Laurel Mountain Faces Liquidation
SAM Magazine--Ligonier, Pa., Sept. 6, 2004--Star-crossed Laurel Mountain Ski Resort, which failed to operate during the 2003-04 season, has defaulted on a $1 million loan, and several assets, including groomers and the area's snowmaking system, are going up for auction on Sept. 17. Owner George Mowl had borrowed the money from Somerset Trust Co. in 1999 to reopen the 387-acre resort, which had been closed for 10 years.
Several attempts to sell the area have failed, but Mowl hopes investors will materialize and keep the area operating. One potential sale fell through after the major investor died suddenly; another was nixed when a feasibility study termed the deal financially and environmentally risky, according to the Pittsburgh Tribune-Review. \