I just got the latest Paper Ski Mag - Deer Valley bought about 1/2 of the whole magaxine. For your convience, the Park City Mountain Resort vs. Talisker/Vail litigation has it today as bond from PCMR to be set on Friday well over $50 million to appeal. PCMR vs. TLH has TLH a sure winner to most of PCMR's terrain. PCMR may not open this year unless mediation provides a solution (on TLH's terms) which has not materialized after over a week of extensions.
Deer Valley is probably feeling a little inscure right now and is doing the bravado thing.
Interesting thing is if the Cummings famiily will try to leverage their new majority ownership of Snowbird to settle with TLH - and Vail will have PCMR and Snowbird on the Epic Pass in 2015-2016.
Man - what an upcoming season.
What a mess! It's been going on for a while and I've read other articles, but none that laid it out so clearly. What I hadn't thought of before is that there are 3 parties with large stakes in this, the third being the local economy. They stand to be severely impacted through no fault of their own.
I'll sum up my opinion of this by twisting a famous quote of the great Walter Lippman*, "the ski industry is composed of a large number of fuzzy thinking nincompoops and a few clear minded bastards." IMHO PCMR belongs to the former group and Vail Corp to the latter.
*one of the great journalists of the 20th century, but most readers of this forum were born too late to know that.
so PCMR forked over 17.5 Million for the bond that they will loose on their appeal. I guess we can all ski at PCMR this season. Judge Harris set the bond at the FMV of the potenial lease PCMR would have to pay TLH for a year of operation and no past rent due (that would be trebbled in this case per Utah law) or legal fees were considered - smart.
The "third party" as Dennis calls them - the Park City citizens - are rightfully spared and for now the drama is delayed for later. Thank goodness. I think there would have been a mob out for Cummings familiy blood if this had not happened.
Agreement is good for PC Town, but this probably means no improvements to PC Ski Area this year and a general demise in maintenance expendures. The stated reason the Judge in this case set the bond amount himself is the two litigants could not reach an arbitrated $ agreement on the transfer of PCM operations to Canyons-Vail. Nor reach a reasonable amount for the bond to allow operation of area this season.
The Colonel
correct - no improvements. There is no reason to do anything. Even though PCMR pays 17.5M they still will have a net profit of at least double that amount. So in the end they loose the $17.5M but make money and get to operate for one more season, which probably satisfies John Cumming's ego-trip. He'll be distracted with "running" Snowbird next season.
After that, loose the appeal, and as the later matters of damages, legal fees, owed back rent (according to UT squaters law - that number would be x3 the rent) go to trial they simply declare bankruptcy and that is that. TLH picks up the resort, buys the remaining areas they need to operate (we'll see if they try to buy up the town lift - they may not) and Vail operates it per their agreement with TLH. PCMR operates this year and next season PCMR will be on the Epic pass.
End of soap opera and Luke and Laura get married lol (that is from General Hospital in case you didn't know)
Wow. PCMR is now Epic: http://www.snow.com/discoverourresorts/park-city-mountain-resort.aspx
yep - it was just a question of how dumb JC was going to be - gee loose a total of about $150M or make $182M .
... and Luke and Laura get married ...
Basically good news!!! Questions remain, such as will week long vacations at PCR or Canyons include days at both resorts! This should improve the initial Utah multi-resorts interconnect within the next couple of years? And what will be the prices for the various Epic Passes?
And maybe there will be a some customer relations improvements at PCMR this season!
The Colonel
i posted this on parkrecord ...
"Shiva is the great destroyer and the creator - yes build Park City Resort. 7000 acres. Here we have an opportunity and the funds to make something fantastic. Let us hope it comes to pass. It can only benefit all.
I know Park City is changing, and it is no longer the little ski town of 6,000 it was when I first moved to it. It will change , as it has been in the past 8 years. I have not seen brown rabbits in my back yard since 2005 and no moose or deer go through anymore. There is "traffic" and things morph.
Park City grows up - and like the parents we are excited and full or worry."
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