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stefan
06-22-2007, 07:50 AM
American Skiing to dissolve
By Mike Gorrell
The Salt Lake Tribune


Having unloaded seven of its eight resorts in recent months, Park City-based American Skiing Co. announced Thursday that it is shedding its corporate skin as well.

Technically, American Skiing Co. is dissolving as a corporate entity. Its remaining assets, principally The Canyons Resort outside of Park City, will become the property of Oak Hill Capital Partners, a private equity firm that was American Skiing's majority shareholder.

Visitors to The Canyons next winter should not see anything different about the resort operations than they have in the past, vowed a pair of American Skiing executives, David Hirasawa and Chip Carey.

"The resort will continue operating as normal," said Hirasawa, American Skiing's financial analyst and investment relations manager. "All the plans we've been working on are moving ahead. We will invest in the resort at a high level. Plans for the golf course are still in process. There's no end to any of the exciting changes going on at the resort."

Added Carey, the company's senior vice president of marketing and sales: "We really think this is good for The Canyons and its long-term success. The Canyons is a growth resort. It's had a huge history since 1997 when we came in . . . The more we invest in it, the greater the value of the resort is going to be."

Their positive view of the legal maneuver, revealed in a filing with the U.S. Securities and Exchange Commission, was shared by Ski Utah President Nathan Rafferty.

"I'm pleased to see that they'll be focusing all of their efforts on one resort," he said. "The Canyons has always been their crown jewel with plenty of untapped potential, including solid leadership and a strong sales/marketing team. It should be good for Utah locals and destination visitors alike."

A union official who represented unionized ski patrollers in their contract negotiations with the company last winter said he did not expect the ownership transfer "to have any real effect. I don't foresee any differences," said Lew Ellingson of the Communications Workers of America.

The SEC documents said company directors made the decision to dissolve American Skiing on June 6. Two days earlier, American Skiing sold its last two resorts in the Northeast - Sunday River and Sugarloaf in Maine - to Boyne Corp., which operates Brighton Resort, for $77 million in cash and the assumption of $2 million in debts.

That left American Skiing with an obligation of $404 million to Capital Hill, due July 31. But since "the company's available cash and the value of its remaining assets will not be sufficient" to pay that obligation, directors decided dissolution was the best option.

The SEC filing said common stockholders and Class A common stockholders, who together hold 31.6 million shares, are unlikely to receive any financial distributions on their stock and may be liable to creditors.

Formal dissolution will take place in about three weeks, the document said. At that time, American Skiing no longer will be a publicly traded company and no further reports will be filed with the SEC. Some layoffs are expected at American Skiing's corporate offices in Park City.

Oak Hill Partners has "representative" investments in 37 companies whose interests include financial services, health care, telecommunications, technology and consumer, retail and distribution companies. TravelCenters of America and Bell + Howell are two of the better-known companies.

The dissolution agreement gives Oak Hill Partners the opportunity to sell the resort, but Carey insisted "that's not a foregone conclusion . . . and it could take up to three years to dissolve the company."

One of the uncertainties that remains is a lawsuit being fought against Wolf Mountain, former owner of The Canyons Resort, which claims American Skiing was delinquent on payments and should lose The Canyons.

That case is scheduled to go to trial next spring. Hirasawa said "we are still very focused on the successful completion of that litigation."

stefan
07-16-2007, 07:50 PM
American Ski Co. finds a buyer for The Canyons

PARK CITY, Utah

stefan
07-17-2007, 06:39 AM
Canyons sold to familiar face
Talisker also developing property near Deer Valley
By Mike Gorrell
The Salt Lake Tribune


The Canyons Resort, final vestige of the American Skiing Co. empire, will be sold for $100 million to the company that bought United Park City Mines and is converting its property along Deer Valley's fringes into a posh ski and golf development.

Talisker Canyons Finance Co. LLC, a subsidiary of the Toronto-based real estate development and investment company Talisker Corp., will buy the resort outside of Park City and all stock in American Skiing Co. Resort Properties, Inc., which has contractual rights and obligations involving The Canyons.

