ASC Pays Triple Peaks $5.1 Million to Settle Suit
SAM Magazine--Ludlow, Vt., July 13, 2004--American Skiing Company (ASC) will pay $5.1 million to settle its lawsuit with Triple Peaks, LLC, stemming from ASC's last-minute termination of the proposed sale of the Steamboat Ski Resort to Triple Peaks in 2001. In return, Triple Peaks has agreed to a full dismissal of all claims relating to the sale.
Under the terms of the settlement, ASC will pay Triple Peaks $3 million as soon as the agreement is executed, and an additional $2.14 million by April 15, 2005. According to ASC, it has built a settlement account sufficient to pay these amounts.
Triple Peaks had signed a contract to buy the Steamboat Ski Resort for $91.4 million. However, American Skiing Company cancelled that deal and opted instead to sell Heavenly, Calif., to Vail Resorts. Colorado District Judge Richard Doucette ruled in favor of American Skiing Company in December 2002, but the Colorado Court of Appeals reversed the District Court and found in favor of Triple Peaks in 2004. \