What the heck is going on at Magic?

[Wheeler]

Everything is a mystery and nothing makes sense.

Why would they terminate both entities (MMM and MMR) on Friday?!

While outside electricity is usually shut off this time of year, why were they willing to let it lapse inside the lodge too?

And while black chair has extension, unless someone comes up with cash, I don't think anyone is going to be working on it.

Although sewer was just shut off, it has now been paid and can be reconnected. Why did Rob bother paying that belatedly?

Hard to understand the plan.

They need to sell. They need to realize that their balance sheet going forward is unfavorable.

 

[Abominable]

"Fool me once, shame on you. Fool me twice, shame on me." Any passholder from previous years that is considering a pass for the upcoming year can just mail their money to me. I guarantee you'll get more for your money than if you send it to TB/RL.

 

[BlueTrails]

The 'terminations' took place on April 1st, so maybe it's just a joke on us. Hahaha!

April 1 is also the beginning of the 2nd qtr, and seeing that no papers were filed, it was probably an 'automatic termination' by the VT SOS, which happens when your corp or llc is somehow out of compliance, such as no annual report or other minor issues.

MMM holds the deed so you can't sell while 'Terminated' so it makes no sense other than a VT SOS administrative hand slap.

Lift power is separate and is always shutoff after the season. There is a monthly connection fee and peanuts matter in this case.

Sewer is gravity feed to the treatment facility which services all the circle properties. I doubt sewer is off.

 

[JaneGibb]

Doesn't sound good with cost above revenue. Hopefully you guys manage to go through this hardship

 

[MMP]

Doesn't sound good with cost above revenue

Harvard Business School?

 

[JamaicaMan]

It's a classic high-flying Silicon Valley start-up business model there...


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[NYDB]

Current management runs It as a loss leader for BLT

 

[mbedle]

So, both the mortgagee and the operator LLCs have been terminated. That would transfer full ownership back to the Nelson family, unless there are other mortgages out there that used the property as collateral. I'm thinking that would also put most debt (tax, water, electric), back on the property owners, but would allow them to move forward with selling the property. Not sure how much TK or RL paid the Nelsons over the 15 years, but would think it would be enough to cover the outstanding debt, plus some profit. Sad part it, I highly doubt any buyer would touch this place with a 10 foot pole.

 

[telemike]

Anyone see this?

www.newenglandskiindustry.com/viewstory.php?storyid=419

 

[VTKilarney]

Not paying October, 2015 taxes is not a good sign. Time for a quick sale.

 

[thetrailboss]

No liability insurance? Wow that is a big gamble. Also the fact that they have not paid the taxes for last year is a huge red flag. It was sad to read that they used the pass proceeds to pay off debt from the previous season, which should've been a good season. Hate to say it folks but I think the fat lady is singing on this one.


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[JoeB-Z]

This quote from the article is not good either:

When reached for comment this week, Geoff Hathaway said, "Despite our interest in putting Magic Mountain on a better long term path, there has been little interest or concrete discussions recently with the principals at Magic Mountain Management LLC."

 

[yeggous]

Nice picture of the flags!


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[steamboat1]

Nice picture of the flags!

You can thank Billski for the flags. The A-Zone & Magic crew gave him a lot of flack for doing that. Bunch of A-holes, but we knew that.

 

[deadheadskier]

You can thank Billski for the flags. The A-Zone & Magic crew gave him a lot of flack for doing that. Bunch of A-holes, but we knew that.

If you think Alpinezone members are a bunch of A-holes, why do you continue to participate in these forums?

If you think the Magic crew are all A-holes, why do you continue to post in this thread?

One thing I can tell you is I've skied with probably close to 100 different members of this forum. Not one of them has been an A-hole.

I haven't made it over to Magic in years. Was hoping to this year. I bought a voucher and the weather just didn't work out. Everyone I talk to says the Magic crew are awesome guys and a blast to ski and party with.

 

[thetrailboss]

You can thank Billski for the flags. The A-Zone & Magic crew gave him a lot of flack for doing that. Bunch of A-holes, but we knew that.

Just cannot help yourself, can you?


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[steamboat1]

:grin:

 

[telemike]

It's just a sad situation. I knew a year like this would put the hurts on some of the lesser mountains.
I hope someone can make the place work. It is some of the best skiing in so. Vt.

 

[thetrailboss]

It's just a sad situation. I knew a year like this would put the hurts on some of the lesser mountains.
I hope someone can make the place work. It is some of the best skiing in so. Vt.

+ 1


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[BlueTrails]

JS never carried liability insurance... so this is just a continuation of past practice.

Not paying taxes until a later date is just a business decision. No big deal.

I don't think there is going to be any sale. They continue to work on Black as that does seem to be the priority. I expect season passes to go on sale in June. Notice Hathaway says no contact with current owners.