Vail offers $110 million ...
http://biz.yahoo.com...727/mtn8-k.html
$10 million more than Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation.
http://biz.yahoo.com...06035.html?.v=1
They are buying all outstanding stock ... common and preferred ??
0
Vail resorts offers to BUY ASC Canyons - ups ante.....
Started by palindrome, Jul 27 2007 01:16 PM
8 replies to this topic
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Posted 29 July 2007 - 07:48 PM
here is what the park city paper is reporting on Saturdays, web page.
So now Vail has filed In a Colorado court, to try and prevent Talisker from buying the Canyons.
Come on Vail, the Canyons are already in to many court cases Give it a rest. How can they go to a Colorado District (local court) Court when the property they want is in Utah, under a differant jusdiction?
by the time this is all said and done with, a bunch of money grabbing lawers will be owning the Canyons.
Vail Resorts ups ante for The Canyons
Bidding war could erupt between Talisker and ski giant
Patrick Parkinson, Of the Record staff
Another suitor has declared its intentions to buy The Canyons.
Vail Resorts, Inc., claims it was working on a deal with American Skiing Company prior to an offer from Talisker Corp. Vail has offered to pay ASC $110 million for The Canyons.
On Friday, officials at Vail also asked a district court judge in Colorado to intervene and issue a temporary restraining order to prevent American Skiing Co. from selling The Canyons to Talisker Corp., a Canadian developer with projects in Deer Valley, for $100 million.
"The case involves a blatant conspiracy by [Peninsula Advisors] and Talisker to thwart Vail's ability to obtain extremely valuable and unique rights to own, develop and operate The Canyons ski resort and surrounding real estate in Park City, Utah," a lawsuit filed Friday by Vail Resorts against Peninsula Advisors, Talisker Corporation, Talisker Canyons Finance Co., American Skiing Co. and The Canyons states.
Peninsula Advisors principal Mark Robbins has expressed interest in buying about 2,000 acres at the resort.
"In response to the Talisker [offer,] Vail Resorts is making a superior offer to ASC for [The Canyons,]" a document filed Friday by Vail Resorts, Inc., with the Securities and Exchange Commission states.
In a July 27 letter to American Skiing Co. Chairman of the Board Steven Gruber, Vail Resorts CEO Robert Katz expresses "surprise and disappointment at the decision by the board of American Skiing Company to enter into a contract for the sale of [The Canyons] to an affiliate of Talisker Corporation."
Katz indicates in his letter that Vail had worked with the group Peninsula Advisors to buy the resort until "certain actions by Peninsula."
When publicly traded Vail Resorts was ready to purchase The Canyons on July 10, "ASC informed us that it had received a letter from Peninsula inexplicably threatening legal action against ASC if the deal went forward."
But Katz claims the allegations from Peninsula Advisors against ASC are "baseless." He adds in his letter that Vail "offered to indemnify and protect ASC in the event Peninsula tried to stop our deal."
"Immediately following those discussions, ASC announced that it had entered into an agreement with Talisker," Katz states in the letter.
This week, Vail Resorts sued "to protect our rights which may, in fact, preclude Talisker from proceeding with [The Canyons] transaction," according to Katz.
"ASC entered into a definitive agreement with Talisker to sell the resort," responded Tim Vetter, a vice president at The Canyons. "And, we honor our commitments."
But officials at Vail claim "ASC's board may not be fully aware of Talisker's activities leading up to this potential transaction."
"In addition, we remain concerned about the ASC board's lack of engagement with Vail Resorts to ascertain whether a transaction more favorable to ASC could have been reached with our company," according to Katz.
Meanwhile, Peninsula Advisors spokesman Josh Ewing wouldn't comment about Vail's allegations when reached Friday afternoon.
"[Peninsula is] carefully assessing the legal landscape," Ewing said.
As Park City-based American Skiing Co. dissolves, ASC officials are trying to sell their last resort to Talisker Corp. But Wolf Mountain Resorts Managing Partner Kenny Griswold, who owns most of the land at The Canyons, which he leases to American Skiing Co., must provide his written consent before The Canyons is sold, according to the resort lease.
So now Vail has filed In a Colorado court, to try and prevent Talisker from buying the Canyons.
Come on Vail, the Canyons are already in to many court cases Give it a rest. How can they go to a Colorado District (local court) Court when the property they want is in Utah, under a differant jusdiction?
by the time this is all said and done with, a bunch of money grabbing lawers will be owning the Canyons.
Vail Resorts ups ante for The Canyons
Bidding war could erupt between Talisker and ski giant
Patrick Parkinson, Of the Record staff
Another suitor has declared its intentions to buy The Canyons.
Vail Resorts, Inc., claims it was working on a deal with American Skiing Company prior to an offer from Talisker Corp. Vail has offered to pay ASC $110 million for The Canyons.
