soulskier wrote:Geoff wrote:It's pretty clear to me that the current incarnation of Magic will die an ugly death. There's no way they're going to find people willing to throw the money away buying shares in a non-viable business.
My sources tell me they have sold almost three hundred shares ($3,000) to date.
Oh, you mean that over 26 months, they still haven't managed to sell the first 300 shares they were supposed to sell within 90 days of their offering back in June, 2009? ...and it was 240 shares sold as of April. I doubt they have sold many more. They are staggeringly off plan on the 1000 shares they were supposed to sell over 4 years.
You can sell all the $100 plaques you want to fund painting 40-year-old double chairs and it's not going to make a dent into the amount of cash needed up update Magic's snowmaking system. Without reliable water, replacing miles of failed pipe (rather than the emergency patching they do now), low-E guns, modern compressors & pumps, and all the rest that allows them to make snow quickly and economically, they don't stand much of a chance. They need full parking lots Christmas week to cover all their fixed costs and they struggle to have much open by that time of year.
I want Magic to make it but they are extremely undercapitalized. One bad weather year where their base gets washed out to dirt in a Christmas week thaw and it's on to the next set of owners.