the Wasatch's new worst enemy=TALISKER

[Hutch]

I am not a participant in the case. I'm putting this together on speculation. I think it a case of Estoppel. Canyons accepts a rent check a couple days late, and then sends a letter saying were kicking you out.

The idea is that The Canyons can't cash the check while also kicking them out. This is strengthened by the fact that PCMR put millions into their resort in upgrades before the eviction notice hit their door.

It is not a perfect argument from either side. The Whoops we screwed up, but you screwed up as well argument might work well in land lord tenant cases, but the court expects CEO's of corporations to understand when the rent is due and the consequences of non payment.

Talisker did not take any actions to kick PCMR off the UPCMC land. They indicated that the lease had terminated and gone year-to-year, which is what happens when the term of an annual lease expires (like a residential lease goes month-to-month), and attempted to negotiate the rent for 2013-14.

[Canada1]

Talisker did not take any actions to kick PCMR off the UPCMC land. They indicated that the lease had terminated and gone year-to-year, which is what happens when the term of an annual lease expires (like a residential lease goes month-to-month), and attempted to negotiate the rent for 2013-14.

Correct. I dumbed it down to much. They said, because you were late with the rent, were increasing the rent by 1000%. In effect kicking them out while not stacking their boxes of possessions at the curb.
Snow, I think I see your wife walking the dogs all the time. You and I just see this differently. I think I am in the majority view. You think you are in the majority view. The reality is probably that the majority just don't care.
At the meeting, only one guy got up in defense of ski link, and he was not well spoken. Every other speaker was there to vocalize opposition. I sat next the reporter and saw the meeting as he did. Of course it is hard to motivate people who don't care about something to a meeting, and maybe the anti Talisker ski link crowd is a vocal minority.
Vail needs to distance themselves from Goar. As soon as his contract runs, they need to put another face in there. Even if it is a vocal minority, making the locals mad is not good for business, and ski link has made a segment of locals mad. He is the face of that decision process. My prediction is he is gone within a year regardless of outcome.

[bigdude2468]

Correct. I dumbed it down to much. They said, because you were late with the rent, were increasing the rent by 1000%. In effect kicking them out while not stacking their boxes of possessions at the curb.
Snow, I think I see your wife walking the dogs all the time. You and I just see this differently. I think I am in the majority view. You think you are in the majority view. The reality is probably that the majority just don't care.
At the meeting, only one guy got up in defense of ski link, and he was not well spoken. Every other speaker was there to vocalize opposition. I sat next the reporter and saw the meeting as he did. Of course it is hard to motivate people who don't care about something to a meeting, and maybe the anti Talisker ski link crowd is a vocal minority.
Vail needs to distance themselves from Goar. As soon as his contract runs, they need to put another face in there. Even if it is a vocal minority, making the locals mad is not good for business, and ski link has made a segment of locals mad. He is the face of that decision process. My prediction is he is gone within a year regardless of outcome.

As someone who seldom skis the Wasatch back the drama in PC is just a side show at this point. However, Ski Link could change all of that and having Vail run PCMR would only result in more job cuts which is never a good thing. Is there a trial date set for the lawsuit or is it still in the preliminary stage?

[itsnowjoke]

Correct. I dumbed it down to much. They said, because you were late with the rent, were increasing the rent by 1000%. In effect kicking them out while not stacking their boxes of possessions at the curb.
Snow, I think I see your wife walking the dogs all the time. You and I just see this differently. I think I am in the majority view. You think you are in the majority view. The reality is probably that the majority just don't care.
At the meeting, only one guy got up in defense of ski link, and he was not well spoken. Every other speaker was there to vocalize opposition. I sat next the reporter and saw the meeting as he did. Of course it is hard to motivate people who don't care about something to a meeting, and maybe the anti Talisker ski link crowd is a vocal minority.
Vail needs to distance themselves from Goar. As soon as his contract runs, they need to put another face in there. Even if it is a vocal minority, making the locals mad is not good for business, and ski link has made a segment of locals mad. He is the face of that decision process. My prediction is he is gone within a year regardless of outcome.

