PG. 1 - http://www.scribd.com/doc/236934829/Tal ... t#download" onclick="window.open(this.href);return false;
ERRRR......so if my guestimates of PCMR's annual profits are accurate at $35m-$50m per year, and if my math is right......Substantial damages have accrued and will continue to accrue from GPCC/GPI’s use of Talisker’s property since April 30, 2011. Even though the Court ruled that GPCC/GPI have been unlawfully detaining Talisker’s property and ordered the property restored to Talisker’s possession, GPCC/GPI seek to stay that order, remain on the property and continue to generate revenue and profits from its use. For that to be allowed, while the litigation continues in this Court and in the appellate courts, the required bond must be enough to assure payment to Talisker of its expected damages. As will be fully explained below and in light of the damages from GPCC/GPI’s use of the property in the past and while the litigation is completed, if GPCC/GPI want to remain in possession of Talisker’s property, they must provide adequate assurance of full payment when this Court’s judgments are affirmed on appeal, which is a bond of no less than $----- million, as summarized in the chart below.
-Damages incurred for past use and occupation
-Damages during trial & appeal
This figure reflects rent during the period of over five years that GPCC/GPI will have been in unlawful detainer (at approximately 50% of GPCC/GPI’s earnings and management fees each year), plus the statutorily required trebling (from September 2013), interest, and attorneys’ fees. The size of the bond is merely the impact of PCMR choosing to remain on the land in hopes their remote chance for appeal is successful, and the statutory disincentives required under Utah law to discourage unlawful use of an other parties’ property.
GPCC/GPI’s leases with Talisker expired over three years ago, on April 30, 2011. Since that time, GPCC/GPI have earned in excess of $-- million from their use of Talisker’s property while paying nothing for its occupancy and use, even refusing to pay monies into escrow. Talisker is owed the “reasonable value of the use and occupation of the premises.”
Virtually all of the ski terrain at the Resort belongs to Talisker, and according to GPCC/GPI’s own experts, over 77% of the Resort’s revenue is directly attributable to their use of Talisker’s property. In addition, since the time that GPCC/GPI were served with a Notice to Quit on August 28, 2013, it is “mandatory upon the court” to treble the amount owed. Fowler v. Seiter, 838 P.2d 675, 679 (Utah Ct. App. 1992) (internal quotation marks omitted). Talisker is also owed prejudgment interest at 10 percent annually, Utah Code Ann. § 15-1-1(2), and entitled to its attorneys’ fees.
GPCC/GPI already owe nearly $-- million in damages, and the number will continue to climb so long as GPCC/GPI occupy Talisker’s property.
.........Vail is asking for a $200M - $300M bond.