Craigmeur Ski Club

American Skiing Company Announces Sale of Killington

22 Feb

American Skiing Company Announces Sale of Killington and Pico Resorts For $83.5 Million

PARK CITY, UTAH – February 20, 2007 – American Skiing Company (OTCBB: AESK) announced today that it had entered into a definitive agreement to sell its Killington and Pico resorts in Vermont to SP Land Company, LLC, a major area landowner, for $83.5 million. The announced sale follows the recent announcement of the sale of Mount Snow and Attitash resorts for $73.5 million and the December announcement of the planned $265 million sale of Steamboat resort.

“Killington has been in partnership with SP Land since 2004 on a number of developable real estate parcels in the Killington area. During the design and planning phase of the Killington Village, it became apparent that the developable real estate and resort operations should be controlled by a single owner. We believe this transaction is a tremendous step forward for the future development of Killington, Pico and the surrounding community,” said ASC President and CEO B.J. Fair.

SP Land Company, LLC is a real estate holding company with significant land holdings near Killington resort. SP Land Company, LLC first gained its real estate holdings in the area in conjunction with American Skiing Company’s restructuring of its real estate related debt in 2004.

“With the recently announced sales of Steamboat, Mount Snow, Attitash and now Killington and Pico, American Skiing Company is clearly in transition. We will be reviewing our organizational needs and adjusting accordingly. As a result of these transactions, the Company expects to repay all bank debt, junior subordinated debt, and have substantial resources to address the needs of our Sunday River and Sugarloaf resorts in Maine and The Canyons in Utah,” added Fair.

Included in the sale of Killington and Pico are the resorts and all resort-owned operations, all of Killington/Pico’s resort-owned real estate assets and The Wobbly Barn restaurant. In addition to the cash purchase price of $83.5 million, the buyer will also assume approximately $5 million of debt and other liabilities and certain contractual obligations of ASC.

The proposed sales of the ASC resorts will not have an effect on any current season passes, vouchers or advance purchase ticket products for the remainder of the 2006-2007 winter season. Multi-resort products such as All-For-One and Ski America passes will continue to be valid at all ASC resorts where they previously have been honored through the end of the 2006-2007 winter season. Gift cards, Value Cards and Edge cards will continue to be valid in accordance with the terms of those specific programs.

As a condition of the purchase and sale agreement, stockholder approval is required for the sale of Killington and Pico resorts. The sole holder of the Company’s Preferred Stock Series C-1, representing 65.8% of the voting shares entitled to vote on the matter, has voted in favor of the transaction, which constitutes majority stockholder approval. Such approval means the transaction may be approved without a meeting of the Company’s stockholders. In addition to stockholder approval, the transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the State of Vermont. The transaction is expected to close on or before April 30, 2007.

All of ASC’s New England resorts, including Killington and Pico, have received almost three feet of natural snowfall in the past week; these resorts are enjoying the best skiing and riding conditions of the season.

Mountain Creek South – February 10, 2007

10 Feb

Mountain Creek South laid out the red carpet for season pass holders on Saturday, February 10, 2007. Season pass holders had South Mountain all to themselves. Amazingly the chair lift lines were short and fast. Mountain Creek also served a free lunch and dinner to pass holders. They also provided free Rock music entertainment. People were given free chips and soda, while waiting on the long lines for lunch.

Club Race Weekend

08 Feb

The club booked 6 rooms for the club race weekend March 9-11 in Vermont.

Look for the e-mail today with all the details. If you are interest in eating buffet style at the lodge Saturday night e-mail Kim for cost and reservations.  We will be getting group lift tickets for March 10 @ Pico. If interested, sign up at the meeting and make check payable to the club. Adults $39 Young Adults 13-18 $33  Junior 6-12 $27  Seniors 65 $27  


WNRL Feb. 7

08 Feb

WNRL Results from Feb. 7
The conditions last night were excellent or as one club members always says they were impeccable.

Congrats to Maryanne’s daughter Allie on her first race.

The remaining schedule is

Feb. 14 SL
Feb. 21 SG only 1 run and need a helmet.
Feb. 28 Dual GS Note: Pending if South will be open.


Saturday – March 24, 2007 at Hunter Mountain, NY

If interest please let me know as soon as possible.

02/14/07- Lodge Availability

06 Feb

Please check out the calendar above for the most recent information – here is a summary…

“Green days mean the house is open that night with beds open”

“Red means the house is open but there are no beds currently available.”

“Grey, the house is not open that night.”

It may be possible to add additional midweek dates, please ask if you are interested and I will try to get the house opened.


(1) additional beds may become available 10 days before the weekend as they are being saved for shareholders or because of cancellations – if you are interested in a full weekend – contact Kimberly to be placed on the waiting list.
(2) We are now taking reservations through the end of March. Reservations can be made by email, using the contact form below, at the meeting, or by phone

Please click here to contact or email Kimberly Hollister if you have any questions.