Paper at it again

[trackbiker]

I'm thinking KC's paycheck finally bounced. Or more likely, after Denis Carlson was fired and wasn't around to B.S. him anymore he finally got the real picture. KC was a big supporter of Sno and I'm sure he still wants to see it succeed. He's a business owner with a stake in the community. I really think his intentions were good. I hope he doesn't feel bad about supporting the place. He's a good guy. The group of lawyers who bought the place didn't have a clue how to run an actually business that didn't involve "billable hours". I hope KC comes back and keeps us up to date on the progress of the bankruptcy. Hopefully any new owner will see him as an asset and rehire him.

I just hope that the people involved (read lawyers) in the bankruptcy aren't stupid enough to close the place for a season or two. It would increase their take but decrease the value of the ski area.

[fluffy]

KC still updates the Sno Facebook.

[poconoceancity]

Maybe he's not allowed to post here anymore.

[fluffy]

From the Sno Facebook...written by KC...

 

"Well..many here know that Dom Condusta has taken over the park and he operates under MY supervision. Anyone that knows me knows I have the support and following of 99% of the bike and extreme riding people in this part of the state. That all translate into very simply "I know what these guys are saying and what they want to do" By this weekend we will have at least 20 features, some of which you haven't seen in years, rebuilt, redecked, painted and ready to go, with more to come. Dom himself has worked in Colorado, New Mexico & Vermont on park crew plus he is the extreme dirt "God" in our area. He has also gained the respect of all the other parks in this area, so..yeah...it will be a different park. "

 

So KC is now in charge of the parks? He is supervising the park crew leader. Can't wait to see what they do.

[Ride Delaware ?]

Sounds like KC went and got himself a promotion... Congrats KC!!! Don't be afraid to check in!!!

[Melissa]

Ahhhh we need Bain Capital!

[RootDKJ]

http://www.saminfo.com/news/judge-oks-sale-sno-mountain

 

 

 

SAM Magazine--December 9, 2012--After filing for bankruptcy in mid-October, a federal bankruptcy judge has OKed the sale of Sno Mountain Ski Resort in Pennsylvania in order to recoup about $24 million in debt. According to the timesleader.com, documents filed by Sno Mountain show it has $171,562 in assets compared to $24.2 million debt. The debt is spread out among secured creditors, $14.7 million, and unsecured creditors, $9.4 million.

Aside from the creditors are the state tax claims, and subsequent liens, against the ski area, which total almost $420,000. From the beginning, Sno Mountain has disputed the lien claiming that it only collected sales tax on rentals, so it did not owe taxes for all other sales.

Nonetheless, the trustees overseeing the area were told that they could start seeking bids for Sno Mountain, which also has a water park, on or before March 1, 2013, with a sale to be completed by April 8. In the meantime, the area is still slated to open this season with a December 20 target date.

[toast21602]

Yikes.

[poconoceancity]

Maybe KC is too good for us now.

[Ride Delaware ?]

December 20 start date... Before X-Mas, but still late... Hopefully they have a majority of the mountain open before they open... With the slow start again this year, trail count will be important to X-Mas success... People follow open terrain...

[Johnny Law]

http://www.saminfo.com/news/judge-oks-sale-sno-mountain

 

 

 

 

Sale's gotta be the play here, get write downs figured out as part of the sale and move on. How many hills have done the exact same thing ? Paging Ascutney et al to the courtesy desk...wonder what happened to the Paulsteiners

[snoskier]

I really like the Court has taken an aggressive stance on the time frame for the sale. Fingers crossed!

[fluffy]

Who is putting up money to get operations going? Calling KC. Where are you?? Looking for jobs perhaps?

[rgrwilco]

Someone correct me if i am wrong, and praise me if i am right.

 

Businesses like ski resorts have an part of their budget allocated strictly for operations, separate from what is allocated for debt payments.

 

Or possibly someone was interested in a sale but didn't want the hill closed this year...bad press for when they reopen next season.

[fluffy]

Does Sno have that money set aside? Do they have any money??

[poconoceancity]

My guess would be no and no. Even the more successful resorts have low funds this time of year.

[Winter]

They have Zilch. There wont be another dime given to them and anything they have is from what they have made so far via season pass sales. Having said that, the bank which currently owns the resort may actually pump a few clams back in this year in lieu of closing early or not fixing something major (like a busted lift). Worst thing they can do is show a bad money year just before the sale in March.

[snoskier]

Glad to be back.

 

Based upon the bankruptcy filings and it appears they are using a cash reserves (which are not much) and are getting post petition financing. The key will be for them to open and start throwing off some cash from ticket sales.

 

I have a copy of the budget from their bankruptcy filing, but don't know how to post a PDF.

[Kyle]

at least theyre trying to do something to save the mountain instead of rolling over dead some like business do when they're this far in the hole.

[JFskiDan]

i assume what is owed to the local and state government are liens on the property?

[Winter]

i assume what is owed to the local and state government are liens on the property?

I thought the property was largely paid for, it was the business itself which was in default. Not sure.

[Ride Delaware ?]

I thought the property was largely paid for, it was the business itself which was in default. Not sure.

Even if that is the case, they usually place the liens on the land, which is paid for, and which is collateral, so that they are sure to receive their money since a sale cannot go through unless the liens have been accounted for or cleared...

[KCSKI]

Who is putting up money to get operations going? Calling KC. Where are you?? Looking for jobs perhaps?

 

I'm here......and in a different occupation on the mountain. Sorry about the lack of response on my part, but being part of the management staff I can't speculate like in the past. Don't worry, I still speak my mind as always. Things are looking good.

[toast21602]

Congrats on being part of management. Remember communication is the key to success - both inside and outside an organization.

[KCSKI]

^ I know..and I appreciate all of your input, as I have said in the past. Didn't want to get involved in the myriad of speculation and accusations while we were working thru this issue. I figured the moment we turned lights and guns on that that would prove our position to everyone. It did.

 

As far as the park, I've said in the past, we are more than just a park related mountain, but the park crew is completely under my supervision, and I have seen the 3 people I have working atm get more done in 3 days than I have seen the crew get done all of last season. Doesn't say much for us last year, does it? Yeah, we sucked, I'll say it.

 

Not anymore.

 

We have a good crew, and a dedicated staff. I can count on 2 fingers people that have left us over this, others have faith in what we are doing and the progress being made.

 

I'll keep you informed more now that I can concentrate more on actual activities.