Moonlight Basin's Assets Sold

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Publish Date

01/25/2012

SAM Magazine--January 25, 2012--After filing for bankruptcy two years ago, the assets of Moonlight Basin, Mont., were sold last week to the estate of Lehman Brothers Holdings Inc. According to the Wall Street Journal, Lehman began lending to Moonlight in 2007 under a $100 million credit agreement between the area and the Lehman Brothers Commercial Bank and another $70 million mezzanine-loan from the Lehman holding company, but Moonlight defaulted on the loans and had to file for bankruptcy. In the meantime, Lehman itself collapsed and filed for bankruptcy in 2008.

According to Moonlight's bankruptcy filing, the ski resort owed $95.2 million on a Lehman Commercial Paper loan and another $103.8 million to the Lehman Brothers Holdings company.

Under the new ownership, the estate of Lehman Brothers Holdings Inc., Moonlight's secured creditors were paid in full and a "substantial amount" was paid to unsecured creditors, according to a statement by the ski area. In addition, the statement reported that Lehman will continue to fund ongoing operations. \

Comments

Groomer

Got it. Thank you!

Burt

Last I heard, (about 3 weeks ago) Burt was headed to Manhattan to work on a construction project in the city. I have his info in Linked In and will forward it when I have a moment.

Groomer

Does anyone know what happened to Burt Mills? Where he went from Moonlight Basin? I am interested in getting ahold of him...but can't find anyone who knows where he is an longer...

If you know, and don'w want to post publicly, could you please email me at storm861triple@hotmail.com

Sorry to derail the subject at hand.

President/GM

Hmmmmmmm! Who moved Moonlight basin to Idaho?? Wow!! Lehman Brothers sure is powerful!!

Jennifer

Ooops--my bad. Had Idaho on the brain. I plead being from the East Coast, even though my mother is from Montana....

Ski Inst

Is the financial community as stupid as the assets vs liabilities show. No way I believe the liabilities posted are correct or I want to borrow a couple hundred million on some land in the desert! I mean I have been there several times and would ask "Wheres the Beef"

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