Wisp Owners File for Bankruptcy

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Publish Date

10/18/2011

SAM Magazine--October 18, 2011--The owners of Wisp Ski Resort in Maryland, DC Development LLC, filed for Chapter 11 bankruptcy protection on October 15. As we reported in late August (www.saminfo.com/news/article.php?tid=5237), Wisp's parent company was struggling to refinance a $28.5-million loan used to fund the development of a golf community. Thanks to the tumbling real estate market, the development did not get far off the ground.

DC Development said selling Wisp is a last-resort option, but not off the table entirely. The ski area remains a profitable entity while the real estate side of the company struggles. The ski area is still set to open around Thanksgiving.

Comments

40 yr vet

Having closely watched the over zealous spending and pie in teh sky development plans at Wisp for years, it was only a matter of time for the economy to finally catch up with Wisp.

It is sad for the employees on the front line who haven't reaped the pay benefits of the top few...

WISP OWNERS FILE FOR BANKRUPTCY

Karma is not fate, for humans act with free will creating their own destiny. If one sows goodness, one will reap goodness; if one sows evil, one will reap evil. Karen Myers, the Director of DC Development is reaping what she deserves. It is a shame it will hurt many people who believed in her "Vision".

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