KCSKI Posted July 17, 2012 Report Share Posted July 17, 2012 http://thetimes-tribune.com/news/sno-mountain-avoids-forced-sale-survives-to-cool-more-swimmers-1.1344540 Sorry I don't have time to discuss this or the last topic too much with all of you as I've been too busy with my business and added responsibilities at Sno, but I'll try to get on when I can. But once again the fishwrap is just that....fishwrap. Quote Link to comment Share on other sites More sharing options...
JayBeer30 Posted July 17, 2012 Report Share Posted July 17, 2012 Nice to see them EAT thier print! Quote Link to comment Share on other sites More sharing options...
Johnny Law Posted July 17, 2012 Report Share Posted July 17, 2012 What ? They got new suckers to fund a couple more years until they crap out. They owe Penn Bank 6.6 mil there is no denying that, so if they find bank X to float them additional credit you still haven't solved the underlying issue which is clearly they do not have enough revenue to pay their mortgage. Additionally unless by some miracle in which they found additional valuable assets the interest they are paying on the new credit line will be significantly higher because bank x knows they owe Penn Bank 6.6 and are using the new financing to pay them back. They are obviously more of a credit risk hence the higher reward to the bank. Good luck to Sno but they got alot of shit to figure out if they want to stay in business, avoiding a court ordered sale by securing last minute financing is not a stable business model. 1 Quote Link to comment Share on other sites More sharing options...
Ride Delaware ? Posted July 17, 2012 Report Share Posted July 17, 2012 Well, I don't know what the term of the loan was, whether it's a 5 year 20 am or what, but if they initially owed 7. something and now only owe 6.6, they are definitely paying some of it off, they just couldn't pay it off in full... I mean, if it was a five year 20 am, then by definition they have to refinance or pay it off after 5 years... Who knows why the same bank couldn't refi them... They may have had too many commercial loans on the books or they no longer liked them, or couldn't give them the terms they wanted... There's a bunch that could play into it... I don't know if it's any better that financing is "imminent", but it's better than being at a sheriffs sale... Quote Link to comment Share on other sites More sharing options...
JFskiDan Posted July 17, 2012 Report Share Posted July 17, 2012 Good. Quote Link to comment Share on other sites More sharing options...
Johnny Law Posted July 19, 2012 Report Share Posted July 19, 2012 Well, I don't know what the term of the loan was, whether it's a 5 year 20 am or what, but if they initially owed 7. something and now only owe 6.6, they are definitely paying some of it off, they just couldn't pay it off in full... I mean, if it was a five year 20 am, then by definition they have to refinance or pay it off after 5 years... Who knows why the same bank couldn't refi them... They may have had too many commercial loans on the books or they no longer liked them, or couldn't give them the terms they wanted... There's a bunch that could play into it... I don't know if it's any better that financing is "imminent", but it's better than being at a sheriffs sale... I don't disagree with any of that however lets say you had an extra mil sitting around would you invest it at Sno or another PA mtn, that I don't know doesn't have its power turned off and doesn't go to sheriff's sale every 6 months.... The point is that although they may have found some flunky's to float them some cash the business just isn't sound. Can they fix that ? Maybe but their track record isn't great and lets not forget how it became Sno in the first place. Quote Link to comment Share on other sites More sharing options...
Winter Posted July 20, 2012 Report Share Posted July 20, 2012 IMHO Sno got themselves into a mess when they took over operation from the county and overspent. They desperately needed the $1mil + snowgun overhaul but some other expenses were simply not as important, but they spent anyway. The downfall started happening a year or two later when minority owner Dick Ford, a sucessful hands-on business man was forced off the property as a silent owner, allowing the primary owner, dennis carlson, to run it his way. Dick was seen climbing lift towers replacing parts himself, digging pipes and poking his head into every department to look for ways to save a buck. When he was forced into the shadows, union contractors took over and costs skyrocketed, leading to a steady decline in revenue. Last I heard is Carlson is out and i'm not sure where Ford is right now. Best of luck to Sno. I know people rag on you but there is definitely a place for you to fill the void between crowded camelback and stuffy Elk. Keep your chins up! 1 Quote Link to comment Share on other sites More sharing options...
sibhusky Posted July 20, 2012 Report Share Posted July 20, 2012 This is all fascinating to me as I sort of knew both those guys when they used to ski at Camelback. Surprised to hear that Dick Ford was a silent anything.... Quote Link to comment Share on other sites More sharing options...
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