Senator Schumer to Visit Greek Peak

Press release from SANY:

WITH NEARLY ONE THOUSAND WORKERS STILL ON THE JOB, SCHUMER TO VISIT FORMERLY AT-RISK GREEK PEAK IN MIDST OF SUCCESSFUL SKI SEASON, OFFER UPDATE ON PEAK - WILL URGE FDIC TO LEAVE NO STONE UNTURNED AS NEXT STAGE OF SALE PROCEEDS.
 
Schumer to Join Greek Peak Employees in Celebrating a Successful Ski Season Thus Far, And Urge FDIC Chairman Gruenberg to Work With Company in Current Sales Process To Ensure Greek Peak Remains Open for Years to Come
 
Last July, With Greek Peak at Risk of Closing for Good, Meaning a Loss of Nearly 1,000 Jobs, Schumer Asked the FDIC to Expedite Review of Loan Application to Ensure Resort Made it to Winter Ski Season - FDIC & Peak Now Agree That Was Right Choice.
 
Schumer: Greek Peak's Slopes Must Keep Swishing With Skiers & Employees
 
TODAY, January 11th at 1 PM, U. S. Senator Charles E. Schumer will visit Greek Peak Resort, which was at risk of shutting down last summer, to celebrate a successful ski season and provide updates on the tourist destination's future in the ongoing sale process with the Federal Deposit Insurance Corporation (FDIC). Schumer will also push for the FDIC to work with Greek Peak Resort through the sale and ensure that the ski resort remains open for the long term and employees stay on the job.
 
Last year, Greek Peak's lender failed and was put into conservatorship by the FDIC, who took over the company's loan. Senator Schumer successfully urged the FDIC to offer a lifeline to help this Cortland County tourist destination keep its doors open until the winter ski season arrived. Since then, Greek Peak has had a successful early ski season and has kept all of its nearly 1,000 employees on the job. Schumer will make his push for the resort to stay open and to keep employees on the job for years to come.
 
Schumer will be joined by Al Kryger, owner of Greek Peak, and dozens of the Peak's employees.
 
DATE:  TODAY, FRIDAY, January 11th
TIME:  1 PM
PLACE:  Greek Peak Mountain Resort, 2000 NYS Rt. 392 Cortland, NY 13045

1000 jobs my ass---they have such a skeleton crew this year that it's down right amazing

Yep, makes it hard to hire people when they keep extending unemployment benefits...

I doubt that even Whiteface has 1000 employees

Coach Z wrote

I doubt that even Whiteface has 1000 employees

exactly

seriously, who do they think they're kidding?!?!?!?!

I was told they basically double or triple dip on the job count - so if a person works part time as a liftie, and then say part time in the lodge, they count that as two jobs.  Still overcounting, even if they do it that way.

But - "successful" season?  Where? Yesterday was $10 lift tickets, and the place was deserted when I got there (5 pm).

When they shut the doors for good they will blame it officially on high temperatures, bad snowfall, and rain for this season and last -- but the real reason they are goign to go under is incompetence.

sheesh what a bunch of negative nellie's

I know, I know, and I'm usually the complete opposite when it comes to my beloved GP, BUT enough is enough. Getting 0 so hard to keep telling myself it will get better when just the opposite keeps happening.

gorgonzola wrote

sheesh what a bunch of negative nellie's

Reality bites.  I enjoy skiing at GP - been a "local" there for 12 or 14 years.  We're there 3 or 4 times a week with and without  the kids depending on their schedules.  I'd love for them to pull through, turn it around, and thrive -- including improving the ski area.  But the current mgmt has consistently screwed up, made terrible decisions, and neglected their core skiing customer base.

The best thing they do is allow tailgating at Ch 5 -- our kids love that, it makes their ski days more fun, and it gives a great vibe to GP.

i understand and agree with alot of the comments, even got sucked in and posted some similar anti-stoke then deleted it. the fact of the matter is before the lending bank took a shit i was pretty psyched on the master plan and how it was being attacked and looking forwrd to the on hill improvements that were supposed to finally begin as much anybody.

sure theyre gonna juice the employee numbers a bit when pitching the potential job losses to the fdic. key word -potential... comparison of mountain ops, 100 room hotel lodge, bar & restaurant, water park, adventure center, real estate office,  etc. etc. to the number of employees at wf is like comparing apples to kumkwats and irrrelavant. i'd guess the good senator set this gig up last week on the heels of a good snow and a glimmer of hope - sucks for him (and us) that its 50 and raining this week.

i'm just not sure why evryone's panties are in a bunch over the 1000 jobs thing and i'm glad i ain't the one responsible for walking the line beteween belt tightening with the feds looking over my shoulder and maintianing customer service for a bunch of grumpy assed skiers!

campgottagopee wrote

Coach Z wrote

I doubt that even Whiteface has 1000 employees

exactly

seriously, who do they think they're kidding?!?!?!?!

