What will happen to Park City MR?

[Hey Diddle Diddle]

Powdr Corp. CEO: Vail in 'a bit of a pickle' with Canyons deal
John Cumming claims the Colorado firm wants PCMR for cheap

Jay Hamburger, THE PARK RECORD

The chief executive officer of Park City Mountain Resort parent Powdr Corp. on Thursday indicated Vail Resorts is in a bind with an agreement to operate Canyons Resort and is attempting to wrest control of the land underlying most of PCMR's terrain as a result.
John Cumming, the CEO, spoke to reporters at 3rd District Court after a lengthy hearing in the lawsuit between the PCMR side and its landlord, Talisker Land Holdings, LLC. Vail Resorts became the operator of Canyons Resort in 2013 through a long-term agreement with Talisker Land Holdings, LLC. The deal could be expanded to include the disputed terrain at PCMR depending on the result of the lawsuit.

"I think they're looking for a really great deal on a ski resort that is well run, has been well invested in, has a great trademark and brand, a great position in the market," Cumming said. "I think they've got themselves in a bit of a pickle with the deal that they've done to acquire the Canyons, and they're hoping they can get Park City Mountain Resort cheap enough to justify it."

Cumming acknowledged that the case is a "terribly tragic situation, potentially, for our team at Park City and the community."

The comments were rare public statements about the case by Cumming. He has more frequently made comments about the case through prepared statements released by PCMR.

Cumming said his side has "been trying very hard for several years to find some practical resolution." He said Powdr Corp. has offered to buy the land in question at an above market price and has indicated it would enter into a lease with payments that are above the market.

"And we hope that as the legal process goes forward, there'll be some rational discussion from the other side, too," he said.

Cumming said if Talisker Land Holdings, LLC is successful in the case, Powdr Corp. could pursue an action sports facility known as Woodward Park City. The resort plans to build Woodward Park City on land that is not involved in the lawsuit. He said PCMR has focused on serving families and youngsters for decades.

"It's a plan that we hope we never have to activate by itself, but it's one that we'll be happy with and we think the kids in this community will love," he said about Woodward Park City.

Talisker Land Holdings, LLC released a prepared statement after the hearing through its lead attorney, John Lund.

"We are pleased that these legal matters are progressing. While losing this case may be a tragedy for John Cumming and his family, it will not be a tragedy for the resort or the Park City community. We look forward to the court's determination," the statement said.

[yabyum]

Powdr Corp. CEO: Vail in 'a bit of a pickle' with Canyons deal
John Cumming claims the Colorado firm wants PCMR for cheap

Jay Hamburger, THE PARK RECORD

The chief executive officer of Park City Mountain Resort parent Powdr Corp. on Thursday indicated Vail Resorts is in a bind with an agreement to operate Canyons Resort and is attempting to wrest control of the land underlying most of PCMR's terrain as a result.
John Cumming, the CEO, spoke to reporters at 3rd District Court after a lengthy hearing in the lawsuit between the PCMR side and its landlord, Talisker Land Holdings, LLC. Vail Resorts became the operator of Canyons Resort in 2013 through a long-term agreement with Talisker Land Holdings, LLC. The deal could be expanded to include the disputed terrain at PCMR depending on the result of the lawsuit.

"I think they're looking for a really great deal on a ski resort that is well run, has been well invested in, has a great trademark and brand, a great position in the market," Cumming said. "I think they've got themselves in a bit of a pickle with the deal that they've done to acquire the Canyons, and they're hoping they can get Park City Mountain Resort cheap enough to justify it."

Cumming acknowledged that the case is a "terribly tragic situation, potentially, for our team at Park City and the community."

The comments were rare public statements about the case by Cumming. He has more frequently made comments about the case through prepared statements released by PCMR.

Cumming said his side has "been trying very hard for several years to find some practical resolution." He said Powdr Corp. has offered to buy the land in question at an above market price and has indicated it would enter into a lease with payments that are above the market.

"And we hope that as the legal process goes forward, there'll be some rational discussion from the other side, too," he said.

Cumming said if Talisker Land Holdings, LLC is successful in the case, Powdr Corp. could pursue an action sports facility known as Woodward Park City. The resort plans to build Woodward Park City on land that is not involved in the lawsuit. He said PCMR has focused on serving families and youngsters for decades.

"It's a plan that we hope we never have to activate by itself, but it's one that we'll be happy with and we think the kids in this community will love," he said about Woodward Park City.