On Friday, officials at Vail also asked a district court judge in Colorado to intervene and issue a temporary restraining order to prevent American Skiing Co. from selling The Canyons to Talisker Corp., a Canadian developer with projects in Deer Valley, for $100 million.
"The case involves a blatant conspiracy by [Peninsula Advisors] and Talisker to thwart Vail's ability to obtain extremely valuable and unique rights to own, develop and operate The Canyons ski resort and surrounding real estate in Park City, Utah," a lawsuit filed Friday by Vail Resorts against Peninsula Advisors, Talisker Corporation, Talisker Canyons Finance Co., American Skiing Co. and The Canyons states.
Peninsula Advisors principal Mark Robbins has expressed interest in buying about 2,000 acres at the resort.
"In response to the Talisker [offer,] Vail Resorts is making a superior offer to ASC for [The Canyons,]" a document filed Friday by Vail Resorts, Inc., with the Securities and Exchange Commission states.
In a July 27 letter to American Skiing Co. Chairman of the Board Steven Gruber, Vail Resorts CEO Robert Katz expresses "surprise and disappointment at the decision by the board of American Skiing Company to enter into a contract for the sale of [The Canyons] to an affiliate of Talisker Corporation."
Katz indicates in his letter that Vail had worked with the group Peninsula Advisors to buy the resort until "certain actions by Peninsula."
When publicly traded Vail Resorts was ready to purchase The Canyons on July 10, "ASC informed us that it had received a letter from Peninsula inexplicably threatening legal action against ASC if the deal went forward."
But Katz claims the allegations from Peninsula Advisors against ASC are "baseless." He adds in his letter that Vail "offered to indemnify and protect ASC in the event Peninsula tried to stop our deal."
"Immediately following those discussions, ASC announced that it had entered into an agreement with Talisker," Katz states in the letter.
This week, Vail Resorts sued "to protect our rights which may, in fact, preclude Talisker from proceeding with [The Canyons] transaction," according to Katz.
"ASC entered into a definitive agreement with Talisker to sell the resort," responded Tim Vetter, a vice president at The Canyons. "And, we honor our commitments."
But officials at Vail claim "ASC's board may not be fully aware of Talisker's activities leading up to this potential transaction."
"In addition, we remain concerned about the ASC board's lack of engagement with Vail Resorts to ascertain whether a transaction more favorable to ASC could have been reached with our company," according to Katz.
Meanwhile, Peninsula Advisors spokesman Josh Ewing wouldn't comment about Vail's allegations when reached Friday afternoon.
"[Peninsula is] carefully assessing the legal landscape," Ewing said.
As Park City-based American Skiing Co. dissolves, ASC officials are trying to sell their last resort to Talisker Corp. But Wolf Mountain Resorts Managing Partner Kenny Griswold, who owns most of the land at The Canyons, which he leases to American Skiing Co., must provide his written consent before The Canyons is sold, according to the resort lease.
This post has been edited by tahoeistruckin: 29 July 2007 - 08:00 PM
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Posted 30 July 2007 - 03:40 AM
http://www.ksl.com/i...148&sid=1554131
Vail Resorts Challenging Sale of The Canyons
July 29th, 2007 @ 2:23pm
DENVER (AP) -- Vail Resorts Incorporated is offering to pay $110 million dollars for The Canyons ski area in Park City. That tops a rival offer by $10 million.
Earlier this month, American Skiing Company said it was selling The Canyons for $100 million dollars to an affiliate of Toronto-based Talisker Corp.
American Skiing Company Senior Vice President Chip Carey says the development is "interesting" but is declining to comment further until he can learn more about Vail Resorts' move.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
http://www.sltrib.com/ci_6392086?IADID=Sea...-www.sltrib.com
Talisker buys Canyons, also developing property near Deer Valley
By Mike Gorrell
The Salt Lake Tribune
Article Last Updated: 07/17/2007 09:35:13 AM MDT
Click photo to enlargeSkiers ride the gondola from the parking lot to the base of... (Al Hartmann/The Salt Lake Tribune)«1»The Canyons Resort, final vestige of the American Skiing Co. empire, will be sold for $100 million to the company that bought United Park City Mines and is converting its property along Deer Valley's fringes into a posh ski and golf development.
Talisker Canyons Finance Co. LLC, a subsidiary of the Toronto-based real estate development and investment company Talisker Corp., will buy the resort outside of Park City and all stock in American Skiing Co. Resort Properties, Inc., which has contractual rights and obligations involving The Canyons.
Talisker also is assuming responsibility for pending litigation in which the resort's former owner, Wolf Mountain, contends it should regain the property because American Skiing defaulted on a lease. That trial is projected to take place early next year in Park City's 3rd District Court.
