I just got the same email (I'm not a passholder anymore, had a college pass one year).

I can't see any plausible way they can repay $35 million in debt off of this little ski area and lodge, and I don't think the area is worth even 20% of that in assets/value.

I can't see any plausible way they can repay $35 million in debt off of this little ski area and lodge, and I don't think the area is worth even 20% of that in assets/value.

This will allow them to operate next year (unlike Snö). We can hope the FDIC and other creditors will allow for pass honoring as Greek requested.

First off, do you have any proof of that statement? What I've read is Scotch Valley stayed operational until 1999 ... and I find no source that it was sold between 1981 and then.

Secondly, what does Whiteface, Belleayre, or Gore have anything to do with a Greek Peak topic?

But back to the regularly scheduled topic:

The ski industry has been awash with the unsustainable ideal that rapid expansion with high capital infrastructure is necessary for skier growth for a long time. Rapid growth requires huge debt payments. And unfortunately due to the low-margin nature of skiing, it requires investment not from the best of sources.

In order to invest at the level necessary for a top class resort ... read what non experienced skiers demand (modern efficient snowmaking and grooming, HSQs, etc) you need people to ski it. That requires either a massive population (a la Wachusett or Mountain Creek) or a large bed base (any other resort). The idea all along was this was the first step. You need beds filled to make it attractive to invest in low-margin ski ops. The Plattekill model is the most sustainable, but it does not attract many newbie skiers.

Did Greek expand too quickly? Did Al Kryger make poor buisiness decisions? Yes. Proof is they had to go to a bank in Tennessee to take out $35M in loans when they only previously had a few million in assets. Were those loans an issue? It sounds like until this season they were doing fine slowly paying off debt. The issue really isn't about Greek Peak, because it is their lender that is at fault. They gave too many subprime loans (of which we all agree Greek Peak was one) and too many of those loans bit back at the bank.

It should be noted that even with the poor winter, hotel reservations were up 8% a month ago vs. last year at the same time. That is good news for Greek Peak in the long run.

And the very good news is that they filed for Chapter 11 before a creditor (Doppelmayr? Areco? Ratnik? NYSEG? Town of Virgil? Food distributor?, etc) sought action. This will allow them to operate next year (unlike Snö). We can hope the FDIC and other creditors will allow for pass honoring as Greek requested.

It also should be noted the bankruptcy court in Syracuse has the greatest backlog nationwide, so this very well may be a loooooong bankruptcy before Greek Peak emerges from protection.

First off, do you have any proof of that statement? What I've read is Scotch Valley stayed operational until 1999 ... and I find no source that it was sold between 1981 and then.

Secondly, what does Whiteface, Belleayre, or Gore have anything to do with a Greek Peak topic?

Of course I do or I would not say it. You either accept the information I give as true or you don't. If you don't, then you do the necessary leg work to confirm what I say or prove the statements I make are incorrect. Please do not question every statement I make on this forum as I share this information based on the accumulation of evidence I have already done myself.

As for your second question... My statement also proves itself out to be true and I again ask you to do as I have requested you do to achieve the same result.

If you chose not to try this, then it is you who will question anything over and over again. Don't shoot the messenger.

My sources are solid... you can count on that.

C'mon folks, let's stick to topic, and not follow That NY Guy off another Double Black Diamond cliff into Neverland.

Russ does speak the truth more often than not, but he sure has a convoluted and mystical way of getting around to his points.

And he will throw in mind blowing references to other owners, areas, etc, just to get everyone fired up.

Perhaps less time listening to the Grateful Dead would be best.