Greek Peak---SOLD

According to our local paper NONE of the 4 bidders are in the ski industry.

They are as follows:

1. The Pacific Group---- realestate developer based out of SLC
2. M.R. Dirt-----excavation company out of Towanda PA (my guess for Big Al's posse)
3. Vista Group of Companies---Canadian grouop that owns hotels all over the USA and Canada
4. Meir-Stemerman---- John Meir is prez of four companies in Elmira NY and Marc Stemerman is prez of Chemung Supply Co.

One could assume Meir-Stemerman are good at what they do and understand what it takes to run a successful biz, unlike what we have now. GP has been micro managed for years!!!!! Not good. Hopefully the new owners will hire good people and PAY THEM to do their job---if you want monkeys you have to feed them peanuts.


Ruling on the winning bid is today at 1pm-----my inside info guy is on his way to Vail (bastard) so we may have to wait until this goes public be4 any info is available.

Good news!!!

Buddy of mine lives in Elmira and is very good friends with Meier and Stemerman. He tells me they both own places at GP and are both avid skiers/ golfers. He also says they're both GREAT guys and have passion for the sport of skiing. he also says $$$$$ is a non-issue with these guys....now there's something we're not used to.

campgottagopee wrote

One could assume Meir-Stemerman are good at what they do and understand what it takes to run a successful biz, unlike what we have now.

Totally agree with that comment. If you're correct, and there's not connection with the Krygers, my feelings about this are becoming more positive than they were initially.  Time will tell.  They better get the season passes on sale soon though, people will start committing their money elsewhere.

little more info---6.7 million


http://www.wxhc.com/local-news.php?id=4068&cat_id=1&p=#ontitle

billyymc wrote

campgottagopee wrote

One could assume Meir-Stemerman are good at what they do and understand what it takes to run a successful biz, unlike what we have now.

Totally agree with that comment. If you're correct, and there's not connection with the Krygers, my feelings about this are becoming more positive than they were initially.  Time will tell.  They better get the season passes on sale soon though, people will start committing their money elsewhere.

You're correct, time will tell.

I have good vibes about this----knowing someone who knows these guys personally helps. If he tells me they're good dudes then it's set in stone for me.

campgottagopee wrote

little more info---6.7 million


http://www.wxhc.com/local-news.php?id=4068&cat_id=1&p=#ontitle

Hey Camp - I can't see this right now - what's the jist of it?  They got the place for $6.7M?  

here it is


County Business Owners Look to Buy Greek Peak Resort for $6.8 Million
Wednesday, March 20, 2013
It looks as though an Elmira based business interest has put in the tentative winning bid in connection with the Greek Peak Bankruptcy auction.
Oldie 101.5 has learned that Chemung Supply owner Marc Stemerman along with business partners John and Chrissy Meier who own Meier Industries have submitted the highest bid in connection with Tuesday’s asset auction that was held at the Crown Plaza Hotel in Syracuse. The partners submitted a bid of just under $7 million dollars.
Federal court documents show that Stemerman and the Meier’s have tentatively reached an agreement with the FDIC to purchase the entire Greek Peak Resort including the Ski Center, Hope Lake Lodge and indoor water Park as well as the new $11 million dollar Adventure Center and mountain coaster; along with some undeveloped parcels and several hundred condominium interests.
Stemerman and Meier were among four bidders at the bankruptcy auction, which was set up to satisfy Greek Peak’s $47 million dollar debt, Greek Peak filed for Chapter 11 bankruptcy protection back in August after its primary lender, Tennessee Commerce Bank, of Franklin, Tenn. was shut down by F-D-I-C.
The F-D-I-C assumed the ski resort’s debt load and has financed the resort with a nearly $2 million dollar credit line to keep the operation going this winter.
Our sources say Stemerman has no ties to ski industry and does not own any other resorts. The initial word is that he will not change the name. Stemerman’s company Chemung Supply Corporation is highway construction and maintenance materials, equipment, and Supplies Company.
A Federal bankruptcy judge must still approve the sale, that approval is could come Today, but according to court filings several of the debtors that are owed money from the resort including money from the previous expansion are objecting to the sale.
Attorney for Greek Peak argue the auction process was fair and that the proposed sale price of $6.7 million is the best offer that would come from the auction. The attorneys say the assets were advertised to 160 different groups, and with the ski season ending the sale must move ahead because the property will not be as attractive to buyers during the summer months.
The second highest bidder was Vista Canada a company that owns several hotels, the documents don’t say what their bid was but they have agreed to maintain the bid if the sale is not approved.
Greek Peak public relations Jessica Sloma said the new owner may hold a press conference with current owner Al Kryger on Friday.
 

That's a pretty serious discount on the face of it - which is what I was expecting.  But when you consider the capital expenditures that truly need to go into that mountain going forward in terms of upgrading and replacing lifts, improving facilities at the ski area, expanding terrain -- it's really a much bigger commitment than the purchase price.

I'm also not surprised that current debtors are protesting.  Looks like they are getting in the neighborhood of 15 cents on the dollar.

Good luck to the new owners (assumign it gets approved).  

Will be interesting to see if the 6.8 million bid is approved. Someone previously speculated that the FDIC would not allow a sale with a bid that low. 15 cents or so on the dollar amount of debt.

