ASC Sells Haystack Resort for $5 Million

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Publish Date

03/31/2005

SAM Magazine--Wilmington, Vt., Mar. 31, 2005--American Ski Company (ASC) subsidiary Mount Snow is selling the Haystack ski resort to Tyringham Ridge, Inc. for $5 million. Tyringham also receives a two-year right of first refusal for the Howe farm, which could become a real-estate development in the future. The deal is expected to close later this spring or summer.

Under terms of the agreement, Mount Snow retains water rights to sources at Haystack, along with a right of first refusal to reacquire the resort during the next 20 years. ASC expects to use the proceeds to provide liquidity, fund capital expenditures, and reduce senior debt.

Comments

vet's life

And what good will your big bucks be when your high blood pressure ends your days? We're all really proud of you for getting PAID just like those you disdain, but maybe you could afford to buy some weed and spend your six months off calming down. Or keep going cause you're making me feel like a kid again, reading this childish bickering.

that right, a vet

Stupid asshole, yes I am a veteran, yes it was mountain ops, snowmaking, grooming, regular 14 hour shifts. Worked for Kassbohrer, ASC, Rossignol, etc. I own my own business that only requires 6 months a year and I pull down a healthy 6 figures after taxes, punk. My family is in the east, so this is where I live but I choose to ski in Canada, Tahoe and Alaska because I can afford to and I don't need the stupid fucking ice hills you cherish. And no, I'm not old per se, 48 is hardly old and no doubt I would kick your ass because all you do is your fucking hippie ass telemark skiing and hit your bong every half hour in a vain attempt to make rhyme or reason of your pathetic little life. Losers like you will rot on the vine waiting for a payday that never comes. Stay where you are and shrivle up ice boy.

veteran,

there you go, exposing yourself again. You're some marketing guy, aren't you? or maybe retail? that's not mountain work. stay in your cubicle, it's just like having blinders on. Keep running it, it makes for good entertainment. And if you don't like the east, "go west, young man, go west" except you're probably not young anymore, just old and bitter. (Dr. Phil will see you now)

veteran of 20 seasons

Stupid asssssssss, I HAVE worked in the ski industry, resort side, supplier side, you name it. I KNOW better and that's why I'm out.

Fresh tracks?? Hey crack smoker, you are on the EAST coast, there are no such things unless you are talking about skiing down White Heat, Outer Limits or some other lame snowmaking piece of shit slope....Mt. Washington is about the only legit fresh tracks going out here, maybe Jay Peak once a season and maybe Stowe twice a season, the rest of the time it's ice ice baby.

Damn, get a clue and keep "loving the mountains and the jobs" you stupid ass hippie LOSER.

Hey potty-mouth...

It's easy to get a job at a ski resort. You should try it, maybe then you'd know what you're talking about. You know nothing about running a ski area, so just keep running your mouth. The insults and name-calling only serve to highlight your own ignorance. Who cares about Otten, the stock price, internationals, cheap lodging, or ceo's? Most of us do it because we love the mountains and the jobs. None of us grunts expected to get rich when we started, very few in this business do. There are no victims. It's still about the skiing: first tracks, last chairs, cold beers and hot women. If you maybe knew anyone that does mountain work, you'd have learned that by now. So just keep running down ASC and all ski area employees in general, as long as it's in a forum like this. Because trying it in the lift line will get you nowhere but the parking lot. Now back to the subject of this thread, we wish Haystack all the best, and kudos to the new owners for getting such a bargain. I have skied there several times and enjoyed the terrain and friendly atmosphere, it's not like the big places. Are there any plans to build a nice massive terrain park/superpipe?

I agree, Bampa

Who cares about dimwits, knuckleheads, toilet paper, and headlights? What's on tap for Haystack in 05/06?

ASC employees

Hey ASC employees, why don't you change your tone? How hard is it (really) to get a ski resort job? It is the same here in the East as it is everywhere else.

Last time I checked you are being overrun by South Americans, Kiwis, Mexicans, Aussies and Euros for the same jobs? Ski Resorts countrywide face the same dillema every fall, "where we will get our staff from?"

So continue to be proud and ignorant, ski a few months a year and post your dimwitted responses and demand 2% raises from a useless company founded on a "get rich quick scheme" of building cheap ass lodging at the resort, hit and run. Why do you think Les is gone now? Because he got PAID (by himself mind you) and now these knuckleheads you call CEO's, who are way overcompensated I'll agree) run your shitty little ski resorts into worthless toilet paper stocks, and don't give you raises.