The way the government counts jobs is utter bull****.   You and others are thinking as a logical human being would.
But Government uses an "indirect and direct jobs" method of counting jobs for employment metrics.

 So the guy who delivers Pepsi products on the Pepsi truck that visits Greek Peek (along with 37 other stops on his run)?  For all you know, his job could very well be counted in that 1000, etc.....   There is admittedly some logic to it, but what happens in every case is it gets ridiculously exploited to make it seem like the government aided with far more employment than it actually did.

BenedictGomez wrote

campgottagopee wrote

Coach Z wrote

I doubt that even Whiteface has 1000 employees

exactly

seriously, who do they think they're kidding?!?!?!?!

The way the government counts jobs is utter bull****.   You and others are thinking as a logical human being would.
But Government uses an "indirect and direct jobs" method of counting jobs for employment metrics.

 So the guy who delivers Pepsi products on the Pepsi truck that visits Greek Peek (along with 37 other stops on his run)?  For all you know, his job could very well be counted in that 1000, etc.....   There is admittedly some logic to it, but what happens in every case is it gets ridiculously exploited to make it seem like the government aided with far more employment than it actually did.

That's right---logic and government---should've kown

gorgonzola wrote

i understand and agree with alot of the comments, even got sucked in and posted some similar anti-stoke then deleted it. the fact of the matter is before the lending bank took a shit i was pretty psyched on the master plan and how it was being attacked and looking forwrd to the on hill improvements that were supposed to finally begin as much anybody.

sure theyre gonna juice the employee numbers a bit when pitching the potential job losses to the fdic. key word -potential... comparison of mountain ops, 100 room hotel lodge, bar & restaurant, water park, adventure center, real estate office,  etc. etc. to the number of employees at wf is like comparing apples to kumkwats and irrrelavant. i'd guess the good senator set this gig up last week on the heels of a good snow and a glimmer of hope - sucks for him (and us) that its 50 and raining this week.

i'm just not sure why evryone's panties are in a bunch over the 1000 jobs thing and i'm glad i ain't the one responsible for walking the line beteween belt tightening with the feds looking over my shoulder and maintianing customer service for a bunch of grumpy assed skiers!

that was funny

can't speak for anyone else but i'm just butthurt over the whole thing. u know (as well as anyone) potentially what a little gem we have here and it pains me so to watch it spin out of control....btw, it stopped raining

I see that the FDIC gave Greek another $400,000 loan in Dec. to keep them going...

The FDIC approved an additional $400K and the bankruptcy court authorized GP to accept $204K of that amount, however, GP did not take the money, as they currently have a positive cash flow.

Next week should be an interesting week, as a sale could occur, a restructuring of debt occur, or...  Regardless, we likely won't hear much for a while.  

Rj1972 wrote

The FDIC approved an additional $400K and the bankruptcy court authorized GP to accept $204K of that amount, however, GP did not take the money, as they currently have a positive cash flow.

Next week should be an interesting week, as a sale could occur, a restructuring of debt occur, or...  Regardless, we likely won't hear much for a while.

DUDE, spill it---who have you heard is interested in buying GP.

last tuesday we noticed a low flying helicopter doing laps over GP, we joked that it must be a potential buyer, wonder if it really was!?!?!

I have no specific information, but I see a lot of evidence that people THINK a sale of GP is imminent.

Front page article in our local paper about GP being up for sale....here we go

campgottagopee wrote

Front page article in our local paper about GP being up for sale....here we go

Camp - anything online that you can link to? I couldn't find it.

Harvey44 wrote

campgottagopee wrote

Front page article in our local paper about GP being up for sale....here we go

Camp - anything online that you can link to? I couldn't find it.

Probably this:  http://www.cnycentral.com/news/story.aspx?id=846920#.UPL2e6V6OR8

http://www.wbng.com/news/local/Schumer-Celebrates-Greek-Peaks-Survival-186545581.html


Just got back from a couple hours of skiing GP.  Great conditions. For mid April.

I won't be surprised if they have to close down for a few days - the approaches to the lifts are almost barren, and there are not whales for them to use to keep those spots open.  

Its really not a surprise the place is for sale - but I think these articles are the first two I've seen that confirm the FDIC is pushing the sale of the resort.  Effectively they've foreclosed, without foreclosing.

I like where Al Kryger says defaulting on their loans was out of their control -- really?  There is no way this guy should be involved in whatever remains of GP after the sale / reorg.  He's either a complete idiot, or completely dellusional.  Or both.

BTW, nobody every filed for bankruptcy because their lender was taken over by the FDIC.  The FDIC would have been more than happy for GP to keep paying its loans - not one single media  outlet has pointed that fallacy out, but GP management continues to say the failure of their lender was a factor in pushing them into bankruptcy.  GP failed because of poor decision making primarily, with a bad season last year putting the last nail in the coffin.