• Welcome to AlpineZone, the largest online community of skiers and snowboarders in the Northeast!

    You may have to REGISTER before you can post. Registering is FREE, gets rid of the majority of advertisements, and lets you participate in giveaways and other AlpineZone events!

Vail suspending all ski operations immediately

Edd

Well-known member
Joined
Nov 8, 2006
Messages
5,444
Points
48
Location
Newmarket, NH
That’s pretty great. They took their time with the response but totally understandable.
 

cdskier

Well-known member
Joined
Mar 26, 2015
Messages
3,954
Points
48
Location
NJ
Putting an end to the Class action suit? At least the actual skiers get the money and not the lawyers.

Reading the fine print, it looks like anyone that accepts the credit also waives their right to any sort of claims as part of any existing or future lawsuit. So effectively, yes.
 

billo

Member
Joined
Mar 13, 2016
Messages
511
Points
18
Location
Connecticut
Epic's new guarantees for next season blows away IKON. IKON will have to match.

Looks like Epic (Vail, MTN, whatever) went and bought a super expensive all risk policy that covers virtually everything. Ikon lets me rollover the value of my pass to next season if I choose before the season even starts.
 

skef

Member
Joined
Jul 31, 2016
Messages
58
Points
8
I would say that is a pretty nice deal.

Yes! I have a completely unused 4-day Epic Day Pass (a cancelled trip to Vail; had hoped to use it at Stowe) that will now pay for 3+ days next season.
 

drjeff

Well-known member
Joined
Jan 18, 2006
Messages
17,256
Points
48
Location
Brooklyn, CT
Just a thought.... Vail took an aggressive stance on the pass assurance issue for next season because they're planning on taking an aggressive stance on COVID-19 next season.... Just a thought.....

Sent from my Moto Z (2) using AlpineZone mobile app
 

snoseek

Active member
Joined
Jun 7, 2006
Messages
5,202
Points
38
Location
NH
Website
www.bushslastday.com
Just a thought.... Vail took an aggressive stance on the pass assurance issue for next season because they're planning on taking an aggressive stance on COVID-19 next season.... Just a thought.....

Sent from my Moto Z (2) using AlpineZone mobile app

How does this kind of thing work? Do they pay the big bucks for an Insurance policy to cover losses? That has to be a huge lump of money right?
 

ss20

Well-known member
Joined
Jan 13, 2013
Messages
2,699
Points
48
Location
CT
Just a thought.... Vail took an aggressive stance on the pass assurance issue for next season because they're planning on taking an aggressive stance on COVID-19 next season.... Just a thought.....

Sent from my Moto Z (2) using AlpineZone mobile app

What do they have to lose? If we're not skiing next year then we'll be in so much economic ruin life as we know it will have ended.

I think it's really just a mind game to generate some summer $$$.
 

billo

Member
Joined
Mar 13, 2016
Messages
511
Points
18
Location
Connecticut
How does this kind of thing work? Do they pay the big bucks for an Insurance policy to cover losses? That has to be a huge lump of money right?

No indication MTN bought an insurance policy to backstop this...you are right, it would cost way too much.

If it fails passholders will be unsecured creditors if/when MTN goes bankrupt. You are at the end of the line to be made whole.
 

slatham

Active member
Joined
Sep 17, 2012
Messages
1,714
Points
38
Location
LI/Bromley
No indication MTN bought an insurance policy to backstop this...you are right, it would cost way too much.

If it fails passholders will be unsecured creditors if/when MTN goes bankrupt. You are at the end of the line to be made whole.

While I still believe Vail at least got a backstop reinsurance policy, they just issued $500mm of debt (3x over subscribed) and received a 2 year grace on various covenants. Current liquidity is $1.2billion.
 

BenedictGomez

Well-known member
Joined
Jan 26, 2011
Messages
10,765
Points
48
Location
PRNJ
While I still believe Vail at least got a backstop reinsurance policy, they just issued $500mm of debt (3x over subscribed) and received a 2 year grace on various covenants. Current liquidity is $1.2billion.

It's $600M, but hey, what's $100M when you carry as much debt as Vail.
BofA also granted them a two-year waiver going into 2022, which is pretty generous/long. Stock's down 33% from pre-COVID19, frankly I'm surprised it's not off more.
 

mister moose

Member
Joined
Oct 11, 2007
Messages
971
Points
18
So for the few pass buyers that had a 2nd half of March trip planned, and didn't use the pass yet, Vail is offering an 80% refund? I get pro-rating for used days, but a 20% retainage for zero days used is an epic grab.
 
Top