I agree with most of your points. Except that I only have one dog. But he's big enough for two. I hope you haven't thrown anything at the chick with two dogs! I think you're right about Skilink. Most people just don't care. When I ask folk' opinions, they say, "sure, sounds great!" And I leave it at that. I also agree that Talisker isn't making any friends...but neither am I! Whatever they've touched, they've pissed-off a certain segment of society. Did I tell you I'm a Skilink fan? Obviously, I think it would be awesome to connect to the other resorts. If there are other options, that would be great, too, but I'm biased: I would like it to start from Canyons Resort rather than have to ride eight lifts over to it at PCMR -and back. It wouldn't suprise me if the conveyance started at the top of the Red Pine gondola. I've stated many times that Canyons is going to be the new epicenter of Park City lodging. Not only is a Wyndham currently being built next to Miner's Club, but I learned today that a Hyatt property is going in next to (North) of where Trout Bum /Breeze Sports is located. It will have a rear exit onto Sun Peak Drive.

Cheers,

D

[Hey Diddle Diddle]

Talisker relinquishes controlling interest Canyons

Turnaround firm called in as interim manager

Nan Chalat Noaker, The Park Record

Posted: 06/26/2013 07:22:05 PM MDT

Talisker is no longer in charge of development at Canyons Resort.
Summit County Manager Bob Jasper told councilmembers on Wednesday that an interim manager has taken over for Talisker Canyons Finance LLC, the company formed when Talisker purchased Canyons from American Skiing Company Utah in 2007.

According to Jasper, the interim manager is Alvarez & Marsal, which is identified on its website as a specialist in "turnaround and interim management" that "is known for its distinctive restructuring heritage."

Jasper said the county's biggest concern revolves around the outstanding obligations that Talisker agreed to in exchange for development rights at Canyons. Those obligations include a golf course, convention center, a transit plan and affordable housing, he said.

"At this stage we don't have a developer, we have an interim manager," Jasper said, adding he would remain firm in enforcing those requirements.

Jasper admitted the financial restructuring at this point is unclear. He said Alvarez & Marsal was brought in by one of the investors involved with Talisker Canyons Finance LLC.

Jasper also said another entity had been formed last month as part of Vail's agreement to take over management of the Canyons. In that agreement Vail obtained a 50-year lease to manage the resort but Talisker retained development rights.

The council members' responses were mixed but council member Chris Robinson advised against overreacting.

"We have a deal regardless of ownership, " he said, adding, "It might be better."

In addition to property at Canyons, the Canada-based real estate firm, Talisker, has developed projects in Empire Canyon and on the East Side of Summit County. Talisker representatives did not respond to The Park Record's requests for a comment.

[Bromontana]

Claims that the Canyons' business model is not viable have been a focal point of the anit-SkiLink position, and that claim appears to be validated by events this summer. Moderate increases in operational efficiency (VAILco) will not be enough to offset the massive debt servicing requirements and what must be an ugly balance sheet @ Canyons. For Talisker to cut their losses and effectively sell Canyons their p/l must be incredibly poor.

@DD - Who is going to fill the new monstrosity behind trout bum? Does the public have any reasonable level of transparency wrt vacancy rates and ROI on all the development that has taken place in the Wasatch back, north of PCMR? I don't hear you talk about that very much, but it would be a hot topic for me if I owned property there.

People like to talk about the future, synergies with multi-colored season passes, etcetera, but this resort has been around a while. The economy isn't going to help out much in the near term, so how reasonable is it to expect VailCo to start pulling rabbits out of its ass and bring stability to Canyons? That place has been developed and advertised as much as any other resort, yet it's still failing.

[schindlerpiste]

Park City West, Park West, Wolf Mountain, The Canyons, Canyons = A business model to be studied at universities throughout the country (For all the wrong reasons).

What a cluster fuck. Hopefully, this will be the first step toward driving Talisker out of Park City. It appears that they bullied their way in,
and now they might be forced to leave with their tails between their legs.

Why can't a responsible entity just come in and run this place prudently, responsibly, and professionally? There should be an immediate moratorium on further development until the golf course is completed.

[Canada1]

Sweet Karma.

[itsnowjoke]

Claims that the Canyons' business model is not viable have been a focal point of the anit-SkiLink position, and that claim appears to be validated by events this summer. Moderate increases in operational efficiency (VAILco) will not be enough to offset the massive debt servicing requirements and what must be an ugly balance sheet @ Canyons. For Talisker to cut their losses and effectively sell Canyons their p/l must be incredibly poor.

