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  1. #1
    Join Date
    Dec 2007
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    254

    Moonlight Basin Change in Ownership?

    Heard that Lee Poole is officially out as owner of MLB yesterday. Anybody got details on the situation?

  2. #2
    Join Date
    Oct 2006
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    MT
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    I want to say it is not true, but I am only like 99% sure.

    My buddy is working at his private residence this summer, and says he has huge plans for the resort in the long-term, and just debuted the back nine of the new golf course that just finished.

  3. #3
    Join Date
    Jul 2009
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    293
    I would stick to believing it is not true. 99% sure is quite accurate. LOL


  4. #4
    Join Date
    Dec 2007
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    Big Sky
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    Unfortunately, this is true. Whatever is left of Lehman Brothers (Barclays) just forclosed on MLB and Lee is no longer the owner. No word on what happens with continued operations. Anybody got more details?

  5. #5
    Join Date
    Dec 2004
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    12,037
    I will reserve comment until after this has been announced and has been in the local paper.

    Thanks just the same and no offense.
    Mister Man! Mister Man! Mister Man. They left this card.

  6. #6
    Join Date
    Aug 2007
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    J HOLE
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    wow....good luck up there everybody. i still love that place

  7. #7
    Join Date
    Nov 2006
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    Big Sky, MT
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    241
    Hoping this is not true. If so, hopefully the new ownership will appreciate and treat the staff the way Lee did/does.

  8. #8
    Join Date
    Mar 2006
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    People's Republic of MN
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    Shit... Hope it emerges from this mess... Good luck, Bunion.
    Gravity. It's the law.

  9. #9
    Join Date
    Dec 2007
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    BS
    Posts
    476
    Well. Huh.
    I think the potato gun proved the stability.

  10. #10
    Join Date
    Feb 2008
    Location
    Skyward
    Posts
    257
    Uh oh....
    Stay left.

  11. #11
    Join Date
    Nov 2003
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    Colorado
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    Quote Originally Posted by axebiker View Post
    Good luck, Bunion.
    X2
    "True love is much easier to find with a helicopter"

  12. #12
    Join Date
    Dec 2007
    Location
    Big Sky
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    Heard a little more over the weekend - apparently MLB/Lee were negotiating with a new financial partner over the past 6 months or so, and the bastards got cold feet and pulled the plug on the deal. In the meantime, loan payments were unpaid and since the new deal didn't close, the lender foreclosed. No word on the future - which is really all that matters. Hoping for the best.

  13. #13
    Join Date
    Dec 2004
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    Quote Originally Posted by DictatorShooter View Post
    Heard a little more over the weekend - apparently MLB/Lee were negotiating with a new financial partner over the past 6 months or so, and the bastards got cold feet and pulled the plug on the deal. In the meantime, loan payments were unpaid and since the new deal didn't close, the lender foreclosed. No word on the future - which is really all that matters. Hoping for the best.
    This I can comment on.

    MLB has been working to obtain a new capital partner, no secret there.

    The Y/C sold for a large discount, that transaction caused a potential investor to attempt to renegotiate. The offer was turned down.

    There have been no loan payments missed up until the 1st of this month and that payment is due tomorrow.

    As of this time today, there has been no foreclosure.

    Please hold off on speculation for the time being. Until all the cards are on the table this is between Lehman and MLB.

    Thanks
    Mister Man! Mister Man! Mister Man. They left this card.

  14. #14
    Join Date
    Aug 2007
    Location
    J HOLE
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    242
    I really hope Lee can jugle all this, he seems like a good guy. my question now is...is anybody really buying what he's selling? with all the instability in the realestate market are those big ticket properties selling? seems like alot was based around those $$$$ properties selling for top dollar to repay loans.

  15. #15
    Join Date
    Dec 2007
    Location
    Big Sky
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    254
    I don't know how foreclosures work, but it seems like you have to be delinquent on loan payments before the lender can step in and foreclose. Just saw a letter tonight sent from Lee to all MLB homeowners, dated 7/28 that says "Although we continue toward securing our equity partnership, Lehman has informed me that their board has made the decision to begin foreclosure proceedings. This process is a legal transfer of ownership in which Lehman will become the owner of Moonlight Basin.....It is Lehman's intention to continue summer and winter operations at the resort."

  16. #16
    Join Date
    Dec 2007
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    Big Sky
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    NewWest put this out today - http://www.newwest.net/city/article/...der/C396/L396/. Bunion or anyone else with actual info - would be very interested to hear your take once you're comfortable commenting. Thx.

  17. #17
    Join Date
    Apr 2005
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    The land of Genesee Cream Ale and homemade pierogies!
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    Quote Originally Posted by Bunion View Post
    I will reserve comment until after this has been announced and has been in the local paper.

