fluffy Posted July 15, 2012 Report Share Posted July 15, 2012 Ehh, i have similar thoughts about boulder at times, but i would hate to see the place go by-by. i dont really want to see anyplace fold up. Wow. If you think that about BB, then you are a complete idiot. Quote Link to comment Share on other sites More sharing options...
fluffy Posted July 16, 2012 Report Share Posted July 16, 2012 Ok KC - It's now or never. Will the big announcement come today? Will Sno pull out a miraculous deal to avoid the sheriff's sale? Side note - What happens when nobody bids on Sno at the sale? Nothing? Quote Link to comment Share on other sites More sharing options...
Ride Delaware ? Posted July 16, 2012 Report Share Posted July 16, 2012 I bid tree fiddy I'm sure they will take that offer very seriously... Quote Link to comment Share on other sites More sharing options...
Ride Delaware ? Posted July 16, 2012 Report Share Posted July 16, 2012 Ok KC - It's now or never. Will the big announcement come today? Will Sno pull out a miraculous deal to avoid the sheriff's sale? Side note - What happens when nobody bids on Sno at the sale? Nothing? The resort has been operating daily since the announcement, so they found short term financing somewhere... They also say that they found long term financing, but publicly, the sale hasn't been called off, so who knows what to think... If my understanding is correct, if no sale happens, then the debt holders will probably be able to sieze the property and then try to sell it privately in a sale... That's often when we see ski resorts split up assets piecemeal to satisfy their debt... Once that happens, the chances of the resort being reopened are next to nil... Quote Link to comment Share on other sites More sharing options...
fluffy Posted July 16, 2012 Report Share Posted July 16, 2012 Doesn't a sheriff's sale involve only the taxes owed? You pay the taxes owed and can gain the property....but you also assume any debts associated with the property? Quote Link to comment Share on other sites More sharing options...
sibhusky Posted July 16, 2012 Report Share Posted July 16, 2012 (edited) I don't think that is the norm, that the buyer takes over any liens, but I think that would be disclosed in the announcement. Normally the lienholders have forced the sale and the sale price satisfies the lien, except for unpaid taxes, which must be paid in addition to the bid. I think. Edited July 16, 2012 by sibhusky Quote Link to comment Share on other sites More sharing options...
sibhusky Posted July 16, 2012 Report Share Posted July 16, 2012 Hmm, at least for Lackawanna, it looks like they are not disclosing liens. EXPLANATION FOR REAL ESTATE SALES Sales are conducted by open bidding and you will be bidding against the bank. The bank has a predetermined amount that they will bid to. This is called the “upset price”. Only the bank, on day of sale, knows what this amount will be. It may be more or less than the judgment amount. A deposit of 10% of the bid price is to be paid in cash, cashier's check or certified check immediately to the sheriff at the time of the bid. In the event that 10% is not paid immediately, the property will be sold again at the end of the current sale. Said deposit will be forfeited in the event the balance of the bid price is not paid by 2 o'clock on the afternoon of said date. Full compliance of the total amount is due by two o'clock on the afternoon of the said date. The debtors own the properties until they are sold on the day of the sale. The Sheriff does not have physical access to the properties listed for sale. Properties are sold “AS IS” and the Sheriff is not responsible for a clear title. The Sheriff’s office does not search records for debts or liens prior to the sale. Professional assistance in searching properties may be obtained through attorneys or title searchers to determine possible liens for which the buyer may be responsible. Cost sheets containing an itemized list of the Sheriff’s fees, taxes and the amount of the debt owed to the executing creditor are available at the office approximately one week prior to the sale. A schedule of distribution of the proceeds from the sale will be prepared within thirty days. Money collected by the Sheriff is paid in priority order to creditors unless objections to the schedule are timely filed. If you have additional questions concerning the purchase of property at Sheriff’s sale or the filing of any legal pleadings, please contact your attorney. Quote Link to comment Share on other sites More sharing options...
Ride Delaware ? Posted July 17, 2012 Report Share Posted July 17, 2012 (edited) Judgment day!!! Edited July 17, 2012 by Ride Delaware ? Quote Link to comment Share on other sites More sharing options...
JayBeer30 Posted July 17, 2012 Report Share Posted July 17, 2012 TIMES eats their words, SNO is saved for another year! Quote Link to comment Share on other sites More sharing options...
KCSKI Posted July 17, 2012 Report Share Posted July 17, 2012 TIMES eats their words, SNO is saved for another year! here..let me fix that for you..... TIMES eats their words, SNO saved FOREVER! Quote Link to comment Share on other sites More sharing options...
skier17 Posted July 18, 2012 Report Share Posted July 18, 2012 Being that they were actually on the Sheriff sale list I don't think they ate their words. I think Sno just came in under the gun with some new financing. Just like when the power was shut off and their was no phone service last fall. They didn't make up the stories these things are actually happening. I really do hope they get it right this time. 1 Quote Link to comment Share on other sites More sharing options...
Timeless Posted July 18, 2012 Report Share Posted July 18, 2012 here..let me fix that for you..... TIMES eats their words, SNO saved FOREVER! "saved" ? I thought you said there was no real problem, why did they need saving? How does the 6.6M compare to a seasons operating revenue / profit? Sounds to me that they are operating under a mountain (sic) of debt which given the area they are in and with the local competition for a limited number of skiers, they may never recover from. It's good to see they have dedicated employees, and some level of local support, it even seems that whoever is managing it right now has at least half a brain and they continue to invest despite difficult conditions. Good luck to you KCSKI, and to any other SNO workers, I really hope it works out. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.