Story in the Binghamton Press.  Sounds like this has a  high probability of being approved.  Waiting for a better bid doesn't seem like an option.



http://www.pressconnects.com/article/20130321/NEWS01/303210036/2-Elmira-men-make-highest-bid-Greek-Peak-resort?odyssey=tab|topnews|text|FRONTPAGE

billyymc wrote

campgottagopee wrote

One could assume Meir-Stemerman are good at what they do and understand what it takes to run a successful biz, unlike what we have now.

Totally agree with that comment. If you're correct, and there's not connection with the Krygers, my feelings about this are becoming more positive than they were initially.  Time will tell.  They better get the season passes on sale soon though, people will start committing their money elsewhere.

yea will be interesting to see what happens with the passes in the next week or so.
you boys best be careful what  you wish for - seems to me there biz and then there's ski biz. hopefully the new guys can walk the line. an owner whose total focus is bottom line isn't neccessarily a good thing for season pass holders. feeling that pain now with the new ownership at blue cutting hours, grooming, closing with a solid base, etc.

time will tell, let's hope for the best!

gorgonzola wrote

billyymc wrote

campgottagopee wrote

One could assume Meir-Stemerman are good at what they do and understand what it takes to run a successful biz, unlike what we have now.

Totally agree with that comment. If you're correct, and there's not connection with the Krygers, my feelings about this are becoming more positive than they were initially.  Time will tell.  They better get the season passes on sale soon though, people will start committing their money elsewhere.

yea will be interesting to see what happens with the passes in the next week or so.
you boys best be careful what  you wish for - seems to me there biz and then there's ski biz. hopefully the new guys can walk the line. an owner whose total focus is bottom line isn't neccessarily a good thing for season pass holders. feeling that pain now with the new ownership at blue cutting hours, grooming, closing with a solid base, etc.

time will tell, let's hope for the best!

Good point, but lets not forget the krygers were farmers and not in the ski industry when GP started. The entire HLL side of the road was their family farm---any and all developement that went on over there did nothing but line thier pockets.

Regarding the concerns expressed that the new owners are from outside the ski industry, I would point to Titus Mountain as an example where new owners - "outsiders" - have made some significant investments in the mountain (extensively renovated lodge, bunch of new glades/trails).  As best I can tell, the new ownership / management has been successful and positive.

Maybe Warp (or others) could add to this as I have not personally been to Titus after the ownership change.  I've also never been to GP, so admittedly I may not be fully versed in all of the issues there.

looks like a done deal!

http://www.stargazette.com/article/20130321/NEWS01/303210036/Judge-approves-sale-Greek-Peak-2-Elmira-men

WOW----here we go


I'm gonna hold these guys to this ---"The Elmira men pledged Thursday to make upgrades on the mountain."

Wish them all the luck in the world---this should prove interesting

Sale approved. Senator Shummer wants to meet with the new owners. Things looking up hopefully.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=2&cad=rja&ved=0CDQQ-AsoAjAB&url=http%3A%2F%2Fwww.cnycentral.com%2Fnews%2Fstory.aspx%3Fid%3D875094&ei=nndLUY6hFdS24APU84EY&usg=AFQjCNHqcm77EXlPHrUDgzshQQ7TXihKSA&bvm=bv.44158598,d.dmg

sounds promising now that more info has come to light Great news for region and all you GP skiers !

Titus was taken over by a local family with a diversified portfolio of businesses. It has been mostly positive with a new  lodge and trail upgrades and some additional improvements like a sugar shack and waffle house , an upgrade to the ski shop.

one downside is that the UPPER Mtn , by far the best part ofmthe mtn has  had limited opening in MY OPINION . THEY HAVE ADVERTISED FOR  TODAY AND TOMORROW AND THE WEEKEND AT THE LAST MINUTE THEY ANNOUNCED it would open only on the weekend. there was a 10 inch dump last nite wtf is that. B ??  

More over the incident i experienced today on Promise (see my earlier  thread )'resulted because they groomed only part of PROMISE and failed to do the headwall , which is usually done when the rest of Promise is done ( it is a blind drop ) so if the top is groomed the headwall is expected to be so to. There have been several of these kinds of  irritating miscues all season long . It comes in my opinion from lack of KNOW HOW in terms of hill mgt . So price rose , we got an expanded lodge , no chair upgrades , some new trails, but piss poor hill management in terms of consistent grooming policies . i am particularly critical in connecting trails for NOVICES , that is a potential liability issue . grooming of green trails must be done daily no exceptions

Sounds more promising with each thing I read.  They say they will be conservative with their improvements - smart.  As long  as they move forward with them, being conservative makes sense.

The other thing that's interesting - season passes for $299.  Cheaper than last year. Plus discounts for multiple family  members.  Brilliant move really.  The biggest issue they face is increasing skier visits, and getting people to spend money when they are there.  

I hope they keep chair 5 the way it is -- it's a nice local's vibe there.

This seems like a very good outcome for skiers and employees.

Thanks to all for the GP insight (like 4 pages back).  Got to get me to Greek Peak (and of course Snow Ridge). The fact that I haven't done that yet... well it just ain't right.

This seems like a pretty exciting development.

“We are extremely excited to own this regional and community asset. Our plan is to focus anew on the skier and boarder experience… and much needed improvements to the mountain in the years ahead,” Meier and Stemerman said in a statement.