Fri Sep 05, 2008 10:20 am
Wed Nov 12, 2008 1:59 pm
Indianhead, Big Powderhorn & BlackJack Ski Resorts Merger Activities Terminated
WAKEFIELD, MI - Tuesday, November 11, 2008 -Indianhead Mountain Enterprises announced today that the merger of Indianhead, Big Powderhorn Mountain and Blackjack Mountain resorts will not be completed as announced on September 2, 2008, and all closing activities and discussions have been terminated.
Indianhead had intended to acquire Big Powderhorn and Blackjack in a transaction that was scheduled to close on or before December 31, 2008; however Bruce Noren and Mary Segalin, who are associated with Big Powderhorn Lodging Association, and Donna Greener, an association homeowner, filed a lawsuit in Gogebic County Circuit Court on September 15, 2008, alleging that Big Powderhorn Mountain initially agreed to sell the ski facility to them. The lawsuit asks that Big Powderhorn be required to follow through with the sale of the ski facility to the three individuals and includes the filing of a lis pendens with the County, which would encumber the property until the lawsuit is resolved.
Barry Bolich, General Manager of Indianhead, said, “Our determination to realize our vision of a combined resort, with better economics and more attractive features and amenities, has been blocked by this lawsuit. We feel that the ultimate success of our business and the ski resort industry in the Western Peninsula as a whole have been potentially impaired by this lawsuit.” Michael Henn, representing The Roger and Lilah Stangeland Trust, the owner of Indianhead Mountain Ski Resort, pledged, “We are committed to doing everything we possibly can to minimize any and all adverse impacts to the resorts and the community as a whole, created by this lawsuit.”
Fri Nov 14, 2008 11:14 am