3 replies to this topic

[liftmech]

From the Summit Daily Independent, 27 January:

The Colorado Court of Appeals ruled last Thursday that the sale of Steamboat to Triple Peaks LLC must continue. The court overturned the December 2002 ruling against Triple Peaks, and instead required ASC to reopen sale proceedings.
Triple Peaks consists primarily of Tim and Diane Mueller, owners of Okemo, VT and impending owners of Crested Butte. Cash-strapped ASC had entered into an agreement to sell Steamboat to the Muellers, but suddenly backed out when a subsequent offer to sell Heavenly to Vail Resorts came through.
In reversing the decision the court also demanded that the case be sent back to district level to determine if any monetary damages are due the Muellers. What remains to be seen is if the Muellers will still want to proceed with the purchase of Steamboat.
In a memo to the employees, the couple said the were 'reviewing the decision' and 'will give strong consideration' to all their options. In the meantime, the Muellers said the decision will not affect the closing of the Crested Butte sale.

[SkiBachelor]

I thought I might add to this. If ASC doesn't decide to sell Steamboat, they will have to pay Peaks $5 million, because breach of contract. However, ASC only paid Peaks $500,000. So either ASC will sell the mountain to them for the original price or have to cough up $5 million in which they don't have.

[floridaskier]

I hope they sell The Canyons...maybe POWDR would buy it and combine it with PCMR ;)

[vancouverguy]

It looks like they'll have no choice but to sell the place.