    Thanks just the same and no offense.
    http://bozemandailychronicle.com/art...0moonlight.txt

  18. #18
    Join Date
    Dec 2004
    Posts
    12,037
    Sorry folks, there have been no developments that are worth posting.

    The New West and Chronic articles are a re-hash of what everyone already knew.

    If and when I can relate anything new, I will do so.
    Mister Man! Mister Man! Mister Man. They left this card.

  19. #19
    Join Date
    Dec 2007
    Location
    Big Sky
    Posts
    254
    Just got the MLB email about season passes. $495 for MLB season pass, which is fair. Freakin' Lone Peak pass up to $1,739 at "amazing early season prices." Yeeeeeoouuch! An extra $1,250 to ride the Tram...but what can you do.

    Bunion - any word on the foreclosure situation or updates on operating plans for 09/10 MLB season?

  20. #20
    Join Date
    Mar 2006
    Location
    Missoula, MT
    Posts
    19,984
    Ruh-Roh!
    So I guess you're not getting any new lift anytime soon?
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  21. #21
    Join Date
    Dec 2004
    Posts
    12,037
    Nope, nothing new, in fact nothing at all.

    I am submitting spending requests for items like uniforms etc. and they are being OKed. Our road crew spent all of last week tuning up the drive down to the Madison. Our trails crew is building multi-use trails near the Madison with an eye towards hosting an XC bike event next summer. I spent a couple days at the top of Great Falls installing a tower for a remote weather site. Business as usual.

    The entire ski industry is on the edge due to decreases in travel projected for this fall/winter. Reaction to the slowed economy I suppose.

    $1700.00 for a Lone Peak pass is steep, but anyone who pays that price is a fool, what with the CofC discounts available etc.
    Mister Man! Mister Man! Mister Man. They left this card.

  22. #22
    Join Date
    Dec 2007
    Location
    Big Sky
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    Great to hear about the new multi-use trails. Out of curiousity, how do you guys actually get to the top of some place like Great Falls in the summer? Walk down the whale over a bunch of loose andesite? Ski down the remaining snow patch?

    Chamber of Commerce is $250 a year and saves you $300....so only about $50 savings there, unless I'm missing something.

  23. #23
    Join Date
    Oct 2003
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    Big in Japan
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    How is this guy an "owner" if he owes so much money? Sounds like Lehman owned him.

    Let's do some livin'
    After, we die

  24. #24
    Join Date
    Dec 2004
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    12,037
    Quote Originally Posted by DictatorShooter View Post
    Great to hear about the new multi-use trails. Out of curiousity, how do you guys actually get to the top of some place like Great Falls in the summer? Walk down the whale over a bunch of loose andesite? Ski down the remaining snow patch?

    Chamber of Commerce is $250 a year and saves you $300....so only about $50 savings there, unless I'm missing something.
    If you are an employee of a member of the CofC you are entitled to the discount. Pretty much every company is so, voila.

    Big Sky trails crew is doing summit work as well so I match my schedule to theirs and get a ride up the tram. I carry my tools down and then walk off, it is a nice way to spend the day, other than the 1st 1000' which is a bitch to walk up or down.

    On a side note, somebody broke the locks to our shack and spent some time there, they did leave it clean and in good condition, but they left the circuit breakers to the power on and all the lightning fried our heater.

    Now I have to replace that. Oh well, good excuse for another trip.

    Quote Originally Posted by Benny Profane View Post
    How is this guy an "owner" if he owes so much money? Sounds like Lehman owned him.
    He put up his share in Moonlight as collateral. Lee believes what he says and he put his money where his mouth was. Say what you will, he is a pretty good guy as owners go, I have worked for some real bastards.
    Mister Man! Mister Man! Mister Man. They left this card.

  25. #25
    Join Date
    Dec 2007
    Location
    Big Sky
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    In my understanding, Poole and two partners bought the land on the north side of Lone Peak from Burlington Northern railways for something like $10M in the early 90's. They did very well developing and selling real estate and eventually Poole decided to buy out his partners. He was definitely THE owner at that point and did a great job of opening up all the sweet terrain now accessible from the Headwaters and Lone Tree lifts.

    He borrowed $170M from Lehman, however, to buy those guys out, and continue to expand the resort...and dumped a shit ton of $$$ into the golf course (originally scheduled for 2007 completion, but still only 1/2 done now). Property sales shut down killing his cash flow, and Lehman is now threatening foreclosure, although it seems like it hasn't actually happened yet. So...yeah...now...it seems that Lehman does own him, if not just MLB.

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