@DD - Who is going to fill the new monstrosity behind trout bum? Does the public have any reasonable level of transparency wrt vacancy rates and ROI on all the development that has taken place in the Wasatch back, north of PCMR? I don't hear you talk about that very much, but it would be a hot topic for me if I owned property there.

People like to talk about the future, synergies with multi-colored season passes, etcetera, but this resort has been around a while. The economy isn't going to help out much in the near term, so how reasonable is it to expect VailCo to start pulling rabbits out of its ass and bring stability to Canyons? That place has been developed and advertised as much as any other resort, yet it's still failing.

Who is going to fill the Hyatt proposed to go in beside the Trout Bum? How would I know? Tourists? I can assure you that I won't be staying there. Does the public have any reasonable transparency wrt regarding vacancy rates and ROI? No! Not unless you're a shareholder or lender for the project. Is it your implication that everyone should get to vote as to whether a project goes in based on occupancy and ROI? That's ridiculous. I can only surmise that Hyatt's operation at Escala was so popular, that they need additional space. I am actually surprised that they'd locate it next to 224 and not in the resort core, but that's just me. I can see it negatively impacting traffic in the neighborhood, but I guess that's what you get when you move in next to the largest ski resort in Utah. We have a neighborhood committee that works on keeping the traffic down, and there's a lot that can be done to mitigate it.

I agree that Vail will have to pull off a massive trick to get Canyons to work. 25 million per year is just crazy, man!

[itsnowjoke]

Park City West, Park West, Wolf Mountain, The Canyons, Canyons = A business model to be studied at universities throughout the country (For all the wrong reasons).

What a cluster fuck. Hopefully, this will be the first step toward driving Talisker out of Park City. It appears that they bullied their way in,
and now they might be forced to leave with their tails between their legs.

Why can't a responsible entity just come in and run this place prudently, responsibly, and professionally? There should be an immediate moratorium on further development until the golf course is completed.

Dude, I agree 100%. Talisker has come to be known as a bully entity, and I've stated that before. In fact, I recently testified at a county hearing in front of the county manager that Canyons RVMA, Frostwood HOA, and Talisker must live up to past obligations before they so much as turn one more shovel of dirt. There are some serious loose ends that need to be tied up.

It's amazing that Talisker could have blown through so many tens of millions of dollars improving the infrastructure of the resort, but didn't leave a cent left over for their prime business, which is building habitable real estate. -But I thank them for doing so. But who is left holding the empty bag? Did Vail get duped? In the meantime, I can hear the heavy equipment working on the golf course outside of my window right now. Talisker is about to ask the county for special allowances so that they can build three more golf holes adjacent to Rosebud's Heaven trail. The county falls all over itself to please Talisker, it should be interesting to see if the funds are still available for those holes. In the meantime, grab some popcorn and watch the show!

D

[schindlerpiste]

Rumor is that Talisker is going to lose Tuhaye, as well.

[bigdude2468]

Talisker relinquishes controlling interest Canyons

Turnaround firm called in as interim manager

Nan Chalat Noaker, The Park Record

Posted: 06/26/2013 07:22:05 PM MDT

Talisker is no longer in charge of development at Canyons Resort.
Summit County Manager Bob Jasper told councilmembers on Wednesday that an interim manager has taken over for Talisker Canyons Finance LLC, the company formed when Talisker purchased Canyons from American Skiing Company Utah in 2007.

According to Jasper, the interim manager is Alvarez & Marsal, which is identified on its website as a specialist in "turnaround and interim management" that "is known for its distinctive restructuring heritage."

Jasper said the county's biggest concern revolves around the outstanding obligations that Talisker agreed to in exchange for development rights at Canyons. Those obligations include a golf course, convention center, a transit plan and affordable housing, he said.

"At this stage we don't have a developer, we have an interim manager," Jasper said, adding he would remain firm in enforcing those requirements.

Jasper admitted the financial restructuring at this point is unclear. He said Alvarez & Marsal was brought in by one of the investors involved with Talisker Canyons Finance LLC.

Jasper also said another entity had been formed last month as part of Vail's agreement to take over management of the Canyons. In that agreement Vail obtained a 50-year lease to manage the resort but Talisker retained development rights.

The council members' responses were mixed but council member Chris Robinson advised against overreacting.