In a related development, Scott Pierpont, general manager of The Canyons, resigned Monday "to pursue other opportunities," said David Hirasawa, American Skiing's director of financial analysis and investor relations.
Pierpont also is chairman of the 21-member board overseeing Ski Utah, marketing arm for the state's 13 active resorts. His future with the association "has yet to be determined," said Ski Utah spokeswoman Jessica Kunzer. "The board has really enjoyed working with Scott and he has a long history working with Ski Utah. Only time will tell."
The sale of The Canyons means American Skiing has disposed of all eight resorts under its control at the start of last ski season, raising $599 million used to pay off creditors. Those creditors included Oak Hill Capital Partners, a Connecticut-based private equity firm that was American Skiing's majority shareholder.
On June 21, when American Skiing filed papers to dissolve with the U.S. Securities and Exchange Commission, company officials said The Canyons would continue to operate under Oak Hill as it has in the past.
There were no public indications a sale of The Canyons was imminent.
Chip Carey, American Skiing's senior vice president of marketing and sales, said Monday "the right offer came at the right time. It was an opportunistic sale . . . at a very good price."
He added that Talisker is a "power player in town," its Park City operations (technically Talisker Mountain Inc.) led by Jim Thompson, former president and chief executive of Vail Resorts Development Co.
"They're well thought of, good citizens, very successful," Carey said, optimistic Talisker can build on American Skiing's development of The Canyons. "We've taken The Canyons into the top 15 resorts in the United States in a very short period of time. They will be able to come in and complete the vision at a very high level. The growth will be spectacular. We're excited for the community about that."
Calls to Talisker and its public relations company were not returned Monday.
Talisker Deer Valley's Web site said Thompson was hired in February of 2006 to run the Utah operations, which began in 1999 and expanded with the 2003 acquisition of United Park City Mines.
The company created the Talisker Club, a private-membership club offering multimillion-dollar residential development opportunities in three communities adjacent to Deer Valley - Empire Pass, Tuhaye and Red Cloud.
Club members have access to an 18-hole course designed by Masters and British Open champion Mark O'Meara, Deer Valley's ski slopes, a mobile fly fishing clubhouse on the Weber River and a private ski-boat docked on Jordanelle Reservoir.
Thompson developed Vail Resort's real estate assets at Vail, Beaver Creek, Breckenridge and Keystone ski resorts, its retail properties at two of them, and the company's employee housing program. He also redeveloped the company-owned Jackson Hole Golf and Tennis Club in Wyoming.
mikeg@sltrib.com
Vail Resorts Challenging Sale of The Canyons
July 29th, 2007 @ 2:23pm
DENVER (AP) -- Vail Resorts Incorporated is offering to pay $110 million dollars for The Canyons ski area in Park City. That tops a rival offer by $10 million.
Earlier this month, American Skiing Company said it was selling The Canyons for $100 million dollars to an affiliate of Toronto-based Talisker Corp.
American Skiing Company Senior Vice President Chip Carey says the development is "interesting" but is declining to comment further until he can learn more about Vail Resorts' move.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
http://www.sltrib.com/ci_6392086?IADID=Sea...-www.sltrib.com
Talisker buys Canyons, also developing property near Deer Valley
By Mike Gorrell
The Salt Lake Tribune
Article Last Updated: 07/17/2007 09:35:13 AM MDT
Click photo to enlargeSkiers ride the gondola from the parking lot to the base of... (Al Hartmann/The Salt Lake Tribune)«1»The Canyons Resort, final vestige of the American Skiing Co. empire, will be sold for $100 million to the company that bought United Park City Mines and is converting its property along Deer Valley's fringes into a posh ski and golf development.
Talisker Canyons Finance Co. LLC, a subsidiary of the Toronto-based real estate development and investment company Talisker Corp., will buy the resort outside of Park City and all stock in American Skiing Co. Resort Properties, Inc., which has contractual rights and obligations involving The Canyons.
Talisker also is assuming responsibility for pending litigation in which the resort's former owner, Wolf Mountain, contends it should regain the property because American Skiing defaulted on a lease. That trial is projected to take place early next year in Park City's 3rd District Court.
In a related development, Scott Pierpont, general manager of The Canyons, resigned Monday "to pursue other opportunities," said David Hirasawa, American Skiing's director of financial analysis and investor relations.
Pierpont also is chairman of the 21-member board overseeing Ski Utah, marketing arm for the state's 13 active resorts. His future with the association "has yet to be determined," said Ski Utah spokeswoman Jessica Kunzer. "The board has really enjoyed working with Scott and he has a long history working with Ski Utah. Only time will tell."
The sale of The Canyons means American Skiing has disposed of all eight resorts under its control at the start of last ski season, raising $599 million used to pay off creditors. Those creditors included Oak Hill Capital Partners, a Connecticut-based private equity firm that was American Skiing's majority shareholder.
