IT’S OFFICIAL: BANK OWNS SNÖ MOUNTAIN
SAM Magazine—Scranton, Pa., Mar. 1, 2013—Snö Mountain’s biggest creditor, National Penn Bank, was high bidder at a bankruptcy auction today in Philadelphia. The bank outbid an investment group that has also invested in the resort.
DFM Realty, an affiliate of National Penn Bank, Boyertown, bid $4.6 million, said trustee Gary Seitz. An investment group, calling itself Montage Mountain Resort LP, bid $4.5 million. A third bid, from Camelback owner Arthur Berry, was for $1 million.
"Everybody knew the bank was going to step in and do that," said Arthur Berry III, president and principal owner of Camelback Mountain Resort in Tannersville, according to the Wilkes-Barre The Citizen’s Voice. Berry said he remains interested in acquiring Snö Mountain. "We are more than willing to discuss with the bank what the next steps will be," he said.
Local observers expect the bank will seek an experienced operator to purchase the resort in the near future. "This gives the bank clear title to the facility and also giving them the opportunity to negotiate a sale to an operator," Austin Burke, president of the Greater Scranton Chamber of Commerce, told The Citizen Voice. "There are some very accomplished ski area operators in our region and it would be wonderful for the community if one was a successful purchaser."