"We have a deal regardless of ownership, " he said, adding, "It might be better."

In addition to property at Canyons, the Canada-based real estate firm, Talisker, has developed projects in Empire Canyon and on the East Side of Summit County. Talisker representatives did not respond to The Park Record's requests for a comment.

Keep in mind previous obligations mean just about zero if they are in as bad a shape financially as it appears. If they file bankruptcy then all bets are off and the County is not a creditor much less secured in all likelihood. If they just refuse to honor the obligations they made they can always threaten to go to bankruptcy to resolve the matters but it would make zero sense for someone especially the county to force the issue. Negotiating a resolution is almost always better than having a judge decide what is in the best interest of the creditors. The Judge is faced with a bunch of competing interests and the largest creditors have the most swag. If you get the creditors fighting then the process takes a lot longer to resolve and the resulting uncertainty is not beneficial to anyone.

[Canada1]

I agree that Vail will have to pull off a massive trick to get Canyons to work. 25 million per year is just crazy, man!

It appears that Vail saw the blood in the water and has positioned themselves to take over everything in the bankruptcy. I doubt Powder Corp has the balance sheet to go head to head with Vail on a bankruptcy buy out. If either of these entities comes out as the winner, Park City wins in that a true resort operator is at the helm of the Canyons for the first time ever. Of course how they correct the prior atrocity of parking and lift placement and snow totals that are in line with a Colorado resort totals is to be determined. But maybe the things that drive the locals here are very different than what drives a family in New York taking a weeks vacation. Heck, Keystone exists and seems to prosper.

For all of my bad mouthing of the Canyons, they have some very good stuff hidden throughout.

It is a good day!

[Shredhead]

A couple of quick points:

The lawsuit is interesting. The bubba's at Vail think it's such a slam-dunk, they plan on running PCMR. They are paying 25 million per year to get their foot in the door. So PCMR pays Talisker 160 grand per year in rent and Vail is going to pay them 25 million.

Were are you getting $25m/year? It looks to me like it's a lot closer to $6mil, which is still a lot.


Vail Resorts president and CEO Rob Katz announced Wednesday that the company had signed a long-term lease deal to operate the Canyons Resort, near Park City, Utah. The original lease between Vail Resorts and the Toronto-based Talisker Corp., which owns the roughly 4,000 acres of skiable terrain, is for 50 years, with an option for six 50-year extensions. Katz said the value of the original lease is approximately $310 million.

[itsnowjoke]

Were are you getting $25m/year? It looks to me like it's a lot closer to $6mil, which is still a lot.


Vail Resorts president and CEO Rob Katz announced Wednesday that the company had signed a long-term lease deal to operate the Canyons Resort, near Park City, Utah. The original lease between Vail Resorts and the Toronto-based Talisker Corp., which owns the roughly 4,000 acres of skiable terrain, is for 50 years, with an option for six 50-year extensions. Katz said the value of the original lease is approximately $310 million.

Yes, 6 mil would still be a lot.


"According to the statement, the Vail Resorts lease has a term of 50 years with the option of six 50-year renewals. Vail Resorts will pay $25 million annually in fixed payments that will increase annually based on an inflation index". -From the 5/29 Park Record.

D

[Hey Diddle Diddle]

I am not a conspiracy theorist but if I was: All sides are in this together. Talisker and it's investors get to walk away from debt and obligations. Vail and Powder Corp. have the framework of a deal that will see a point to point gondola from PCMR to Canyons turning it into one big resort before the 2014-15 season. In conspiracy world Mike Goar still has his job because he knows where the bodies are buried and his long-time relationship with Solitude and Gary Deseelhorst.

[brutah]

I am not a conspiracy theorist but if I was: All sides are in this together. Talisker and it's investors get to walk away from debt and obligations. VRI and Powder Corp. have the framework of a deal that will see a point to point gondola from PCMR to Canyons turning it into one big resort before the 2014-15 season. The only logical reason Mike Goar still has his job is his relationship with Solitude and Gary Deseelhorst. He will deliver Solitude to VRI.

i could see deseelhorst selling solitude at some point. there had been rumors circulating there that he was cutting the fat so to speak to clean up the books to sell..... then again dude seems to have a lot of pride in owning the ski resort and being able to do what he wants

I don't think Vail is above the curse, they seem to want to pump money into the canyons like all those who have failed before them...... good riddance to talisker, the curse of wolf mountain continues! (since that's when i believe the curse began when kenny griswald(whatever his last name is) bought it )

[Bromontana]

Is it your implication that everyone should get to vote as to whether a project goes in based on occupancy and ROI? That's ridiculous.