On June 21, when American Skiing filed papers to dissolve with the U.S. Securities and Exchange Commission, company officials said The Canyons would continue to operate under Oak Hill as it has in the past.
There were no public indications a sale of The Canyons was imminent.
Chip Carey, American Skiing's senior vice president of marketing and sales, said Monday "the right offer came at the right time. It was an opportunistic sale . . . at a very good price."
He added that Talisker is a "power player in town," its Park City operations (technically Talisker Mountain Inc.) led by Jim Thompson, former president and chief executive of Vail Resorts Development Co.
"They're well thought of, good citizens, very successful," Carey said, optimistic Talisker can build on American Skiing's development of The Canyons. "We've taken The Canyons into the top 15 resorts in the United States in a very short period of time. They will be able to come in and complete the vision at a very high level. The growth will be spectacular. We're excited for the community about that."
Calls to Talisker and its public relations company were not returned Monday.
Talisker Deer Valley's Web site said Thompson was hired in February of 2006 to run the Utah operations, which began in 1999 and expanded with the 2003 acquisition of United Park City Mines.
The company created the Talisker Club, a private-membership club offering multimillion-dollar residential development opportunities in three communities adjacent to Deer Valley - Empire Pass, Tuhaye and Red Cloud.
Club members have access to an 18-hole course designed by Masters and British Open champion Mark O'Meara, Deer Valley's ski slopes, a mobile fly fishing clubhouse on the Weber River and a private ski-boat docked on Jordanelle Reservoir.
Thompson developed Vail Resort's real estate assets at Vail, Beaver Creek, Breckenridge and Keystone ski resorts, its retail properties at two of them, and the company's employee housing program. He also redeveloped the company-owned Jackson Hole Golf and Tennis Club in Wyoming.
mikeg@sltrib.com
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Posted 30 July 2007 - 05:21 AM
Vail could file in a Colorado court if ASC was still doing any business there. However, I believe they have completely backed out unless ASC still owns the Grand Summit Lodge.
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Posted 31 July 2007 - 07:22 AM
tahoeistruckin, on Jul 29 2007, 11:48 PM, said:
here is what the park city paper is reporting on Saturdays, web page.
So now Vail has filed In a Colorado court, to try and prevent Talisker from buying the Canyons.
Come on Vail, the Canyons are already in to many court cases Give it a rest. How can they go to a Colorado District (local court) Court when the property they want is in Utah, under a differant jusdiction?
So now Vail has filed In a Colorado court, to try and prevent Talisker from buying the Canyons.
Come on Vail, the Canyons are already in to many court cases Give it a rest. How can they go to a Colorado District (local court) Court when the property they want is in Utah, under a differant jusdiction?
Actually in the Federal Court System both Colorado and Utah are in District 10, so that may be why the suit was filed in CO and not Utah.
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Posted 01 August 2007 - 01:39 PM
Vail sues to stop sale of The Canyons
Griswold says legal saga would make a great movie
Patrick Parkinson, Of the Record staff
The lawsuit reads like a novel about corporate intrigue, complete with its own "Mr. X" and accusations involving fraud, deception and backbiting by executives in a swanky ski town.
"We can look forward to the movie version because this is nothing more than a dirty, cloak-and-dagger heist," said Wolf Mountain Resorts Managing Partner Kenny Griswold, who leases land at The Canyons to American Skiing Company.
After announcing recently that Park City-based American Skiing Co. is going out of business, ASC brass made clear their intentions to sell the company's last asset, The Canyons, to Talisker Corp., which has developed projects in Deer Valley.
But Vail Resorts CEO Robert Katz insists his firm had the exclusive right to buy the resort before Talisker went behind Vail's back to negotiate a deal to acquire The Canyons for $100 million.
After the Talisker announcement, Vail Resorts, Inc. offered American Skiing Co. $110 million for The Canyons.
Talisker officials responded with a prepared statement on Tuesday.
"We are confident recent legal action taken by Vail Resorts is without merit and are confident that our agreed upon acquisition of The Canyons resort will proceed as scheduled," according to Talisker.
The lawsuit filed by Vail Resorts against Talisker Corp., American Skiing Company, parent company to The Canyons, and the firm Peninsula Advisors, claims that last May officials at Vail entered into an agreement with Peninsula Advisors principal Mark Robbins, a Parkite, and Griswold to buy The Canyons.
But Robbins immediately violated the arrangement "by negotiating an alternative transaction, for [Peninsula,] with Talisker Corporation," states the 23-page complaint filed by Vail in Denver District Court.
"Peninsula and Talisker secretly conspired to disrupt the exclusivity agreement and steal the opportunity to purchase The Canyons and the [Wolf Mountain] land from Vail," attorneys for Vail Resorts claim.
