Greek Peak to not Operate in 12-13?

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Greek Peak to not Operate in 12-13?

Postby EMSC » Fri Jul 13, 2012 10:23 pm

And just as I was about to buy tickets to fly back there in December...

Greek Peak's future in question
http://www.stargazette.com/article/20120713/NEWS01/207130368/Greek-Peak-s-future-question?odyssey=tab|topnews|text|FRONTPAGE

Also reference my post from earlier:
http://www.firsttracksonline.com/boards/viewtopic.php?f=2&t=10003&p=64157&hilit=greek+peak#p64157

I'd love to provide commentary on how messed up GP's finances are (with a huge swindler at the helm to boot), but right now it just seems like it would be piling on.
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Re: Greek Peak to not Operate in 12-13?

Postby Admin » Sat Jul 14, 2012 3:41 pm

Whenever a new topic is posted in Liftlines, a tweet with a link to the new topic is sent out via the account @FirstTracksMag. In response, Greek Peak tweeted the following link:
http://www.facebook.com/photo.php?fbid= ... =1&theater
Image

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Re: Greek Peak to not Operate in 12-13?

Postby EMSC » Thu Aug 02, 2012 5:38 pm

Bankruptcy filed by Greek Peak at this point.

Chapter 11 so they are hoping to get the debt slashed. One can only hope that the current management is tossed out on their #$@ as part of the process.


http://www.stargazette.com/article/20120802/NEWS01/308020068/Greek-Peak-files-bankruptcy-protection?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE&nclick_check=1
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Re: Greek Peak to not Operate in 12-13?

Postby EMSC » Fri Mar 08, 2013 5:58 pm

The article is very short on details.. such as exactly what assets are to be 'auctioned' or not, etc...

But things are finally getting interesting for 'ol Greakus Peakus. Most locals only real hope/desire is that GP remains roughly unscathed with the exception of the entire current management/ownership team being kicked to the curb very unceremoniously...

Judge sets auction for Greek Peak assets

http://www.stargazette.com/article/20130308/NEWS01/303080028/Judge-sets-auction-Greek-Peak-assets?odyssey=tab|topnews|text|FRONTPAGE
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Re: Greek Peak to not Operate in 12-13?

Postby jamesdeluxe » Wed Mar 20, 2013 4:26 pm

Bad news for EMSC -- someone outbid him:
http://www.wxhc.com/local-news.php?id=4 ... p=#ontitle
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Re: Greek Peak to not Operate in 12-13?

Postby EMSC » Thu Mar 21, 2013 1:46 pm

Awesome!

$6.76M bid for the whole place, all parcels. That would be around 14 cents on the dollar of the debts owed. I thought for sure it would be at least 25 cents on the dollar. For those curious, almost all of the debt was from USDA rural development guaranteed loans from your (well for the US posters of this board) federal tax dollars. And after all $47M was spent... nothing was improved or added on the ski hill itself!

Some of the debtors are objecting to the above bid thinking they can get a better offer (there were only 4 bidders from the nearly ~160 solicitations).

The current high bidder is from Elmira an hour away which makes me think that the Judge will have a softer spot for the bid and let it go through (a state judge, not a federal one is involved). Given the locality of the bid I strongly think the answer is that senator Chuck Schumer leaned on some friends to put in a high bid in order to save/serve his own interests in some of the parcels. My take is that the construction company bid/winner will keep Big Al right in charge under the exact same management team (since they have no clue on running a ski resort either)... Just guesses by me reading the tea leaves, here... but I'll be very surprised at any result outside of exact same team and slimy politicians involved in GP management except with a sweet free gift of over $40M from the taxpayers.
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