Wisp Suitors
November 12, 2012
19 posts
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First Track reported that Wisp has asked for more time to resolve their potential bankrupcy. It indicated that they are negotiating with 2 potential buyers. Has any one heard of who the potential suitors might be?
None that i have heard.. but now I am going to sit here and think about all the changes/messes that might occur if bought by all the local "players" in turn.
Associated Press wire:
Md. ski resort wins extension in bankruptcy court
2012-08-09
GREENBELT, Md. (AP) -- The owners of Maryland's only ski resort have won more time to come up with a bankruptcy reorganization plan.
The U.S. Bankruptcy Court in Greenbelt entered an order Thursday granting Wisp resort owner D.C. Development LLC a one-month extension to Sept. 10. The plan would have been due Friday.
The owners had requested a two-month extension.
They said in a filing last month that they're talking with two potential buyers of the resort in the western Maryland community of McHenry. The filing didn't identify those parties.
The Wisp owners filed for Chapter 11 bankruptcy protection in October.
They blame their financial problems on the collapse of the real-estate market. They say they couldn't sell enough home sites at a nearby golf course to make their loan payments.
This article may be old news to some, but I had never seen it. It confirms that Seven Springs is one of the parties trying to buy Wisp. Wisp's deadline for resolving the bankruptcy issue has passed. The bank has indicated that they have a buyer. I have not heard any recent news but given 7Springs record with Laurel Mtn, I don't think we want them buying Wisp.
http://www.post-gazette.com/stories/sports/ski/wisp-ski-resort-could-be-sold-312246/
snowsmith are you saying you don't like the "product" at Seven Springs? I'm not there much but it looks like they've improved the place. They might be good for Wisp.
Maybe Maryland Government will offer Nutting more than 6 million to get it updated. The 6 Million amount doesn't seem to be enough.
I hope McHenry has a state of the art power substation. There might not be enough capacity to light/run lifts/make snow to Mr Nutting's satisfaction and therefore sit idle once bought.
I think Seven Springs is a good ski area,but they've been sitting on Laurel Mtn for 4 or 5 years and have done nothing with it. If they bought Wisp it would give them somewhat of a monopoly on skiing. I think competition is a healthy thing resulting in businesses doing things to win our business like keeping prices low, making improvements, etc.
Wisp's deadline for addressing the bankruptcy has come and gone. They indicated that they had 2 potential buyers. The bank supposedly also has a buyer lined up. I hoping we get an owner who knows how to run a ski resort and 7Springs certainly knows how to do that. So there are good and bad aspects of a Seven Wisps resort.
Yes I agree what they're doing to Laurel Mountain is disgusting but I understand the incentive, I don't think the incentive is the same at WISP. Four seasons resort vs. a winter only op at laurel. It is worth more to them operating than shut down. $68 for a day only ticket (prime season, weekend) at springs. Wisp is selling an open to close for $60, Springs charges $74. Wonder who the other interested party was/is. Any update or is all this based on the March report?
Who ever buys WISP might have a hard time making snow this winter as the lack of rain has caused the water level on the Deep Creek Lake to drop about a 1.5'. They need lots of rain soon.
Who ever buys WISP might have a hard time making snow this winter as the lack of rain has caused the water level on the Deep Creek Lake to drop about a 1.5'. They need lots of rain soon.
Thats not going to be a problem in about 2 days :-) Heck, making snow might not even be a problem. ;-)
Had the radio on 107.7 on the drive home tonight and they said Wisp has been sold to a real estate investment co. Has anyone else heard anything?
check out the winter travel guide from Outside mag.
elevation 860 is about peak resorts.
imp
Wow, they're are major player in this market, I like the competition. imp, what month issue of Outside?
latest issue december I think, a already had to pass it on.
owner isa business man not a skier but realy into the product,
imp
I had read the article, and some interesting info on the web site as well. Their focus is "metro area" resorts, that are driving distance from population centers, with the idea that in a tight economy people are looking for closer-to-home recreation. Had started with one in Missouri with pitiful verticle, but made it wildly sucessful and repeated this councept, especially in midwest.
Note: Have not yet seen specific announcement that Peak will be the operator for Ent Properties, although it would appear likely since Peak runs their other ski properties. Both companies are based in Missouri and seem to have a tight relationship.
Peak made a significant investment in snow making upgrades to Mt. Snow, VT after the American Skiing Company went bankrupt and sold off all their resorts. They also purchased another American Skiing Company resort, Attitash/Bear Peak and invested in snow making. Thus they seem to be in this for the long term and not for the quick buck. Interestingly, it seems that DC Development has not parted with all of their real estate portfolio. They kept the property that got them into trouble in the first place, the Lodestone development. Entertainment Properties seem to be more into making money from the operation than the real estate. The reports also indicated that EP operated charter schools?
I underdtand there were one or two more suitors in negotiation with Wisp and another potential suitor working with the bank. I believe it was confirmed that Seven Springs was in the mix at one time. I wonder who the others were?
started with one in Missouri with pitiful verticle, but made it wildly sucessful
Sounds like Wisp found the perfect buyer!!
..I heard another local operator was also in the mix. Not too many guesses on who that might be. ..and that they were not interested in the real estate portions either.