Then Peninsula Advisors threatened to sue American Skiing Company before the transaction was complete, which caused "ASC to back out of its deal with Vail," according to the lawsuit.
"Taking advantage of this opportunity created by its conspiracy with Peninsula, Talisker continued to negotiate with ASC and ultimately secured an agreement with ASC to purchase The Canyons," Vail's lawsuit states.
After working together to scuttle the deal between ASC and Vail, "Peninsula and Talisker continue to conceal their relationship," according to the complaint.
Today, attorneys for Vail are expected to argue in Colorado District Court that a temporary restraining order must be issued to stop the sale of The Canyons to Talisker.
American Skiing Co. CEO B.J. Fair did not return a telephone call seeking comment.
But Tim Vetter, a vice president at The Canyons, insisted ASC would attempt to honor its commitment to sell the resort to Talisker.
In a telephone interview Monday, Vetter wouldn't confirm whether American Skiing Co. negotiated with Vail Resorts to sell The Canyons.
"We did not enter into a definitive agreement with Vail," Vetter said.
According to ASC's lease with Wolf Mountain, Griswold must provide his written consent before Talisker steps into American Skiing Co.'s shoes.
Meanwhile, Griswold said he won't consent to the transaction with Talisker, but he is excited about the possibility of Vail coming to Utah.
Vail's lawsuit calls Peninsula Advisors an "undercapitalized real estate promoter."
In May, Peninsula, Vail and Wolf Mountain, with a so-called exclusivity agreement, reportedly partnered to purchase The Canyons.
Vail's lawsuit states that American Skiing Co. was sent "a marked-up version" of a purchase agreement for The Canyons containing comments from Peninsula and Vail Resorts.
According to that agreement, Vail would have operated and overseen real-estate development at The Canyons.
Enter "MR. X."
As Peninsula Advisors was attempting to obtain financing to purchase The Canyons, "Robbins mysteriously refused to disclose the identity of the private financier from New York, earning him the code name 'Mr. X,'" Vail's lawsuit states.
But on June 27, Robbins reportedly visited the Vail's Colorado office with "MR. X."
"It was only then, during this face-to-face meeting, that Robbins introduced 'Mr. X' as Jack Bistricer, CEO of Talisker," the lawsuit states.
Allegedly, Robbins later informed an official at Vail that a deal Peninsula struck with Bistricer to buy The Canyons included a "lucrative" amount of "up-front money," and was "unbelievable."
"Vail believes that this 'up-front money' was paid as part of a conspiracy between Peninsula and Talisker to induce Peninsula to act inconsistently with the exclusivity agreement and to induce Peninsula to breach its fiduciary duty under the contract to Vail," the lawsuit against Talisker states.
The complaint alleges an intricate web of deceit proffered by Bistricer and Robbins to "get [Griswold] out."
"It's a very sad day when you read about what your potential partners were scheming and conniving to do in their attempt to cheat you out of your share," Griswold said. "It's been very enlightening and it's been somewhat vindicating because I have been saying for some time what the truth was and there were people who were wanting the public to believe something other than the truth
Griswold says legal saga would make a great movie
Patrick Parkinson, Of the Record staff
The lawsuit reads like a novel about corporate intrigue, complete with its own "Mr. X" and accusations involving fraud, deception and backbiting by executives in a swanky ski town.
"We can look forward to the movie version because this is nothing more than a dirty, cloak-and-dagger heist," said Wolf Mountain Resorts Managing Partner Kenny Griswold, who leases land at The Canyons to American Skiing Company.
After announcing recently that Park City-based American Skiing Co. is going out of business, ASC brass made clear their intentions to sell the company's last asset, The Canyons, to Talisker Corp., which has developed projects in Deer Valley.
But Vail Resorts CEO Robert Katz insists his firm had the exclusive right to buy the resort before Talisker went behind Vail's back to negotiate a deal to acquire The Canyons for $100 million.
After the Talisker announcement, Vail Resorts, Inc. offered American Skiing Co. $110 million for The Canyons.
Talisker officials responded with a prepared statement on Tuesday.
"We are confident recent legal action taken by Vail Resorts is without merit and are confident that our agreed upon acquisition of The Canyons resort will proceed as scheduled," according to Talisker.
The lawsuit filed by Vail Resorts against Talisker Corp., American Skiing Company, parent company to The Canyons, and the firm Peninsula Advisors, claims that last May officials at Vail entered into an agreement with Peninsula Advisors principal Mark Robbins, a Parkite, and Griswold to buy The Canyons.
But Robbins immediately violated the arrangement "by negotiating an alternative transaction, for [Peninsula,] with Talisker Corporation," states the 23-page complaint filed by Vail in Denver District Court.