Talisker Land Holdings, LLC released a prepared statement after the hearing through its lead attorney, John Lund.

"We are pleased that these legal matters are progressing. While losing this case may be a tragedy for John Cumming and his family, it will not be a tragedy for the resort or the Park City community. We look forward to the court's determination," the statement said.

Just curious,Is the lawyer for Talisker, John Lund, the same guy who was a voly patroller at PCMR?

[jwolter7]

Bumping this thread back up to the top again...

http://www.lawweekonline.com/2013/10...neral-counsel/

[Bromontana]

So.. did they not have an in house general counsel? Maybe just a legal dept? Not sure how important it is, maybe they're just adding mgmt bandwidth so Katz and his fellow bogner sniffers don't have to work too hard.

[creaky fossil]

Bumping this thread back up to the top again...

http://www.lawweekonline.com/2013/10...neral-counsel/

Exelon affiliation = cheese-dick, corrupt as fuck, Rahm Emanuel-styled unethical/immoral business attitudes ME ME ME ME ME fuck y'all etc.

sounds kinda like where Rontele will be in 15 years.

[Canada1]

Talisker released a press release confirming their support of the Vail lease. Actually made me laugh. "We support the fact that our bankers were able to get vail to overpay for the land our son and team was rapidly bringing to bankruptcy. Go Vail!" (my interpretations)

[yabyum]

Talisker released a press release confirming their support of the Vail lease. Actually made me laugh. "We support the fact that our bankers were able to get vail to overpay for the land our son and team was rapidly bringing to bankruptcy. Go Vail!" (my interpretations)

The Canyons, the black hole where money goes to die!

[My Pet Powder Goat]

The Canyons, the black hole where money goes to die!

Yep, I've coined it "the Afghanistan of the ski world"

[jwolter7]

I'm going to need some more popcorn for this drama:



http://www.parkrecord.com/park_city-...st-lifts-if-it

PCMR intends to dismantle, remove most lifts if it loses lawsuit



"If we are forced to vacate the property, we will take our property with us," Alan Sullivan, PCMR's lead attorney



"PCMR does not have the legal right to remove all the chairlifts from the mountain, but their threats are disturbing and not constructive and designed only to further delay a realistic resolution of this matter," John Lund, the lead attorney for Talisker Land Holdings, LLC, said. "Talisker's chosen new operator, Vail Resorts, clearly has the wherewithal and expertise to ultimately replace these lifts with state of the art equipment. PCMR's inflammatory talk is risking community disruption and the resort's guest experience, and is not focusing on realistic solutions."

[yabyum]

I'm going to need some more popcorn for this drama:



http://www.parkrecord.com/park_city-...st-lifts-if-it

PCMR intends to dismantle, remove most lifts if it loses lawsuit



"If we are forced to vacate the property, we will take our property with us," Alan Sullivan, PCMR's lead attorney



"PCMR does not have the legal right to remove all the chairlifts from the mountain, but their threats are disturbing and not constructive and designed only to further delay a realistic resolution of this matter," John Lund, the lead attorney for Talisker Land Holdings, LLC, said. "Talisker's chosen new operator, Vail Resorts, clearly has the wherewithal and expertise to ultimately replace these lifts with state of the art equipment. PCMR's inflammatory talk is risking community disruption and the resort's guest experience, and is not focusing on realistic solutions."

Thus opening up great back country options along the Wasatch back.

[Canada1]

Thus opening up great back country options along the Wasatch back.

I love me some lawyer smack talk!!

The posturing is getting such that I think settlement is eminent.

In related news, Talisker really does suck!!

[WaistDeepGroomers]

We don't to get to enjoy many hilariously ridiculous court battles in this little sport of ours, but the lawyerly posturing in this saga is just too good.... maybe season two of True Detective will be based around this saga? I'd pay to see Rust Cohle explain this story to two detectives while chain-smoking butts...



just hope the separation between the lawyers' back and forth and anything approaching reasonable reality means the locals won't end up suffering because of this thing.

[TBS]

Fuck the lawyers. Rob Katz and John Cumming should settle this like men!

[jwolter7]

DO RIGHT... Yep, I thought so!

http://www.denverpost.com/business/c...l-prevail-park

"My message to the industry is admit it, accept it and then deal with it and move on. I really believe that will happen here."

"You fight the good fight, and if you lose ... not everything goes your way. That's just the way things play out in business.

An Epic Folly indeed.






