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Ragged Auction still on...

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Author	Post
shenty Profile \| Galleries Rank: Member Since: Oct 17, 2005 Posts: 900 Location:Bedford NH - New London, NH	Posted: Feb 28, 2007 - 6:54 PM GMT I looked at the calender and realized that in less than 24 hours Ragged goes on the block. I called the auctioneer, Paul E. Saperstein Co. and the guy told me it is still on. He mentioned that Ragged was in court today, but the NH judge dismissed Ragged's case. The guy said call back after 5:00 for the latest. __________ There's no waiting for friends on a powder day.

shenty Profile \| Galleries Rank: Member Since: Oct 17, 2005 Posts: 900 Location:Bedford NH - New London, NH	Posted: Feb 28, 2007 - 8:16 PM GMT A little blurb in the The Citizen of Laconia __________ There's no waiting for friends on a powder day.

skifastinvt Profile \| Galleries Rank: Member Since: Sep 12, 2002 Posts: 61 Location:	Posted: Mar 01, 2007 - 2:30 AM GMT I had posted a few thoughts last night, but the topic must have been removed due to a few replies with poor taste. I would be surprised if the auction happens, but time is ticking! Please keep us posted if you hear anything.

shenty Profile \| Galleries Rank: Member Since: Oct 17, 2005 Posts: 900 Location:Bedford NH - New London, NH	Posted: Mar 01, 2007 - 2:31 PM GMT Might be off now... Ragged Mountain expected to file for bankruptcy and avoid auction Not a big surprise... __________ There's no waiting for friends on a powder day.

Davev Profile \| Galleries Rank: Member Since: Oct 20, 2001 Posts: 1495 Location:	Posted: Mar 01, 2007 - 2:55 PM GMT Quote: A Utah company has offered to purchase the resort for $10 million, but attorneys for the mortgage lender argued the offer is not "iron clad" and may not yield enough money to pay off the resort's debts.. ASC...?

MikeTrainor Profile \| Galleries Rank: Member Since: Jan 29, 2002 Posts: 348 Location:Danvers, MA	Posted: Mar 01, 2007 - 2:57 PM GMT I wonder who the Utah buyer is?

skier man Profile \| Galleries Rank: Member Since: Feb 22, 2007 Posts: 444 Location:Franklin, MA	Posted: Mar 01, 2007 - 7:43 PM GMT so it's past 1pm who owns ragged

mmqb Profile \| Galleries Rank: Member Since: May 11, 2004 Posts: 5642 Location:	Posted: Mar 01, 2007 - 9:02 PM GMT "AUCTION HAS BEEN POSTPONED TO APRIL 3, 2007 AT 1PM."

joshua segal Profile \| Galleries Rank: Member Since: Jul 12, 2004 Posts: 5946 Location:NH	Posted: Mar 01, 2007 - 9:09 PM GMT Quote: "AUCTION HAS BEEN POSTPONED TO APRIL 3, 2007 AT 1PM." Tell us more or give us a URL!!! __________ Joshua Segal

shenty Profile \| Galleries Rank: Member Since: Oct 17, 2005 Posts: 900 Location:Bedford NH - New London, NH	Posted: Mar 01, 2007 - 9:12 PM GMT It's from the auctioneers site Paul E. Saperstein Co., Inc - Ragged Mt. __________ There's no waiting for friends on a powder day.

nelsap Profile \| Galleries Rank: Member Since: Nov 21, 2001 Posts: 3651 Location:Saratoga Springs, NY	Posted: Mar 01, 2007 - 9:15 PM GMT So it seems like the area will finish out the season. Then, new owners come in at the April auction and the ski area will change hands. Is that everybody else's impression? Jeremy __________ Jeremy Davis

smelick Profile \| Galleries Rank: Member Since: Nov 14, 2003 Posts: 1102 Location:	Posted: Mar 01, 2007 - 9:18 PM GMT That should give them time to file for bankruptcy and not have to pay off the investor.. I'm all for saving a ski area, but I have to sympathize with the company that could potentially eat some serious crow on this deal.. Where is Blue Hills in all of this? -Scott

tom durgin Profile \| Galleries Rank: Member Since: Dec 23, 2005 Posts: 837 Location:The Upper Valley	Posted: Mar 01, 2007 - 9:33 PM GMT If they file Chapter 13 they still have to pay back creditors, although not necessarily the full amount. If they file Chapter 7 they are protected from creditors but lose everything - possibly including their construction business and all other assets. At least, I understand that's how it works - any attorneys out there?