"Peninsula and Talisker secretly conspired to disrupt the exclusivity agreement and steal the opportunity to purchase The Canyons and the [Wolf Mountain] land from Vail," attorneys for Vail Resorts claim.
Then Peninsula Advisors threatened to sue American Skiing Company before the transaction was complete, which caused "ASC to back out of its deal with Vail," according to the lawsuit.
"Taking advantage of this opportunity created by its conspiracy with Peninsula, Talisker continued to negotiate with ASC and ultimately secured an agreement with ASC to purchase The Canyons," Vail's lawsuit states.
After working together to scuttle the deal between ASC and Vail, "Peninsula and Talisker continue to conceal their relationship," according to the complaint.
Today, attorneys for Vail are expected to argue in Colorado District Court that a temporary restraining order must be issued to stop the sale of The Canyons to Talisker.
American Skiing Co. CEO B.J. Fair did not return a telephone call seeking comment.
But Tim Vetter, a vice president at The Canyons, insisted ASC would attempt to honor its commitment to sell the resort to Talisker.
In a telephone interview Monday, Vetter wouldn't confirm whether American Skiing Co. negotiated with Vail Resorts to sell The Canyons.
"We did not enter into a definitive agreement with Vail," Vetter said.
According to ASC's lease with Wolf Mountain, Griswold must provide his written consent before Talisker steps into American Skiing Co.'s shoes.
Meanwhile, Griswold said he won't consent to the transaction with Talisker, but he is excited about the possibility of Vail coming to Utah.
Vail's lawsuit calls Peninsula Advisors an "undercapitalized real estate promoter."
In May, Peninsula, Vail and Wolf Mountain, with a so-called exclusivity agreement, reportedly partnered to purchase The Canyons.
Vail's lawsuit states that American Skiing Co. was sent "a marked-up version" of a purchase agreement for The Canyons containing comments from Peninsula and Vail Resorts.
According to that agreement, Vail would have operated and overseen real-estate development at The Canyons.
Enter "MR. X."
As Peninsula Advisors was attempting to obtain financing to purchase The Canyons, "Robbins mysteriously refused to disclose the identity of the private financier from New York, earning him the code name 'Mr. X,'" Vail's lawsuit states.
But on June 27, Robbins reportedly visited the Vail's Colorado office with "MR. X."
"It was only then, during this face-to-face meeting, that Robbins introduced 'Mr. X' as Jack Bistricer, CEO of Talisker," the lawsuit states.
Allegedly, Robbins later informed an official at Vail that a deal Peninsula struck with Bistricer to buy The Canyons included a "lucrative" amount of "up-front money," and was "unbelievable."
"Vail believes that this 'up-front money' was paid as part of a conspiracy between Peninsula and Talisker to induce Peninsula to act inconsistently with the exclusivity agreement and to induce Peninsula to breach its fiduciary duty under the contract to Vail," the lawsuit against Talisker states.
The complaint alleges an intricate web of deceit proffered by Bistricer and Robbins to "get [Griswold] out."
"It's a very sad day when you read about what your potential partners were scheming and conniving to do in their attempt to cheat you out of your share," Griswold said. "It's been very enlightening and it's been somewhat vindicating because I have been saying for some time what the truth was and there were people who were wanting the public to believe something other than the truth
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Posted 01 August 2007 - 01:45 PM
Officials at ASC are accused of fraud
Wolf Mountain also named in complaint filed July 17
Patrick Parkinson, Of the Record staff
A construction contractor filed a lawsuit in 3rd District Court on July 17 accusing American Skiing Company, which owns The Canyons, of refusing to pay for more than $300,000 worth of work performed at the resort.
"It's a contract dispute. That's all it is," said Tim Vetter, a vice president at The Canyons. "When has ASC not paid its bills?"
But the case accuses officials at American Skiing Company of committing fraud.
"ASC contrived and implemented a scheme to induce Culp to enter into the agreement and to perform a substantial amount of extra and changed work on the project outside the scope of the agreement with the intent of never paying for such work," the 22-page complaint filed against American Skiing Co. states.
Many misrepresentations were made by American Skiing Company to the plaintiff, Salt Lake-based Culp Construction, in the course of the work, states the lawsuit, which seeks a trial by jury.
In the lawsuit, American Skiing Co. is accused of breaching a contract with Culp Construction.
"ASC breached its duty of good faith and fair dealing by, among other things, acting in a manner inconsistent with the agreed common purposes and justified expectations of Culp," the 22-page complaint filed against American Skiing Co. states.
The lawsuit also names as a defendant Wolf Mountain Resorts, which leases land at The Canyons to American Skiing Co.
"It's just another example of how American Skiing Company compromised Wolf Mountain by their actions," Wolf Mountain Resorts Managing Partner Kenny Griswold said. "This is one of many instances where American Skiing Company gets us involved in their problems."
