The future of American Skiing Company

K

Kevin

New member
This should be a fun topic. How long will ASC remain in business? From what I have read on the internet, I give them 6 more months until they go under. Even more important, is what will happen to the resorts that they own.
 
My prediction is rather 6 days <IMG SRC="http://www.firsttracksonline.com/discus2/clipart/happy.gif" ALT=":)"> <BR> <BR>No, without joke, I prefer to see the financial statements of this year (at least the 9 first months) before to take position. <BR> <BR>For the mountains, hopefully they will be sold to some ski corporations with good resources and with the flame of skiing in their mind ! <BR> <BR>I think we can unfortunately forget about some coops ;) although it would be cool for a mountain like Sugarloaf, but those resorts are way too big for that <IMG SRC="http://www.firsttracksonline.com/discus2/clipart/sad.gif" ALT=":(">
 
There is some financial information listed, but it is at another online ski website. I do not want to list it unless it is okay with Marc. The information paints an ugly future for ASC. As for Sugarloaf, I have read that the state of Maine is not interested in owning Sugarloaf, unlike the state owned areas that we have in New York. The good part is that each change of ownership at the loaf has brought welcome improvements.
 
LOL <BR> <BR>After the 2nd quarter, they had a net loss of 62 millions $ compared to 37M$ in 2003. Last year, they ended with a net loss of something like 80M$ so we can figure something close to 150M$ in 2004. bye bye ASC !! <BR> <BR>It's tough to believe that some banks accept to finance some companies that turn so much in the red ! <BR> <BR>(infos taken on the ASC website)
 
There are also some people in the higher ranks of ASC dumping large amounts of nearly worthless stock, why? do they have information that the end is near? There is one texan investor that has loaned them about $100 million, so far he is quiet, but he could call in the loan at anytime.
 
Kevin, I only have a problem with blatant self-promotion at our potential expense. Fire away.
 
(look in the Nelsap section, btw) <BR> <BR>Isn't Snowjournal a "friend forum" from FTO ? <BR> <BR>A sure thing, his founder : CSB, was coming often on the FTO chat, when it was alive <BR> <BR>Interesting comments from this guy. About the same thing than me for the latest financial results, but I didn't know before today, for the 5000 shares for 550$. I don't know how work the Taxes in USA, but it could be a fiscal strategy, to pass some losses against revenues in previous years, if the taxes law is similar to the one in Canada. <BR> <BR>Also, is 5000 important ? If this guy has 5 000 000 shares, it doesn't mean a lot of things <IMG SRC="http://www.firsttracksonline.com/discus2/clipart/happy.gif" ALT=":)"> <BR> <BR>It could also be that he's just bored of all this and doesn't believe anymore in ASC's long term projects and prefer to sell even though there is no evidence that the company is going to be in bankruptcy in a short future. <BR> <BR>Anyway, let's hope this adventure ends simply and that the debt of their resort will be erased, so they will have the chance to operate like they did before 1996 !
 
You can bet that if ASC goes belly up,each one of its properties will be bought by someone or some company. <BR>Ironically,I think i'd ski ASC properties more if they were closed. <BR>((* <BR>*))NHPH
 
I'm pretty sure that they will go Bankrupt, it seems like the only way out of their financial debt load. I would start skiing Killington immediatly again if there were new owners, especially if they made a commitment to a long season again. The mountain certainly had a following for pushing the season envelope.
 
If you ask Joegm, he'll tell you that all their problems stem from being more fiscally responsible and trying to reduce costs, yes, you read that correctly, Joegm seems to be a financial genius.
 
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