AA better share all of this good fortune or he's going to have a strike on his hands. Last year the employees got screwed and he got a big bonus, lots of unhappy folks on the mountain.
Yep, great PLACES to ski, regardless of what happens. Keystone is a gem now that its being run like a ski area. Colorado Pass offers SOO many options. Maybe someone will purchase and sell off some of the nonperforming assets to reduce debt? Someone should be able to make this work.
"Yep, did the research. Jones is a bankruptcy expert.
With that debt load, they're probably going to sell what they can, pocket the change, put the debt with the remaining pieces and file."
Not sure how much the latest SEC investigation will hinder the sale of it.(could be a lot)
About declaring Bankruptcy.
With a really good bankruptcy CFO (Jones?)and smart lawyers, heck, they may even be able to buy it back very cheaply (after screwing the banks, bondholders, etc).
With the amt of debt that would be forgiven, how much would they lose? Ha.
Ever hear of George Gillette, the former owner and who it was that helped bankrupt him.
(Leon Black and Michael Milkin sort of ring a bell)
Ever hear of the Sarbanes-Oxley law?
How much did they spend on compliance? Around $5.4 million. (nothing to hide?)
Anyhow, this is just rambling and speculation.
Vail is a great place to ski and will remain so, regardless if either of the above actions are taken.
Yep, did the research. Jones is a bankruptcy expert.
With that debt load, they're probably going to sell what they can, pocket the change, put the debt with the remaining pieces and file.
Leon Black et all are not nice people and have no conscience when it coms to screwing people and lining their own pockets.
You're right, JUMP!!!!!!
If you really knew Jone's very checked work history as some of us do, then you would know he is expert at only one thing, running companies straight into the ground...bail while there is still time to open the parachute!!
Looking at VRI's debt load and Jeff Jones's history, could they be setting the stage for a bankruptcy?
Black is bailing, Baron is bailing. Jones is obviously a bankruptcy expert. Pump it, dump it, run up the debt and file. Makes sense to me!
Jeff Jones, who became the new CFO has a seemingly strange history before working for MTN. The last three companies he worked for delcared bankruptcy.
The first two after he left them and the last one, 'Clark Retail Enterprises', while he was their CFO.
"When you have a CFO restate financials a number of times, and then moved over to CIO - which was a newly created position, then bring in a CFO to run the Development side and now the entire VRI financials... And the SEC continuing to investigate the company.... make sense?"
I agree, it kind of makes you wonder.
I don't believe MTN actually owned that property,much before the mold problem surfaced.
However, they probably should've had someone inspect that piece of property before they purchased it.
PS: I still want to know how the CEO, Adam Aaron, received an $8 million dollar bonus when the company lost around 14 million dollars that year!
Not an expert. Would enjoy being enlightened with regards to the mold issue. Specifically: why this charge is classified as one-time in nature when comparable companies in the lodging industry perform regular maintenance to prevent mold damage as well as spending more intitally, as CAPEX, when the structures are built?