Because Culp has not been paid for the work, it "would be unjust for ASC or Wolf Mountain to retain the full benefit of the materials, equipment, services and labor provided by Culp and its subcontractors," according to the lawsuit.
Since December, ASC has used property built by Culp at the resort that hasn't been paid for, the contractor claims.
ASC is currently in the process of dissolving as officials at Wolf Mountain Resorts attempt to end ASC's lease for property at The Canyons because the company is allegedly in default.
Wolf Mountain also named in complaint filed July 17
Patrick Parkinson, Of the Record staff
A construction contractor filed a lawsuit in 3rd District Court on July 17 accusing American Skiing Company, which owns The Canyons, of refusing to pay for more than $300,000 worth of work performed at the resort.
"It's a contract dispute. That's all it is," said Tim Vetter, a vice president at The Canyons. "When has ASC not paid its bills?"
But the case accuses officials at American Skiing Company of committing fraud.
"ASC contrived and implemented a scheme to induce Culp to enter into the agreement and to perform a substantial amount of extra and changed work on the project outside the scope of the agreement with the intent of never paying for such work," the 22-page complaint filed against American Skiing Co. states.
Many misrepresentations were made by American Skiing Company to the plaintiff, Salt Lake-based Culp Construction, in the course of the work, states the lawsuit, which seeks a trial by jury.
In the lawsuit, American Skiing Co. is accused of breaching a contract with Culp Construction.
"ASC breached its duty of good faith and fair dealing by, among other things, acting in a manner inconsistent with the agreed common purposes and justified expectations of Culp," the 22-page complaint filed against American Skiing Co. states.
The lawsuit also names as a defendant Wolf Mountain Resorts, which leases land at The Canyons to American Skiing Co.
"It's just another example of how American Skiing Company compromised Wolf Mountain by their actions," Wolf Mountain Resorts Managing Partner Kenny Griswold said. "This is one of many instances where American Skiing Company gets us involved in their problems."
Because Culp has not been paid for the work, it "would be unjust for ASC or Wolf Mountain to retain the full benefit of the materials, equipment, services and labor provided by Culp and its subcontractors," according to the lawsuit.
Since December, ASC has used property built by Culp at the resort that hasn't been paid for, the contractor claims.
ASC is currently in the process of dissolving as officials at Wolf Mountain Resorts attempt to end ASC's lease for property at The Canyons because the company is allegedly in default.
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Posted 04 August 2007 - 06:39 AM
Judge cools Canyons dispute
Vail's request for a restraining order is postponed
Patrick Parkinson, Of the Record staff
A high-stakes tug-of-war continues in Park City as two developers vie for a chance to run The Canyons resort and, as importantly, to develop real estate on the mountain.
In July, American Skiing Co., which is in the process of dissolving, announced its plans to sell The Canyons, its only remaining asset, to Talisker Corp., a Canadian company that is developing real estate in slope-side Empire Pass at Deer Valley.
But land necessary to run The Canyons, one of the largest ski resorts in America, is leased to American Skiing Co. by Wolf Mountain Resorts Managing Partner Kenny Griswold, who says he will not allow Talisker to buy the resort. The spat marks the latest legal wrangling in a courtroom saga that started when Griswold tried to evict American Skiing Co. from his property last summer by claiming the company had violated the terms of the lease.
Vail Resorts, Inc. has also challenged the pending deal, claiming it had an exclusive right to buy The Canyons, which is seen as a rare opportunity in North America to develop a four-season resort.
Still, on Wednesday, parties postponed a request from officials at Colorado-based Vail, a publicly traded company, for a temporary restraining order to block the sale to Talisker.
On July 27, Vail Resorts sued Talisker Corp., American Skiing Co. and Peninsula Advisors, claiming officials at Talisker interfered with a contract by attempting to scuttle Vail's deal with American Skiing Co.
Peninsula Advisors is a group of real-estate investors that, after agreeing to partner with Vail Resorts and Griswold, went behind Vail's back to negotiate a separate deal with Talisker, alleges the 23-page complaint filed by Vail in Denver District Court
Vail Resorts CEO Robert Katz insists his firm had the exclusive right to buy the resort before Talisker interfered, negotiating a deal to acquire The Canyons for $100 million.
Since the Talisker announcement, Vail has offered American Skiing Co. $110 million for the resort.
Talisker officials responded in a prepared statement.
"We are confident recent legal action taken by Vail Resorts is without merit and are confident that our agreed upon acquisition of The Canyons resort will proceed as scheduled," Talisker stated.
Talisker attorney David Smith says postponement of the request for a temporary restraining order to halt the Talisker sale is "probably a positive thing for both sides."
"The parties are trying to work out a more organized way of going about it, rather than rushing to court," Smith said in a telephone interview Thursday.
