Little Jay @ Greek Peak?

As long as they put some $$$ back into the hill and keep beer @ $3.50 I don't care who buys the place

One thing for sure is they better have a plan and announce it soon or early season pass sales will be next to nuttin. Not sure how much they count on that $$$$ but million or so bucks goes a long way in helping out the bottom line.

Soon we'll find out what/who will be our new owners of our beloved GP. According to our paper the FDIC has given GP until march 7th to find a buyer or propose a diff restructuring plan. The article goes on to say that GP will have to sell by March 21st. To say the least this will be interesting to watch unfold.

The auction will begin on March 7th, with all final bids due by the 14th, and any adjustments to previous bids made on the 19th.  The highest responsible bidder will be selected by the court on the 21st.

Found article on internet, but it won't let me read the whole content:
"A bankruptcy judge has cleared Upstate New York ski resort Greek Peak to put its assets on the auction block later this month. Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court in Syracuse, N.Y., on Thursday cleared the resort to ..."

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&ved=0CDkQFjAB&url=http%3A%2F%2Fnews.silobreaker.com%2Fgreek-peak-ski-resort-to-auction-assets-march-19-5_2266651225405521927&ei=eGczUcD0OrK30gH9joGQDg&usg=AFQjCNEHQtTJ0dAOg1A2mxd31v4g6MCR_w

(Sno Mountain in Scranton just came off the auction block and none of the 4 or 5 bids where quite high enough. The foreclosure bank put in their own bid - $100,000 over the next highest. Camelback bid  $1 million which was WAY too low).

According to an article in our local paper the auction will consist of 6 diff parcels.

1. skiing operations and adventure center
2. hotel and water park
3. the new office building
4,5,6 are all undeveloped land----Uncle Al's golf course


I hope the new owners of the hill have the passion for skiing that has been lacking at GP for the last 5 to 6 years.

... interesting, so you think they might break up the parcels? I wonder how debt load was divvy'd up. we talked to a bunch of people up there last weekend about the auction, both skiers and employees - most are thinking that big al will prevail and are pulling for him  i guess all said and done i'd be counted in that camp as well. i think local business ownership is good and as i've said before, i think his game plan was working decently and was beginning to shift focus back on the mountain before the shit hit the fan!

saw an interesting flyer in the lodge men's room on the way out sunday about a "geezer breakfast" tommorow (?).  al is the guest speaker giving state of the resort adress. any of you old coots want to go check it out and report, breakfast is on me!?

That is what the article said, i wish I could put a link to it, but the cortland standard doesn't have it on the itrawebz.

it also said that if Big Al was going to bid it would have to be disclosed prior to the auction, when asked if he was going to be bidding he declined to answer. To me there's something wrong with the process if he bids. He ran into the ground, so why should he be able to buy it back for pennies on the dollar---that makes NO sense to me.

i don't like change, but in this case i think it would be good. Too many years of over promissing and under delivering for my liking.

Greek Peak has the best skiing in this area. It should be treated that way instead of taking a back seat to pipe dreams.

i still think the tennessee f*cktard bankers are reponsible and we're all just caught in the shitstorm of that and a crappy economic and meteorogical climate over the last few years. oh well blames not gonna matter in a few weeks... just hoping for the best!

gorgonzola wrote

i still think the tennessee f*cktard bankers are reponsible and we're all just caught in the shitstorm of that and a crappy economic and meteorogical climate over the last few years. oh well blames not gonna matter in a few weeks... just hoping for the best!

AMEN!!!!


Just curious, but what's the word around the campfire as far as owners go. Are you guys going to get hurt by this??? I truly hope that's not the case, that would not be good.

that's the really scary part - i don;t think anybody knows! at least no one ive talked to!
when we started coming up and bought in, my kids were were 10, 13 and 15 'ish - all i can say is our family and friends have had a blast hanging at greek for the last 5-6 seasons, made a lot of new friends, and ski'd some great snow!  
no way to assess a dollar value to that or count as a loss so it's all good, i just hope the good times continue!

You bring up a VERY good point, that is the place truly is fun, and filled with good people. Remember the lift "race" between 1 and 1A???? People hooting, hollering, screaming and just plain yuckin it up----that was fun.