The point about stability of operations and finances is in regard to SkiLink, as it involves the forced sale of public land. A successful lobbying effort in congress to force the sale of USFS land to a private company headed towards bankruptcy is wrong on so many levels, and imo should be seen as nothing short of embarrassing for the public officials involved.

For the private land in the PC valley.. I'm certainly not for building more Pentagon-sized empty hotels on the Wasatch back, but am not going to lose much sleep about it. I'll stick to the dozen or so canyons on the wasatch front, with the good climbing, skiing and hiking

[bigdude2468]

I am not a conspiracy theorist but if I was: All sides are in this together. Talisker and it's investors get to walk away from debt and obligations. Vail and Powder Corp. have the framework of a deal that will see a point to point gondola from PCMR to Canyons turning it into one big resort before the 2014-15 season. In conspiracy world Mike Goar still has his job because he knows where the bodies are buried and his long-time relationship with Solitude and Gary Deseelhorst.

Maybe I am missing something but how does Talisker and his investors walk away? The fact that Vail has an operating lease relieves Talisker of nothing. Does $25 million cover the debt load that Talisker has, we don't know. They will run the real estate and does that make any money as a stand alone business. Plenty of developers just as smart or smarter than Talisker have ate shit in this economy.

[itsnowjoke]

The point about stability of operations and finances is in regard to SkiLink, as it involves the forced sale of public land. A successful lobbying effort in congress to force the sale of USFS land to a private company headed towards bankruptcy is wrong on so many levels, and imo should be seen as nothing short of embarrassing for the public officials involved.

For the private land in the PC valley.. I'm certainly not for building more Pentagon-sized empty hotels on the Wasatch back, but am not going to lose much sleep about it. I'll stick to the dozen or so canyons on the wasatch front, with the good climbing, skiing and hiking

Well it's all a moot point now, isn't it? And it's hard to deduct anything regarding Canyons without having the whole story. -I think Diddle is on to something, however.

Do you really think public officials could be embarrased about anything, especially Talisker / Skilink? Those massive ego's and stuffed shirts don't even blink....they press on! Talisker came in and turned a crappy run-down ski resort into a place getting consistent top-ten ratings in national polls. Yeah, I know. For serious skiers it probably shouldn't be there. But the point is, they turned it around. Did they leave a giant, smoking hole in the ground? No, they did not.

Someone mentioned -above- that Canyons/Talisker will be studied in business schools for years to come. Yes, it might. But we don't have all of the info yet. I forget how much Talisker bought Canyons for. Was it 40,50,or 60 million? Or far less? Then they dumped 70 million into the place. Let's say they're into it for 130 million. And now they're renting it for 25 million per year, to one of the largest most recognized ski corps in the world. Hardly a blunder, not a smoking hole in the ground. I have a love/hate relationship with Talisker. Well, maybe not that extreme. How 'bout a like/annoyed relationship. We simply don't have all of the answers to what is going to happen, but I think Diddle is brilliant in his observations, above.

And for those of you who despise Talisker on so many levels, I don't blame you. They have pissed a bunch of people off, for many reasons. However, Talisker/Bistricer were amateuars in the ski business. This whole Park City thing is a cute hobby to them. From what I'm learning, Vail is the 800 pound, take-no-prisoners gorilla in the room. Whereas Talisker shied away from mentioning running PCMR, Vail came out and said they're going to be running the place. On day one! Many Talisker-bashers may one day long for the day when they were in town. It's still going to be interesting to see how Vail is going to make this work. And back to your original question, it would also be interesting to see if Talisker's investment has swung skier numbers, occupancy rates, county tax income, etc.

As to your last paragraph: You are absolutely correct. It's funny how many in this conversation have tried to get me to blurt out that Park City is the best part of the Wasatch. Ain't gonna happen! No explaining necessary, especially to this crowd!

Cheers,

D

[bigdude2468]

Well it's all a moot point now, isn't it? And it's hard to deduct anything regarding Canyons without having the whole story. -I think Diddle is on to something, however.