An attorney for Vail Resorts wasn't available for comment.
Meanwhile, a spokesman for American Skiing Company attempted to distance the company from the lawsuit.
"There are no claims of damages against ASC, or its subsidiaries. We are named in the litigation initiated by Vail only because our property rights could be affected by litigation amongst the other parties in the complaint," said David Hirasawa, director of financial analysis and investor relations for American Skiing Co. "We believe any attempts to interfere with our rights related to the proposed sale of [The Canyons] are without merit and we will vigorously defend such rights."
The liquidation of Park City-based American Skiing Co.'s assets began last December with the sale of its flagship Steamboat resort in Colorado to the operator Intrawest.
Shares of stock in the publicly traded American Skiing Co. sold for pennies last week while shares in Vail Resorts, Inc., were not greatly impacted by the company's announcement of its intentions to acquire The Canyons.
"If Vail gets [The Canyons] it's obviously pretty significant for them," said Hayley Wolff, a Connecticut securities adviser who closely watches Vail stock. "I think it gives [Vail] a pretty successful growth leg in the business, because my understanding of The Canyons is, it's a great mountain with no infrastructure."
This week, shares of stock in Vail Resorts traded for about $54, Wolff said.
Vail's request for a restraining order is postponed
Patrick Parkinson, Of the Record staff
A high-stakes tug-of-war continues in Park City as two developers vie for a chance to run The Canyons resort and, as importantly, to develop real estate on the mountain.
In July, American Skiing Co., which is in the process of dissolving, announced its plans to sell The Canyons, its only remaining asset, to Talisker Corp., a Canadian company that is developing real estate in slope-side Empire Pass at Deer Valley.
But land necessary to run The Canyons, one of the largest ski resorts in America, is leased to American Skiing Co. by Wolf Mountain Resorts Managing Partner Kenny Griswold, who says he will not allow Talisker to buy the resort. The spat marks the latest legal wrangling in a courtroom saga that started when Griswold tried to evict American Skiing Co. from his property last summer by claiming the company had violated the terms of the lease.
Vail Resorts, Inc. has also challenged the pending deal, claiming it had an exclusive right to buy The Canyons, which is seen as a rare opportunity in North America to develop a four-season resort.
Still, on Wednesday, parties postponed a request from officials at Colorado-based Vail, a publicly traded company, for a temporary restraining order to block the sale to Talisker.
On July 27, Vail Resorts sued Talisker Corp., American Skiing Co. and Peninsula Advisors, claiming officials at Talisker interfered with a contract by attempting to scuttle Vail's deal with American Skiing Co.
Peninsula Advisors is a group of real-estate investors that, after agreeing to partner with Vail Resorts and Griswold, went behind Vail's back to negotiate a separate deal with Talisker, alleges the 23-page complaint filed by Vail in Denver District Court
Vail Resorts CEO Robert Katz insists his firm had the exclusive right to buy the resort before Talisker interfered, negotiating a deal to acquire The Canyons for $100 million.
Since the Talisker announcement, Vail has offered American Skiing Co. $110 million for the resort.
Talisker officials responded in a prepared statement.
"We are confident recent legal action taken by Vail Resorts is without merit and are confident that our agreed upon acquisition of The Canyons resort will proceed as scheduled," Talisker stated.
Talisker attorney David Smith says postponement of the request for a temporary restraining order to halt the Talisker sale is "probably a positive thing for both sides."
"The parties are trying to work out a more organized way of going about it, rather than rushing to court," Smith said in a telephone interview Thursday.
An attorney for Vail Resorts wasn't available for comment.
Meanwhile, a spokesman for American Skiing Company attempted to distance the company from the lawsuit.
"There are no claims of damages against ASC, or its subsidiaries. We are named in the litigation initiated by Vail only because our property rights could be affected by litigation amongst the other parties in the complaint," said David Hirasawa, director of financial analysis and investor relations for American Skiing Co. "We believe any attempts to interfere with our rights related to the proposed sale of [The Canyons] are without merit and we will vigorously defend such rights."
The liquidation of Park City-based American Skiing Co.'s assets began last December with the sale of its flagship Steamboat resort in Colorado to the operator Intrawest.
Shares of stock in the publicly traded American Skiing Co. sold for pennies last week while shares in Vail Resorts, Inc., were not greatly impacted by the company's announcement of its intentions to acquire The Canyons.
"If Vail gets [The Canyons] it's obviously pretty significant for them," said Hayley Wolff, a Connecticut securities adviser who closely watches Vail stock. "I think it gives [Vail] a pretty successful growth leg in the business, because my understanding of The Canyons is, it's a great mountain with no infrastructure."
This week, shares of stock in Vail Resorts traded for about $54, Wolff said.
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