Also, over this past prez weekend I was chatting it up w/ a couple MILF's from Atlantic City at the bar. They were telling me how much their crew (she told me like 40 to 50 peeps) enjoy comming to GP,  and especially HLL, they don't even ski, but their hubbies and kids do. They enjoy the spa and all that goes with it. This year made their 4th year in a row making the same trip.....good thing not everyone thinks like me

CONTENTS DELETED

That crap is down right criminal and should be treated as such. If that happens GP wont get another red cent of my money. I'll go to Lab and support a family who's #1 priority is to provide the best skiing/riding they possibly can.

Found this on the internet. It appears to be the rest of the article from the Wall Street Bankruptcy Journal.

"A bankruptcy judge has cleared Upstate New York ski resort Greek Peak to put its assets on the auction block later this month.

Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court in Syracuse, N.Y., on Thursday cleared the resort to auction its assets on March 19. Judge Cangilos-Ruiz will review the auction results at a March 21 hearing.

The Virgil, N.Y., resort hasn't yet selected a lead, or stalking-horse, bidder to kick off the auction but may opt to do so by March 7, according to court papers. Would-be bidders have until March 14 to submit their initial offers for the ski resort ahead of the March 19 auction.

Greek Peak, which also includes a hotel and indoor water park, sought Chapter 11 protection on Aug. 1, 2012. During the Chapter 11 case, the resort's operations have been funded by the  Tennessee Commerce Bank  entered a $52 million loan agreement with the ski resort to allow it to build timeshare-type properties. When Greek Peak filed for bankruptcy, the FDIC was saddled with the loan."

1slipperyslope wrote

- deleted -

Yo slippery---don't hide the truth---that was a good post, and IMO, spot on......just sayin

Found this quote on the internet. Who knows if there is any substance at all here:

"They actually have three sealed bids already. The Feds also will only allow Greek Peak to be sold as one unit. Not in sections. The area  is having a good year and the hotel has been booked all winter. My buddy who works at the ski school was told at a meeting the area won't be sold at a loss. The Feds will run it again next year due to them not losing money this year."

I too heard that all parcels are combined, so there will be no breaking up of the assets.  However, the part of the FDIC not taking a loss is untrue, unless something changed yesterday prior to the first bid coming in.  Assets are valued at about $50M, and the debt exceeds that, so there will be a loss.  Remember, the bank that took over a bunch of Tennessee's loans did so at around $.50 on the dollar.  The FDIC wants this to be over with.

Here are the court documents if anyone is interested:  http://www.pressconnects.com/assets/pdf/CB20194038.PDF

From the Binghamton Press:  http://www.pressconnects.com/apps/pbcs.dll/article?AID=2013303080028

It's likely that the FDIC is completely willing to take a loss on Greek.  It's a huge huge risk to keep holding it.  The reason they coudln't get rid of the loans before is that no bank wanted to take on such a big risk.

And whoever said this is the Tennessee bank's fault -- nope, this is all on GP for making bad decisions.  Well...the Tennessee bank made bad loans...but GP is the one who defaulted on them.

Well, skied Greek today Sat. 3/9/13. Ran into one of the old-timer skiers. So I asked him if he went to the Geezers Luncheon on Thurs and he said yes. I asked him what Al had to say and he said Al didn't give the talk that Wes did. Sounds like there are maybe 6 solid bids in now and new owners very well will come out of this auction process. Of course the identity of who might be some of these bidders can not be disclosed. Also mentioned was that no one knows if new owners would keep on current management.

Noticed from the court document PDF that the Hope Lake Lodge parcel comes with a total of 17 acres of which someone is retaining 70% mineral rights. If Natural Gas Fracking starts in NYS I wonder if there might be natural gas fracked wells drilled at Greek.

Quote:
"30 % mineral rights of GP Energy Associates LLC"

(just recently I ran into a guy who has been skiing at Greek from the very start and I asked him if Al had been there from the start and he said the land the ski area is on used to be the Kryger family farm. If so I wonder how big the farm was and if it was large, maybe the Krygers think they are entitled to try and keep some of the mineral rights.}