Lyrics:

What happened to the world? This conversation's over
We tried to turn our lives into your thoughts
And what they really mean
Piece by piece we're building a story
You seem to be on every single page

And so hey, well can you hear them say?
The princess will fall while the prince has his kingdom to save
So make a sound, and make it loud
You took the fall, to lead me home

But now they're using their best words on me,
Although they're not the right ones, are they?
I guess your turning me on
Well can you hear me? (can you hear them, can you hear them, can you hear them)

And so hey, well can you hear them say?
The princess will fall while the prince has his kingdom to save.
So make a sound, and make it loud
You took the fall

And so hey, well can you hear them say?
The princess will fall while the prince has his kingdom to save.

So make a sound, and make it loud
You took your time, You took your time, you took your

[jwolter7]

[Hugh Conway]

Vail Resorts "putting the community front and center". Who believes those lies? Do they even believe that shit?

[Swine]

It's doublespeak; as to if they believe it? Probably on some fucked up neurotic level some of them do.

I like how Katz said "You fight the good fight, and if you lose ... not everything goes your way. That's just the way things play out in business." in that Post writeup. Yeah Rob, you're fighting the good fight, keep repeating that mantra to yourself.

[Johnny Deep]

Vail Resorts "putting the community front and center". Who believes those lies? Do they even believe that shit?

That one depends on which community they are refering to.

[Bromontana]

http://www.denverpost.com/business/ci_25572643/vail-ceo-katzs-latest-message-park-city-chief

"While I understand your interest in retaining control of the resort, I fear that ignores reality. If your lease is found to have expired, PCMR will have no rights, no interest and no role in that terrain anymore. Demanding that you still be able to continue operating the resort after losing your lease simply is not realistic," Katz wrote.

Katz is a tad hypocritical here. He requests productive engagement, but doesn't offer it. He points the finger at Cumming for unsavory tactics, yet rules out the possibility of pursuing a new lease with PCMR. Cumming noted PCMR is amenable to a multi-million/year lease, but more and more it's becoming clear Vail has no interest whatsoever in working with PCMR (except on their exit strategy). It seems like the only way Vail doesn't lose its ass on the Canyons 25m/yr lease is to force the sale of PCMR-owned base lodges, parking lots, lifts, water rights, sewage rights, and lower areas of the ski mountain. Even a reasonable lease of PCMR ski terrain wouldn't offset the losses stemming from the broader Canyons lease and operations. Which is exactly what Cumming alleges:

"I think they're looking for a really great deal on a ski resort that is well run, has been well invested in, has a great trademark and brand, a great position in the market," Cumming said. "I think they've got themselves in a bit of a pickle with the deal that they've done to acquire the Canyons, and they're hoping they can get Park City Mountain Resort cheap enough to justify it."

I gotta wonder what Vail's contingency plan was before agreeing to spend 1.25 BILLION on the afterbirth of the Wasatch. Maybe they assumed PCMR would accept rape by Vail because of the brand's cache? Public good of their Wal*Mart pass undermines enough local support to effectively trump PCMR's property rights?

[jwolter7]

My Man Godfrey 1936

Godfrey: Hasn't anyone ever told you about certain proprieties?
Irene: You use such lovely big words. I like big words. What does it mean?
Godfrey: Well, I'll try to simplify it. Hasn't your mother or anyone ever explained to you that some things are proper and some things are not?
Irene: No she hasn't. She rambles on quite a bit, but then she never has anything to say.


Irene: Stand still, Godfrey. It'll all be over in a minute.

http://www.rogerebert.com/reviews/gr...n-godfrey-1936


Bump

[Canada1]

Anyone know any time lines? I need to buy season passes and want to know if any significant rulings are forthcoming.

Also, the PCMR promise to pro-rata pay back. Is this based on % of days the area is open, or days of the year?

Thanks, been skiing, surfing and working and not playing lawyer and following the stuff in the paper.

[SKIORFORGETIT]

this is getting good

think I need a refill on my popcorn

[brutah]

da vailsatch!

[yabyum]

da vailsatch!

Love, the look. To many egos to let it fly as is. Dick Bass! Deer Valley, Alta! and maybe PCMR, They will be a tough sell. The rest will fold like a cheap suit.

[bigdude2468]

this is getting good

think I need a refill on my popcorn

A little news on MTN stock, not quite as bullish as a few weeks ago

Down 9% in the past four weeks

Has dropped below its 200 day moving average which is pretty negative

Zacks has a strong sell recommendation.