Mid-Atlantic Timberline, WV resort's future?

Discussion in 'General Resort Discussion' started by Dr. Bighair, Nov 9, 2018.

  1. Thread Starter
    TS
    Dr. Bighair

    Dr. Bighair Putting on skis Skier

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    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.
     
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  2. Johnfmh

    Johnfmh Johnfmh Skier

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    Isn’t check kiting a violation of US Code and hence a federal crime?
     
  3. agahc elpam

    agahc elpam At the base lodge Skier

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    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!
     
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  4. scottyb

    scottyb Getting on the lift Skier

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    They have a new beer called look at my tittas or something like that.
     
  5. Low End

    Low End Booting up Skier

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    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...
     


  6. jimmy

    jimmy Mixmaster Skier

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    I hear there was a confrontation. No hospital not sure about the jail part. This isn't a good thing to be going on but there isn't much love left for the Herz'.

    A picture from happier times at the Slime.

    timberline feb22.jpg
     
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  7. John Webb

    John Webb mdskier Skier

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    Former snow maker likely wasn't paid or the paycheck bounced !
     
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  8. Johnfmh

    Johnfmh Johnfmh Skier

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    Does anyone know if the Hertz owners successfully filed all the necessary paperwork for Chapter 11 on the 14th?
     
  9. mmcshane

    mmcshane Pugski Lurker Skier

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    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.
     
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  10. Johnfmh

    Johnfmh Johnfmh Skier

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    I tried searching but no luck. Can you post a link?
     
  11. mmcshane

    mmcshane Pugski Lurker Skier

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    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)
     
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  12. Johnfmh

    Johnfmh Johnfmh Skier

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    Thanks. $7.7 million in assets or debts? ogwink
     
  13. mmcshane

    mmcshane Pugski Lurker Skier

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    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.
     

    Attached Files:

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  14. Johnfmh

    Johnfmh Johnfmh Skier

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    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.
     
  15. Coach13

    Coach13 Out on the slopes Skier

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    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.
     
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  16. scottyb

    scottyb Getting on the lift Skier

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    Treefiddy
     
  17. Johnfmh

    Johnfmh Johnfmh Skier

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    Does anyone know the court date for the chapter 11 hearing?
     
  18. mmcshane

    mmcshane Pugski Lurker Skier

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    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.
     
  19. Johnfmh

    Johnfmh Johnfmh Skier

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    @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.
     
    Last edited: May 24, 2019
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  20. scottyb

    scottyb Getting on the lift Skier

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    CVR needs a shit ton of infrastructure upgrades and repair. That is what they should be doing this summer.
     
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