shenty Profile \| Galleries Rank: Member Since: Oct 17, 2005 Posts: 900 Location:Bedford NH - New London, NH	Posted: Mar 01, 2007 - 9:37 PM GMT Quote: If they file Chapter 13 they still have to pay back creditors, although not necessarily the full amount. If they file Chapter 7 they are protected from creditors but lose everything - possibly including their construction business and all other assets. At least, I understand that's how it works - any attorneys out there? What about chapter 11?? __________ There's no waiting for friends on a powder day.

skifastinvt Profile \| Galleries Rank: Member Since: Sep 12, 2002 Posts: 61 Location:	Posted: Mar 01, 2007 - 9:40 PM GMT I'm not surprised the auction was postponed. I am surprised that there is a potential buyer at $10 mil! Something is shady. If you were really interested in purchasing Ragged, why would you bail out the current ownership and pay $10 mil. Let the bank forclose, and pick it up for half that! The delay in auction must be to allow for a purchase and sale with a potential close date of 4/1/07? If the deal falls through, the auction will happen on 4/3/07. Why not chapter for Ragged? They could hold off the creditors that way. Perhaps the owners don't want to open their books to the court??

ILOVE2SKI Profile \| Galleries Rank: Member Since: Dec 24, 2002 Posts: 669 Location:	Posted: Mar 01, 2007 - 9:41 PM GMT Edited: Mar 01, 2007 - 9:42 PM GMT Quote: What about chapter 11?? A Chapter 11 filing, on the other hand, is an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations. The court can grant complete or partial relief from most of the company's debts and its contracts, so that the company can make a fresh start. Often, if the company's debts exceed its assets, then at the completion of bankruptcy the company's owners (stockholders) all end up with nothing — all their rights and interests are terminated — and the company's creditors end up with ownership of the newly reorganized company, in the hopes that it will eventually succeed financially as compensation for their losses. __________ www.slopemonkey.com

smelick Profile \| Galleries Rank: Member Since: Nov 14, 2003 Posts: 1102 Location:	Posted: Mar 01, 2007 - 9:43 PM GMT I'm no attorney - just found this: Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court. Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors. http://www.sec.gov/investor/pubs/bankrupt.htm It's sad any way you look at it. -Scott

tom durgin Profile \| Galleries Rank: Member Since: Dec 23, 2005 Posts: 837 Location:The Upper Valley	Posted: Mar 01, 2007 - 9:44 PM GMT Yes, I forgot about Chapter 11, which is similar to Chapter 13. I guess the idea is avoid all "chapter' scenarios but esp. Chapter 7.

mmqb Profile \| Galleries Rank: Member Since: May 11, 2004 Posts: 5642 Location:	Posted: Mar 01, 2007 - 10:31 PM GMT Edited: Mar 01, 2007 - 11:05 PM GMT A Trustee could also come into play. Now you have a Federal Judge between the creditors and the ski area. If they file a Chapter 11, they need a plan approved by the Judge for continued debt service and operating of the business. They could also lease the business to a good operator in the golf sector and ski sector and may pay down debt and continue to own the property. It's a new game when you have a BK Judge in the process and it is open to the PUBLIC!!! Everything is on the table, taxes, creditors, assets, liability, etc.... Reorganization protects the creditors and the business and gives the owners a second chance with protection from the court, if they can produce a reorganization plan that a BK Judge will sign off on. Remember, we need the "rest of the story", did Ragged Mt. file with a Federal BK Court? Time will tell. Let's hope for a win/win..... On with the show,

boris Profile \| Galleries Rank: Member Since: Dec 04, 2002 Posts: 133 Location:	Posted: Mar 02, 2007 - 12:38 AM GMT I might be a bit off topic, but sadly several major ski areas have been in and out of chapter 11 and 7 bankruptcy without an extended slot on NELSAP. grand prize winners include ..... Sugarloaf maine 1986 snowshoe w va 1984-87 mt snow vt 1977 ish waterville valley nh 1994 ski liberty pa 1975 pico vt 1997 bolton valley vt 2001 ish windham ny 1980 others that have made a pit stop in NELSAP on the way in and out of bankruptcy court... majic vt ascutney vt tenney nh

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