Talisker also is assuming responsibility for pending litigation in which the resort's former owner, Wolf Mountain, contends it should regain the property because American Skiing defaulted on a lease. That trial is projected to take place early next year in Park City's 3rd District Court.

In a related development, Scott Pierpont, general manager of The Canyons, resigned Monday "to pursue other opportunities," said David Hirasawa, American Skiing's director of financial analysis and investor relations.

Pierpont also is chairman of the 21-member board overseeing Ski Utah, marketing arm for the state's 13 active resorts. His future with the association "has yet to be determined," said Ski Utah spokeswoman Jessica Kunzer. "The board has really enjoyed working with Scott and he has a long history working with Ski Utah. Only time will tell."

The sale of The Canyons means American Skiing has disposed of all eight resorts under its control at the start of last ski season, raising $599 million used to pay off creditors. Those creditors included Oak Hill Capital Partners, a Connecticut-based private equity firm that was American Skiing's majority shareholder.

On June 21, when American Skiing filed papers to dissolve with the U.S. Securities and Exchange Commission, company officials said The Canyons would continue to operate under Oak Hill as it has in the past.

There were no public indications a sale of The Canyons was imminent.

Chip Carey, American Skiing's senior vice president of marketing and sales, said Monday "the right offer came at the right time. It was an opportunistic sale . . . at a very good price."

He added that Talisker is a "power player in town," its Park City operations (technically Talisker Mountain Inc.) led by Jim Thompson, former president and chief executive of Vail Resorts Development Co.

"They're well thought of, good citizens, very successful," Carey said, optimistic Talisker can build on American Skiing's development of The Canyons. "We've taken The Canyons into the top 15 resorts in the United States in a very short period of time. They will be able to come in and complete the vision at a very high level. The growth will be spectacular. We're excited for the community about that."

Calls to Talisker and its public relations company were not returned Monday.

Talisker Deer Valley's Web site said Thompson was hired in February of 2006 to run the Utah operations, which began in 1999 and expanded with the 2003 acquisition of United Park City Mines.

The company created the Talisker Club, a private-membership club offering multimillion-dollar residential development opportunities in three communities adjacent to Deer Valley - Empire Pass, Tuhaye and Red Cloud.

Club members have access to an 18-hole course designed by Masters and British Open champion Mark O'Meara, Deer Valley's ski slopes, a mobile fly fishing clubhouse on the Weber River and a private ski-boat docked on Jordanelle Reservoir.

Thompson developed Vail Resort's real estate assets at Vail, Beaver Creek, Breckenridge and Keystone ski resorts, its retail properties at two of them, and the company's employee housing program. He also redeveloped the company-owned Jackson Hole Golf and Tennis Club in Wyoming.

PunchKing
07-17-2007, 07:47 AM
I might ski at the Canyons if they can convince it to snow once in a while. That place is like skiing in the mud.

gonzo
07-17-2007, 08:47 AM
Interesting. My company does direct marketing for Talisker. Maybe I can convince some bigwigs somewhere to give me a season pass! (Although, I do have an unused Cherry Picker pass from last year, so maybe I can get the season pass next year.)



I might ski at the Canyons if they can convince it to snow once in a while. That place is like skiing in the mud.


The lower portions of the mountain suuuuuuck. But, if you get up high onto Ninety-Nine 90 or hike up to Murdock from Super Condor you can usually find some nice snow.

stefan
08-01-2007, 06:51 AM
Who will run The Canyons?
Lawsuits could threaten ski season opening
By Christopher Smart
The Salt Lake Tribune

Will The Canyons ski resort open for the upcoming ski season?

Spokesman Tim Vetter on Monday said yes.

"There is absolutely no question that we will open."

But Kenny Griswold, principal of Wolf Mountain, the company that leases terrain to American Skiing Co. to operate The Canyons, said an opening this winter "is unclear."

The answer could lie within a blizzard of legal filings that has snowed under any immediate resolution to the conundrum - who will own and operate the ski resort?

A lawsuit, filed last week by Vail Resorts Inc., alleges a cloak-and-dagger plot involving hundreds of millions of dollars, and leaves the ownership issue to be resolved by the courts.

