get by with 1 trail on their short double chair lift until mid Feb. It wasn't until the Valentines Day storm that they had a reasonable amount of trails open. They NEVER opened the 2nd peak which has their 2nd longest lift. And now they're closed. They basically had a 5 week season. I talked to a season pass holder and she was not happy (her whole family bought season passes). This owner really screwed them over. He never should have opended for the season if he didn't have the necessary capital. Getting rid of this guy is the best thing that could happen to Ragged.
When I first went there the facilities the were so bad it was embarassing. But tickets were cheap and the trails were fun and they kept improving the place. But snowmaking was never they're forte. Instead of improving the snowmaking it seems like they invested heavily into the the high-speed 6 pack chair. Big mistake. That lift dumps too many skiers onto too small a peak. This results in trails that are way too crowded (especially when some trails are closed due to lack of snowmaking). They should have spent the money on improved snowmaking, kept the old lifts, and try to keep their costs down. A decent size, no frills ski area with low ticket prices would have set them apart from their competitors and could have created a nice niche for themselves.
The last few years the snowmaking got worse and worse. This year was a total joke. They tried to get by with 1 trail on their short double chair lift until mid Feb. It wasn't until the Valentines Day storm that they had a reasonable amount of trails open. They NEVER opened the 2nd peak which has their 2nd longest lift. And now they're closed. They basically had a 5 week season. I talked to a season pass holder and she was not happy (her whole family bought season passes). This owner really screwed them over. He never should have opended for the season if he didn't have the necessary capital. Getting rid of this guy is the best thing that could happen to Ragged.
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ctenidae
Active member
Heh- Ragged is one of only two listed commercial projects. After this experience, I'm going to guess they'll be changing their underwriting criteria.
Odd that teh brothers appear to be filing for bankruptcy themselves, and that Endeavor thinks a $10M sale may not provide enough cash to pay off the debt. Methinks someone didn't do a good job of planning those finances.
There's a whole lot about that one article that doesn't quite make sense. Some one did this deal in a very stupid way, it looks like.
Odd that teh brothers appear to be filing for bankruptcy themselves, and that Endeavor thinks a $10M sale may not provide enough cash to pay off the debt. Methinks someone didn't do a good job of planning those finances.
There's a whole lot about that one article that doesn't quite make sense. Some one did this deal in a very stupid way, it looks like.
Pretty sure the 10 mil was the only way to not have everything auctioned off to the highest bidder.
Bear in mind a forclosure auction wouldn't have auctioned the ski area. They would have auctioned everything, more then likely individually.
ctenidae
Active member
I think the $10M was a stalling tactic by the brothers to buy some time. 60 day out, with a refundable deposit? Yeah, I'd call that "thin."
Steve Foy: FYI Mount Sutton, just over the border into Quebec from Jay Peak has glade skiing on virtually all trails. I haven't been there in about 10 years but it was great fun. A terrific sports bar Inn right at the ski area when entering.
MadPadraic
Active member
Its kind if sad. Since I won't be elligible for the Cannon/Gunstock/Sunapee pass next year I need a new combination of night and weekend pass(es). Depending on where I'm working/living WaWa + Sugarcard will probably win out, but If they had decent snowmaking, then I would personally find a night skiing at Blue Hills and weekend day trips to ragged might win me over if it was priced nicely.
Does anyone know who will be running blue hills next year?
Does anyone know who will be running blue hills next year?
MadPadraic
Active member
Update on Blue Hills, there phone has been disconnected.