So decide for yourselves ASC employees, you can either be paid shit wages and ski all you want - and NOT complain, or continue to play the victim card and be a deer in the ASC headlights. Or is that a Moose?

rich

why dont you rich stockholders goto the caribean or something and leave the mountains for the normal people. i'm a patroller and when i deal with a customer i can tell in the first sentence if there rich or normal. thats sad.

Dear Shareholder,

You can blame the lousy performance of your stock on the board of trustees. Any good book on basic business principles will tell you that in profit years, shareholders should be paid first. Then front line employees who excel are to be promoted or given raises. And lastly, and keep in mind, only in profit years and if there's any left over, bonuses are to be paid to executives. ASC hasn't turned a profit in years, and execs and managers continue to collect bonuses while shareholders receive nothing and good employees are basically cheated out of any remaining benefits and given increases (2%) that don't even cover the annual cost of living increase. About a week after this article came out, another was published in our local paper. The CEO received a $400,000 salary, $25,000 signing bonus, and is elligible for another $425,000 bonus. A 2 percent increase for a "stupid ass liftie" might be $250 for the 6 months he's employed. So if he manages to get free dope as well, good for him. (shrewd, right?) Seriously, though, do you really think those kinds of increases are going to keep good people coming back, with good attitudes and smiles on their faces? I might be a stupid ass liftie, with two degrees and 12 years experience in all aspects of mountain operations, and I'm not on salary either. But it's taken me all over the world. I ski 250+ days a year. And the fact is, most of us don't care about you, your stocks, or Les Otten. You're obviously the type who thinks it's o.k. to be abusive to the staff at the same resorts you're trying to make money off of. You're part of the problem. As a shareholder, you should be supportive and encouraging of the staff at whatever ASC resort it is you ski/ride. And all shareholders should be demanding better, more efficient performance from the board of trustees. Tell you what, when I retire from my current career, which is undoubtedly more fun and fulfilling than yours, I'll be giving financial advice. So if you want to hire me, just leave another post for the "stupid ass liftie". In the meantime, keep skiing/riding wherever you are. I don't need your type where I work, and am hoping that I don't already know you.

Skiing 2005/06?

Hey, Tyringham -
What's in store for 2005/06 at Haystack? Many (most) of us would want to continue at Haystack, but Mt Snow has given a 7 May deadline for purchasing season passes at a reasonable cost. How about establishing a Haystack.com website to open up communication, and a mailing to Haystack passholders would be helpful.
Most of the msg's below are crude banter, but many folks are genuinely interested in the future of Haystack.
Thanx,
Bampa

Not Shitty VT

Try again Wall Street, not a stupid ass liftie either. My "career" includes skiing more than you'll ever know, and spending priceless moments in the mountains. Sorry about the spelling / grammer, I've spent too much time since college keeping ski areas running instead of buying stock. Good luck in the market and I hope you don't come on vacation to my resort.

Otten

That's exactly WHY he is brilliant, he made lemonade out of piss water and sold it as champagne...the knuckleheads bought it, voted him off the island and now he's got a piece of the world champ Bo Sox...I'd say he's a pretty shrewd dealer.

pole smoker

betting you work at a shitty VT area resort, and of course you don't work on salary, stupid ass lifties all work on an hourly rate and as much dope as they can smoke in a day...good luck with your "career" jackass, and you might take a spelling / grammar course next time you attempt your GED level responses....

Shareholder needs to take control

Haystack was not sold because of MY poor performance, nor because of the poor performance of the ASC resort at which I work. The value of your pittyful shares are not due to MY performance or the resort at which I work. Perhaps you should look to place your blame and cost-cutting ideas somewhere else. You could always sell your shares in ASC, or you could come smoke some poles with me and evaluate my performance.
P.S. I don't work on salary

Les Otten Brilliant? More like self centered egocentric etc

Brilliant at making money for himself while driving ASC to it's still existing financial problems.

2% is more than you deserve

as a shareholder, I'd say we should reduce your salary by 10% due to poor performance, or just cut your salary to save the wasted allocation of company capital.

asc is a joke

les otten was brilliant and now this? HA....$5 million won't get you a house in Tahoe but it gets a ski resort in VT? Sure, that'll reduce the debt load for asc...please...

Be glad you got 2%

Be glad you got 2%

Too Bad ?

ASC needs to do whatever it can to make itself more profitable, because I want more than a 2% raise this year !!!!

To Bad

Asc is in such bad financial trouble, selling everything. Its to bad that they did'ent let Steamboat go when they had the chance, the entire town was in mourning when that deal fell threw. A ski town and great mountain being held hostage by a company that is running it into the ground.

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