Do you really think public officials could be embarrased about anything, especially Talisker / Skilink? Those massive ego's and stuffed shirts don't even blink....they press on! Talisker came in and turned a crappy run-down ski resort into a place getting consistent top-ten ratings in national polls. Yeah, I know. For serious skiers it probably shouldn't be there. But the point is, they turned it around. Did they leave a giant, smoking hole in the ground? No, they did not.

Someone mentioned -above- that Canyons/Talisker will be studied in business schools for years to come. Yes, it might. But we don't have all of the info yet. I forget how much Talisker bought Canyons for. Was it 40,50,or 60 million? Or far less? Then they dumped 70 million into the place. Let's say they're into it for 130 million. And now they're renting it for 25 million per year, to one of the largest most recognized ski corps in the world. Hardly a blunder, not a smoking hole in the ground. I have a love/hate relationship with Talisker. Well, maybe not that extreme. How 'bout a like/annoyed relationship. We simply don't have all of the answers to what is going to happen, but I think Diddle is brilliant in his observations, above.

And for those of you who despise Talisker on so many levels, I don't blame you. They have pissed a bunch of people off, for many reasons. However, Talisker/Bistricer were amateuars in the ski business. This whole Park City thing is a cute hobby to them. From what I'm learning, Vail is the 800 pound, take-no-prisoners gorilla in the room. Whereas Talisker shied away from mentioning running PCMR, Vail came out and said they're going to be running the place. On day one! Many Talisker-bashers may one day long for the day when they were in town. It's still going to be interesting to see how Vail is going to make this work. And back to your original question, it would also be interesting to see if Talisker's investment has swung skier numbers, occupancy rates, county tax income, etc.

As to your last paragraph: You are absolutely correct. It's funny how many in this conversation have tried to get me to blurt out that Park City is the best part of the Wasatch. Ain't gonna happen! No explaining necessary, especially to this crowd!

Cheers,

D

Guess I missed something but how does Vail think they will be running PCMR on day one as you put it? Even if PCMR were to lose the lawsuit prior to next season Vail would have no access to base facilities and I think PCMR owns everything that spins. On the other hand if that were to happen PCMR would be faced with not opening and they are the ones that have millions tied up, not Talisker or Vail.

[itsnowjoke]

Guess I missed something but how does Vail think they will be running PCMR on day one as you put it? Even if PCMR were to lose the lawsuit prior to next season Vail would have no access to base facilities and I think PCMR owns everything that spins. On the other hand if that were to happen PCMR would be faced with not opening and they are the ones that have millions tied up, not Talisker or Vail.

For clarification, Vail stated their intent with PCMR during the Vail / Talisker press meeting. That's the "day one" I'm referring to. Not day one of next ski season, 'cause I just don't know.


But you've asked the million dollar question. Vail said they'll be operating PCMR, I'm just repeating what they said. Vail is also supposedly taking up defense of the lawsuit. How do you do that when you're not the one who is being sued in the first place? Talisker is now Vail's and PCMR's landlord. Vail has volunteered to defend the suit because they have so much to gain by winning it. They've stated that as well. 800 lb gorilla indeed. Vail is highly aggressive by assuming this role.

Again, with the enormous rent that Vail is paying Talisker, something is just not adding up. I think I stated last week that the sum total of all of the known parts is lesser than what we know about the entire deal. I think Diddle's explanation is as good as any I've heard.

Conversely, construction of the golf course is going full-steam ahead. Talisker is building it. How broke are they? On the other hand, a bankruptcy voids all contracts. Vail might get PCMR without a fight. Underhanded? Yes. Brilliant? Yes also.

D

[Hey Diddle Diddle]

Maybe I am missing something but how does Talisker and his investors walk away? The fact that Vail has an operating lease relieves Talisker of nothing. Does $25 million cover the debt load that Talisker has, we don't know. They will run the real estate and does that make any money as a stand alone business. Plenty of developers just as smart or smarter than Talisker have ate shit in this economy.