On Monday, Wolf Mountain filed suit in U.S. District Court for Utah against Talisker Corp., which had agreed earlier this month to buy The Canyons from American Skiing Co. for $100 million.

According to a 1996 lease agreement, Wolf Mountain must sign off on any such transfer of operations, the suit states.

The suit alleges that Park City businessman Mark Robbins, through his limited liability corporation, Peninsula Advisors, disclosed confidential information about Wolf Mountain to Talisker, the Canadian-based development resort firm, in an effort to cut Wolf Mountain out of its position.

"If the allegations are correct, Talisker and Peninsula were attempting to cheat [Wolf Mountain] out of its share," Griswold said of receipts from the operation, as well as profits from real estate development.

"American Skiing either knowingly or unwittingly participated in the scheme."

Representatives from Talisker, Peninsula and The Canyons denied the allegations.

Last year, Peninsula Advisors made a deal with Wolf Mountain to form a new company. It would be the lease holder and developer of the land at The Canyons. That $115 million agreement would have given 80 percent ownership to Robbins' company.

But Griswold said the money didn't materialize and the deal is dead.

Monday's suit follows an action filed last week by Vail Resorts. The Colorado-based company sued both Talisker and Peninsula, alleging the entities conspired to cut Vail Resorts out of a potential deal with Wolf Mountain to operate The Canyons ski area. The suit also names American Skiing.

"This case involves a blatant conspiracy by Peninsula and Talisker to thwart Vail's ability to obtain extremely valuable and unique rights to own, develop and operate The Canyons ski resort and surrounding real estate in Park City, Utah," reads the action filed July 27 in state District Court for Denver.

Vail Resorts has offered to buy The Canyons from American Skiing for $110 million.

According to Vail's lawsuit, after Peninsula Advisors entered into the agreement with Wolf Mountain, it got an exclusive but temporary right to buy American Skiing. Peninsula then approached Vail to operate The Canyons.

"But almost immediately . . . Peninsula breached that agreement by negotiating an alternative transaction, for itself, with Talisker Corp. to obtain Wolf Mountain land," the suit states.

Peninsula and Talisker "secretly conspired to steal the opportunity to purchase The Canyons and the Wolf Mountain land from Vail."

Peninsula spokesman Josh Ewing said Monday that Vail's suit is without merit.

"We're confident the claims asserted against Peninsula won't hold water in court."

Talisker echoed those remarks in a statement released Monday.

"Talisker looks forward to proceeding with its purchase and working together with the employees of The Canyons ski resort."

The Canyons will keep its agreement with Talisker, said Vetter, The Canyons vice president for community affairs.

"Our position right now is that we have entered into a binding agreement with Talisker. We intend to honor that agreement," he said. "We're still trying to study the allegations [in the Vail lawsuit] and understand what happened. Then we'll be able to comment further."

American Skiing once owned and operated eight ski areas. But in the face of mounting financial challenges, it began unloading them in recent months. The Canyons was its last remaining resort.

stefan
10-21-2007, 10:35 PM
Judge rejects request to block sale of The Canyons

BROOMFIELD, Colo. (AP) - Vail Resorts says it has spent two million dollars since August 1st on legal efforts to acquire The Canyons ski resort in Utah.

Broomfield-based Vail Resorts also said a judge has denied its request for a preliminary injunction to block Talisker Corporation from closing its acquisition of The Canyons.

American Skiing Company said in July that it would sell the 3,700-acre ski area in Park City for $100 million to an affiliate of Toronto-based Talisker. Vail Resorts has said it was working to acquire The Canyons before the sale was announced.

Vail Resorts CEO Rob Katz says the company will continue to pursue its legal rights in the matter.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

stefan
02-16-2008, 06:58 AM
Truce may not hold in Canyons war
By Christopher Smart
The Salt Lake Tribune


Despite an agreement late last week, reports of a truce in the legal war between the operator of The Canyons ski resort near Park City and land owner Wolf Mountain may be premature.

Nonetheless, several lawsuits disappeared over the weekend after Wolf Mountain principal Kenny Griswold withdrew his objection to the $100 million sale of the ski area operated by American Skiing Co.- Utah to Talisker Corp. The agreement came on the eve of a scheduled trial to determine the validity of the sale.

