American Skiing Company to Dissolve on Sept. 13

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Publish Date

09/12/2007

SAM Magazine-Park City, Ut., Sept. 12, 2007-American Skiing Company (ASC) has filed a Certificate of Dissolution with the Delaware Secretary of State in accordance with its previously announced plan of complete dissolution and liquidation. The dissolution will become effective as of Sept. 13. Trading of ASC's stock on the OTC Bulletin Board will also cease after Sept. 12, 2007.

Following dissolution, ASC will cease conducting normal business operations, except as may be required to wind up its business affairs and to liquidate its holdings. Subsidiaries will continue their corporate existence and will continue to operate. ASC will also honor all of its existing contractual commitments and will maintain adequate capitalization of its subsidiaries through the proceeds from the resort sales which ASC has already completed. ASC will also continue to actively prosecute and defend all material litigation matters affecting it and its subsidiaries.

After payment of or provision for all of ASC's known, unascertained or contingent debts, obligations and liabilities, payment or distributions will be made to the holders of ASC's Series C preferred stock, Oak Hill Partners. ASC expects to make its first distribution upon completion of the pending sale of The Canyons ski resort, expected to occur in the fourth calendar quarter of 2007. Holders of ASC's common stock are not expected to receive any payment or distribution pursuant to the dissolution.

Comments

ski bum

Welcome to the world. This is how some people choose to do business. If you don\\'t like it or think life is unfair, lock yourseves in the basement...

Bob

Enron.......... ASC......same difference.

mgr

Anybody way back at the start of ASC should have been smart enough to know this was never going to be an smart investment for anybody but Let Otten...I'm told he got nothing out of all of this but I really wonder...what about you? Or did he alway have enough personal money to invest in the Red Socks...about the high wages I also know it was true.

what.....

Well shareholder, if I were you, I would take them for what little they have left. Do to them what they did to ASC. Stick it to em' like they did to us. And don't think about them as people. They didn't think about us. Just themselves. And while you are poking them ask em' how a Mountain Opps Director makes $147 K and the Manager was making $240 per year. I've seen the numbers with my own two eyes. I thought it was the norm……

Bob

Some people got rich and had a great time playing ski area tycoon. You as a shareholder got ripped off. Yes, you were lied to and stolen from.

shareholder

How can the common share holders not get anything. We invested in good faith and while all the assets were sold off, we were not involved. We get nothing?

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