I don't get it either. Why would the smartest guys in the room pay $25 million a year for a lipstick wearing pig like Canyons? There is only so much ski-in ski-out potential at the base. Ski-link is only a game-changer if it starts at the base of the resort. Dreamscape to Solitude is the upper half of the lift. There is plenty of mine company land in south facing Big Cottonwood Canyon. I don't know if Vail's lease includes this.
What about PCMR? They can't put roads and houses in the middle of it? They don't have rights to the base where the big potential is. The main parking lot at PCMR will be multi-level underground parking with big hotels on top. Owning the resort without the base or the lifts doesn't seem that great. Especially since they might get stuck with remediating the mine tailings sometime in the next 350 years. Add to that PCMR's legal case is not completely without merit and there is real doubt about the worth of PCMR. Free water for snowmaking at PCMR does have value.
The pearl is Bonanza Flats. This is the true high altitude ski-in ski-out do I want to ski Deer Valley, PCMR or Brighton/Solitude heart of the interconnect.
All the other players see opportunity and the money interconnect will bring. This is greater than their fear of Vail. Vail can take what they want by force. That has not been their style. They give you a nice backrub and you hardly notice they have taken over. Vail and their money can make a reality of interconnect in the near future and this helps all the resorts. Back room deals are not hard to imagine.
Add to this that Talisker investors are now Vail investors. Are they going to pay 25 million to themselves and then have it taken to pay Talisker's debt. There are wheels within wheels here. HELP THE PARANOIDS ARE AFTER ME !!!

[Bunion 2020]

http://www.saminfo.com/news/vail-res...-canyons-staff

Park City, Utah, June 26, 2013—Vail Resorts (VR) has laid off 42 full-time employees at Canyons, many of them at the department manager level or higher, as it consolidates staff at Canyons Resort here. VR signed a lease agreement to manage Canyons just a month ago.

In a prepared statement, VR spokeswoman Kelly Ladyga said, “We have reviewed Canyons’ organizational structure to determine any necessary changes in order to create alignment with our other mountain resorts and entities to ensure operating efficiencies moving forward.”

[Hey Diddle Diddle]

Turnaround firm takes over for Talisker at Canyons

Investors pick interim manager to handle real estate, golf course development

Nan Chalat Noaker, The Park Record

Posted: 06/28/2013 11:19:20 AM MDT

Talisker is no longer the lead developer at Canyons. Investors have taken control of the development rights and have brought in an interim manager to help with the transition.

Flera, LLC, a subsidiary of Värde Partners, Inc., has assumed management control.

In a statement issued Thursday, Flera identified itself as a longtime partner in development at Canyons and said that its goal "is to make this transition as seamless and effective as possible for all of our guests, residents, employees and operators."

According to Flera, the group has been involved with Canyons Resort since 2010, helping to oversee more than $85 million in improvements.

In taking over Talisker Canyons Finance Company, Flera now owns the development rights to "four million square feet of real estate at the Canyons Resort, construction of the Canyons golf course, and oversight of the Waldorf Astoria Park City hotel." The statement also emphasizes that the recent agreement turning over operations of Canyons Resort to Vail remains in place.

"Above all, it is business as usual at Canyons, "the statement concludes.

Members of the Summit County Council learned Wednesday that Jack Bistricer, CEO of Talisker Corporation, was no longer in control of development at the resort.

County Manager Bob Jasper told the council that an interim firm, Alvarez & Marsal, had taken over Talisker Canyons Finance LLC, the company formed when Talisker purchased Canyons from American Skiing Company Utah in 2007.

On its web site, Alvarez & Marsal is described as a firm specializing in turnaround and interim management.

Jasper said the county's biggest concern revolves around the outstanding obligations that Talisker agreed to in exchange for development rights at Canyons. Those obligations include the golf course, a convention center, a transit plan and affordable housing, he said.

He told the council he would remain firm in enforcing those requirements.

The council members' responses were mixed but council member Chris Robinson advised against overreacting.

"We have a deal regardless of ownership," he said, adding, "It might be better."

In addition to property at Canyons, the Canada-based real estate firm, Talisker, has developed projects in Empire Canyon and on the east side of Summit County.

Talisker representatives did not respond to The Park Record's requests for comment.

On Friday, Jasper told The Park Record he had received verbal assurances that all of the obligations Talisker had undertaken would be fulfilled.

"I talked to Jack Bistricer this morning and he said he wanted to assure me the golf course and other things would be done, that Talisker is solvent and that he still owns 50 percent of the resort. He is just no longer the lead developer."

Jasper added, "I appreciate that and I trust him. We just need to work out the details."