Still at issue, however, is Griswold's overriding claim that the resort operator has defaulted on its long-term lease of ski terrain. That March 2006 lawsuit and a countersuit are still pending in Utah's 3rd District Court.

The proposed sale to Canadian-based Talisker also has generated a blizzard of legal actions.

According to a 1997 lease agreement between Wolf Mountain and American Skiing Co., Griswold must approve any sale of the ski resort.

Attorneys for The Canyons had argued that Talisker Corp. was simply acquiring the stock of ASC-Utah and, as such, the ski area operator didn't require Griswold's approval.

Wolf Mountain had courted other suitors to take over The Canyons, including Vail Resorts Inc.

Vail sued Talisker in a Colorado court, seeking to block the sale. That action is still pending.


Vail officials declined to comment this week.

Nonetheless, in an agreement inked Feb. 8, Griswold said he would withdraw his objection to the sale on the condition that the $100 million transaction be completed by May 31 and that Talisker plow an additional $25 million into the operation by the same date.

Earlier this week, Griswold questioned whether Talisker could come up with the cash.

Talisker spokeswoman Ariane Romano countered that the Canadian development firm would close the deal on time.

In either event, Griswold said that Wolf Mountain's original lawsuit - claiming that ASC-Utah was in default - would go forward.

"When that case finds its way through the courts, and if the lease is terminated, then [Talisker] has bought nothing," he said.

In a prepared statement, ASC-Utah President B.J. Fair said the sale would take place "in the immediate future."

"[W]e believe Talisker is a tremendously well-respected company and will be an excellent owner and operator of the resort for many years to come," Fair said.

The Canyons operator continues to believe that the lease dispute can be resolved, said Tim Vetter, vice president of community affairs.

"We're having a continuing dialogue," Vetter said. "I'm hopeful solutions are out there."

stefan
07-02-2008, 07:39 AM
Associated Press
Utah's Canyons ski resort sold for $100 million
Associated Press 07.01.08, 3:06 PM ET

PARK CITY, Utah -

Toronto-based resort operator Talisker Corp. says it's the new owner of The Canyons ski area.

Talisker Chairman Jack Bistricer announced the purchase of the 3,700-acre resort in a statement. He didn't say how much Talisker paid, but the company offered $100 million last July.

Talisker is a luxury resort club operator that has invested heavily in lodging at Deer Valley, another Park City resort.

Park City-based American Skiing Co. (otcbb: AESK.OB - news - people ), which owned 10 ski areas as recently as 2001, said it was going out of business with the sale of The Canyons. The company has disconnected its phone lines and couldn't be reached on Tuesday.






The Canyons Resort sold to Talisker for $123.1 million
Deseret News
A subsidiary of Toronto-based Talisker Corp. has completed its acquisition of Utah's largest ski area, The Canyons Resort.

Talisker Canyons Finance Co. LLC paid $123.1 million on Monday to The Canyons' owner, American Skiing Co., for ASC's subsidiaries, ASC Utah and American Skiing Co. Resort Properties Inc., according to a filing with the U.S. Securities and Exchange Commission. Talisker paid $52.1 million of that amount in cash and $71 million in senior secured notes.

"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons Resort and to our continued and growing involvement as members of the community," said Talisker chairman Jack Bistricer said in a statement Monday. "We expect to bring our brand and standard of development to this wonderful resort over the coming years."

Talisker and ASC had been entangled in a half-dozen state and federal lawsuits, some of which were combined, over The Canyons' development and the right of former owner Wolf Mountain to object to the development. Wolf Mountain sold the resort to ASC in 1997, but it has since owned the land upon which The Canyons operated.

Wolf Mountain has filed a federal lawsuit arguing that The Canyons undermined Wolf Mountain's attempts to get out of its land-ownership deal with The Canyons through a sale of the resort to another group. Talisker is assuming responsibility for that pending litigation.

Talisker has been doing business in Park City since 2000. Its developments include Tuhaye, which features a Mark O'Meara-designed golf course, and Empire Pass, a residential development on the slopes of Deer Valley Resort. Talisker also is building Montage Hotel at Deer Valley.