KSAA files lawsuit to restore lifetime ski passes

[Stormchaser]

how many ppl on kzone could be potentially affected by the outcome of this lawsuit?

Not me personally but I have 2 friends with 5 bonds.

[Mister Moose]

I too hope you prevail, but I cannot see how you have a realistic chance. I believe it was very shortsighted to phase out the bond passes – generates considerable ill will even among those of us unaffected, all for very little gain. It also sends a rather foreboding message to every potential customer.

However, by purchasing the assets and not the corporation itself, I cannot see how the new owners are obligated to honor the bond passes.

The new owners, strictly speaking are not, yet. They do, however, operate at the pleasure of the state of Vermont, and if it comes to light that the lease was transferred without full discosure on the outstanding obligations of ASC that "run with the land" or in this case, "run with the lifts", then some settlement perhaps might be reached. Structuring a non bankruptcy asset sale to conduct an end run does not look good in the light of day when you run for re-election.

And another point. As this isssue grows legs, wouldn't most "slopeside" buyers question the ability of the resort to perfom the future lift operation?

What good is my slopeside dream home if I have an operator that shuts down my lift midweek? Or perhaps promises to keep the lift running x days a year, but then sells only the assets, not the company, to a 3rd party in the future who chooses not to honor the lift agreement since "They only purchased the assets". Besides, the new 3rd party owner has some remaining real estate to sell, and can't be bothered with what was sold a few years ago. Now my slopeside dream home just has a very long driveway.

Terrible precedent to set.

KSRP, by not honoring the bonds, by shutting down Stage 1 mid week, by structuring an asset sale type purchase, may have opened a huge can of worms. The realization by the public that:

1) The value of future slopeside homes rests with the willingness of the resort to protect and honor the continued, uninterupted operation of the home serving lift, and they have already showed twice they are not to be trusted to do so.

2) The possibilty that KSRP might sell the resort at any time under a similar asset sale, and all their written agreements are now worthless.

[s1am]

It is tough to estimate how many lifetime pass holders make use of k-zone. KSAA figure that there may be as many as 1300 lifetime pass holders total. We are already in touch with >200 of them. So far a good number of pass holders (>40) have found us through various k-zone posts.

[Coydog]

Moose - I wholeheartedly agree with your analysis of the precedent, but I was under the impression the bonds specifically “ran with the company” and not “the lifts”. The asset sale seems to be a legitimate method of sidestepping the obligation. Certainly not honorable or “in the spirit of”, but perhaps legally defensible in this particular case.

[Mister Moose]

Moose - I wholeheartedly agree with your analysis of the precedent, but I was under the impression the bonds specifically “ran with the company” and not “the lifts”. The asset sale seems to be a legitimate method of sidestepping the obligation. Certainly not honorable or “in the spirit of”, but perhaps legally defensible in this particular case.

When I said "running with the lifts" I was referencing a phrase frequently used in real estate deeds. Since the land Killington rests on is leased, no obligation of ASC, KSRP, or any other lessee can "run with the land". I used "run with the lifts" as a metaphor, not to be taken literally. The lifts, trail cuts, other improvements, and simply the area's existence represent capital invested by the founders.

[b-5]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

[s1am]

We expect discovery to grow KSAA membership significantly.

So far we have had a high rate a funding participation from our members. Even without additional pass holders coming forward we expect to be able to see this case through. More members will make things more manageable and make our group more representative.

[the Disemboweler]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

b5 r u archie bunker? my attorney is a small little jewish man 5'5" 125lbs....very very smart....undergrad at yeshiva university & cardoza law school....

[b-5]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

b5 r u archie bunker? my attorney is a small little jewish man 5'5" 125lbs....very very smart....undergrad at yeshiva university & cardoza law school....

Styfle yerself der edith!

[Coydog]

Moose - I wholeheartedly agree with your analysis of the precedent, but I was under the impression the bonds specifically “ran with the company” and not “the lifts”. The asset sale seems to be a legitimate method of sidestepping the obligation. Certainly not honorable or “in the spirit of”, but perhaps legally defensible in this particular case.

When I said "running with the lifts" I was referencing a phrase frequently used in real estate deeds. Since the land Killington rests on is leased, no obligation of ASC, KSRP, or any other lessee can "run with the land". I used "run with the lifts" as a metaphor, not to be taken literally. The lifts, trail cuts, other improvements, and simply the area's existence represent capital invested by the founders.

Yeah, I got that. I meant the original corporation and successors are obligated to honor the bond passes. The asset sale implies the new owners are not considered legal successors and thus not so obligated. Such is my understanding.

[LarryAck]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

Was that suppose to be funny?

[Nevada West]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

b5 r u archie bunker? my attorney is a small little jewish man 5'5" 125lbs....very very smart....undergrad at yeshiva university & cardoza law school....

[b-5]

"KSAA retained Peter Langrock, William Miller, and Mitchell Pearl "...
You guys are screwed!
there is only one Jew in the groop that is reping you.
pity I to would like 2 C u guys come out winners but 200 out of a thousand might not cut it.

Was that suppose to be funny?

all depends on how tight the bunches in your pantys are/is Har-har!

[Ski Fetish]

For the love of God. Give up people. Freaking cry babies and winers.

[SkiDork]

For the love of God. Give up people. Freaking cry babies and winers.

Yup.

How about this? I'll come over and steal your car. No need to report it to the police, that'd be whining.