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Dr. Bighair

Dr. Bighair

Dr. Style
Skier
Joined
Nov 9, 2018
Posts
78
I guess it's going to be business as usual....now that the receivership hearing has been cancelled county officials can go back to focusing on Not prosecuting the Herz's for check fraud and embezzlement.
 

agahc elpam

In the parking lot (formerly "At the base lodge")
Skier
Joined
May 9, 2019
Posts
1
Location
canaan valley
I agree that Timberline's current situation has had little to no affect on Davis/Thomas. Anyone who has been in Davis/Thomas on any given weekend, even during the traditionally slower months, should be able to attest to that. Here at Stumptown Ales, we have seen steady increases in business since we opened in August of 2015. I know that Hellbenders is as busy as they have ever been. The issue here is more related to finding capable employees to help run everything, without the owners being overwhelmed by having to do everything themselves. The businesses are doing great, its the owner burnout that might be tempting some to move on. It is good to see these other operations opening/coming back as the consumer stress on the current operations has reached a point where we can't handle all the customers. Those who have had long waits to be seated at Hellbenders or Siriannis, or who can barely fit in the door at Stumptown due to it being fully packed, have seen the results of this. If anything, Timberline's resurrection might compound this issue. The valley, however, could certainly use some help, and that would help curtail some of the stress on the businesses in town.

Big Johns in the valley is for sale still.too. If tline does reopen, (which would not surprise me at all at this point) maybe stumptown should make a 'holy resurrection'. but only after the mrs hippie again!
 

Low End

Booting up
Skier
Joined
Nov 29, 2018
Posts
13
I was told yesterday that Fred was attacked by a former snow maker at a local gas station. Fred ended up in the hospital and the attacker ended up in jail...
 

mmcshane

Pugski Lurker
Skier
Joined
Dec 21, 2018
Posts
33
Surprisingly, yes, they did ( I was able to check the court filings on the federal online system). If anyone wants the actual filings, I can get those from the website and upload them.
 

mmcshane

Pugski Lurker
Skier
Joined
Dec 21, 2018
Posts
33
https://www.pacer.gov/ You have to register and create an account- I have one through work, but anyone can register. Its then 10 cents a page to view/download documents. Once you get registered and log in, it will ask you which court you want to search, and its the Eastern District of PA Bankruptcy Court. Go to query, type in business name (remember there are 3 filings- for Timberline Resort Management Company, Herz, Herz and Riechle (which actually owns the mountain, FYI, they've valued it 7.7 million) and Long Run Realty)
 

mmcshane

Pugski Lurker
Skier
Joined
Dec 21, 2018
Posts
33
Attaching the summary of assets and liabilities for each entity. If you combine the 3 entities together, they allege assets of around 12.4 million, and liabilities of around 5 million- (that includes the ski mountain land/some winter haven lots around 7.7 and the buildings around 2.8 (with the lodge listed as asset of 1.4 million (good one!)) Of course none of this is based on recent appraisals, which they have to note in the filings.
 

Attachments

  • Assets and Liabilities Summary.pdf
    127.6 KB · Views: 30
  • Long run assets and liabilities.pdf
    122 KB · Views: 21
  • Assets and Liabilities.pdf
    141.8 KB · Views: 22

Johnfmh

Johnfmh
Skier
Joined
Aug 20, 2018
Posts
554
Location
Arlington, VA
Very Lewis Carroll. The resort would only be worth $12.4 million if it had real infrastructure: modern lifts, high capacity snowmaking, a new lodge, etc. I would love to see am honest appraisal of the resort’s value.
 

Coach13

Making fresh tracks
Skier
Joined
Nov 15, 2015
Posts
2,091
Location
No. VA
Not certain if its true or not but we heard rumors that investors from the Charleston area offered around $3m for the ski hill operations and it was refused. With the infrastructure upgrade needs I’m not certain that this figure is really out of line.
 

mmcshane

Pugski Lurker
Skier
Joined
Dec 21, 2018
Posts
33
There is a creditors meeting on June 13th. Not a court hearing, just a meeting where the US Trustee asks the debtor a bunch of questions about assets + liabilities under oath. There is a motion hearing scheduled for June 26th. Looks like First United (or whoever the largest creditor is, can't remember) filed a motion for change of venue to move the case to the Federal Bankruptcy Court in WV. From what I understand, these cases can drag on for awhile- the debtor has exclusive right to file their plan for reorganization for 120 days, but that time can be extended by the Court up to 18 months. Then after they file their reorganization plan, they have 2 months to get acceptance by the creditors of their reorganization plan- so if they get 18 month extension + 2 months to get approval, you are looking at 20 months. After that "exclusive" time is up, then the creditors are allowed to file their own plan. Additionally, at any point, a creditor can file a motion to convert the Chapter 11 into Chapter 7 and force liquidation- they have to show cause why it should be converted (or dismissed). Section 1112(b)(4) of the Bankruptcy Code sets forth numerous examples of cause that would support dismissal or conversion. For example, the moving party may establish cause by showing that there is substantial or continuing loss to the estate and the absence of a reasonable likelihood of rehabilitation; gross mismanagement of the estate; failure to maintain insurance that poses a risk to the estate or the public; or unauthorized use of cash collateral that is substantially harmful to a creditor. It seems like a creditor should be able to show cause for conversion in this case, but this isn't an area of law with which I am familiar, so I have no idea if a bankruptcy court judge would view Timberline's antics in the same way as the rest of us do. Also during the pendency of the case, the debtor is required to submit monthly reports re: operating costs, etc to the US Trustee, and if they fail to do so, that can be a basis for the US Trustee to seek conversion to Chapter 7 or dismissal altogether.

So that is a long way of saying, an actual resolution could happen relatively quickly if a creditor gets aggressive, or a long way off if Timberline is granted lots of extensions to file their plan with the court.
 

Johnfmh

Johnfmh
Skier
Joined
Aug 20, 2018
Posts
554
Location
Arlington, VA
@mmcshane thank you for the excellent explanation. Let’s hope the creditors act quickly. Do you know how the US Trustee treats tax debt?

In other news, we are seeing efforts by Canaan Valley Resort to increase activities for the summer and months thru next winter. They will be announcing the awarding of the next 5 years for the concessionaire sometime soon. That could be interesting.

Let’s hope CVR ramps up snowmaking. Last season, I found myself visiting Whitetail as much as CVR despite owning a place in Canaan Valley. No sense riding a slow lift and getting less vertical for 30% terrain open when I could day trip it to the Tail and ski 100% of its terrain with faster uphill transit. I could generally get two days of CVR skiing at Whitetail in less than 8 hours. Whitetail, btw, is expanding what is already the region’s best snowmaking operation this year.
 
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