Saddleback SOLD to Majella

Re: Saddleback SOLD to Majella

Postby redrider » Sun Nov 05, 2017 9:43 pm

On site Intel, parking lot full of worker vehicles. Appeared to be a lot going on.
No specific details but sounds promising.
This was live Intel Saturday relayed to me via cell phone in real time.
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Re: Saddleback SOLD to Majella

Postby hestra » Mon Nov 06, 2017 12:36 pm

ski patrol refresher was this weekend , they have had it the past 2 seasons also ..
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Re: Saddleback SOLD to Majella

Postby jzinckgra » Mon Nov 06, 2017 1:05 pm

Here's a recent drone vid of some progress
https://youtu.be/lNZzehzRtUk
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Re: Saddleback SOLD to Majella

Postby redrider » Mon Nov 06, 2017 6:23 pm

hestra wrote:ski patrol refresher was this weekend , they have had it the past 2 seasons also ..


FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff.............. balloon deflating
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Re: Saddleback SOLD to Majella

Postby RockLobster » Tue Nov 07, 2017 9:40 am

jzinckgra wrote:Here's a recent drone vid of some progress
https://youtu.be/lNZzehzRtUk


Man, Artula has mid-season coverage already!
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Re: Saddleback SOLD to Majella

Postby muleski » Tue Nov 07, 2017 8:16 pm

Drone video is pretty neat. Not sure what conclusions to draw, if any.

Great footage. Great hill. Fingers remain crossed.
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Re: Saddleback SOLD to Majella

Postby Nonsuch » Thu Nov 09, 2017 5:31 pm

The latest from SB:

SADDLEBACK MAINE
10 hrs
Good-morning,

We value your feedback and hear you are seeking more regular updates.

We are continuing to work to successfully finalize this sale. We have encountered delays that have impacted our timelines. This has been on our end and not the Berry’s. We are incredibly thankful to the Berry family and their advisors for their ongoing patience, kindness and support. I am whole heartedly committed to this deal. Whilst it has been drawn-out and frustrating for many, we have entered and are working through the final stages.

As we stated in June, this is a complex and challenging deal. It has posed numerous challenges to our investors. We are focused not just on finalizing the deal but ensuring we have the long-term, sustainable plan in place for the future of Saddleback and the existing approved development district.

I do not take lightly the impact Saddleback has on the entire Rangeley region, and we need to get this economic driver right for the mountain and all stakeholders.

Is the Rangeley chair still being replaced?

Whilst we had hoped to replace the Rangeley chair this year, we have made the decision to delay its replacement until next season. We realize this comes as a disappointment to many and for us this season, but we are committed to a sustainable and long-term solution for Saddleback.

We wanted the additional time to scope the best lift option for the mountain and will consider a detachable quad versus a fixed grip quad. This is pertinent as we move forward to the four-season use of the mountain where a detachable quad has greater appeal.

What does this mean for re-opening this season?

As I have said before, we are committed to opening in some capacity for the 2017/18 ski season. This will not be a full opening, rather a limited operation that, if possible, will allow our Saddlebackers and their families to return and enjoy the mountain in some capacity this season.

I am extremely thankful to our incredible Mountain Operations team who have been hard at work with the trails groomed, readied and looking perfect for the ski season. I also want to thank all the business owners who continue to support our effort with advice and services and their early support will not be forgotten.

Our Saddlebackers are our biggest motivation and we hear you when you say you would prefer some skiing over none. We are doing everything in our ability to provide an offering, albeit a limited one this season.

Best regards,

Majella Group CEO, Sebastian Monsour
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Re: Saddleback SOLD to Majella

Postby Nonsuch » Thu Nov 09, 2017 5:33 pm

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Re: Saddleback SOLD to Majella

Postby muleski » Thu Nov 09, 2017 6:23 pm

This looks "not good."
I've had a very skeptical outlook of the deal, and the buyer, since it was first floated. I'm a hard sell.
I'd bet that we have some "investor's remorse", perhaps from dad, the oral surgeon/developer a half a planet away. He has to be the source of Majella's piece of this.

I have this bad, bad feeling that Simon felt that he could sneak EB-5 in as a funding play, and perhaps work out some type of bridge deal to close the sale in the meantime. And probably has been told that's never happening.

Three years idle. I can't even imagine what it will take to get the place ready for next season.

I feel very badly for every single stakeholder here. In retrospect, the non-profit is perhaps the only way to save this. But there was no check on the table. in a not so funny turn of events, there still is none.

Feel badly for the Berrys, putting trust in this deal taking place. I feel badly for Farmboy, having to see this through. I hope there is a good deposit that Simon, one of their multiple CEO's {the titles just crack me up} will need to eat, and the Berrys keep.

I just read his announcement five times. I think it's very crafty wordsmithing. Cliff Notes: I either have no money for this, or my investors dug into the details and have run the other direction. Or I thought I could get and EB-5 deal in place, like the second coming of Jay Peak. Nope.

Not looking like the premier ski resort in North America. The good news, I hope, is that with some decent natural snow, we should be able to skin up, and enjoy some skiing.....unless they prohibit that, which would be positively stupid.

Are the people lined up to work there getting paid right now, BTW?

Just seems like a very sad situation. Getting harder to cross the fingers.
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Re: Saddleback SOLD to Majella

Postby tipsdown » Fri Nov 10, 2017 8:14 am

(Predictably) muleski you’ve painted the worse possible picture here but it can’t be ruled out. If this deal is not done within a month or so it probably never will be....that post was obviously intended to get out ahead of the press article.

And yes for what it’s worth the staff is being paid by Majella and they’ve already dumped a good chunk of money into getting the mountain ready.

As far as deal structure...you may be on to something. I believe they wanted to use EB-5 as a source of funding down the road but not the one flr the first phase of capital improvements. It’s tough to get off The ground and who knows, that may be part of the delay. We’ll see...
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Re: Saddleback SOLD to Majella

Postby tipsdown » Fri Nov 10, 2017 8:22 am

tipsdown wrote:(Predictably) muleski you’ve painted the worse possible picture here but it can’t be ruled out. If this deal is not done within a month or so it probably never will be....that post was obviously intended to get out ahead of the press article.

And yes for what it’s worth the staff is being paid by Majella and they’ve already dumped a good chunk of money into getting the mountain ready.

As far as deal structure...you may be on to something. I believe they wanted to use EB-5 as a source of funding down the road but not the one flr the first phase of capital improvements. It’s tough to get off The ground and who knows, that may be part of the delay. We’ll see...

Does anyone know who Simon is?
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Re: Saddleback SOLD to Majella

Postby ME2VTSkier » Fri Nov 10, 2017 7:28 pm

There is doing due diligence, and then there is whatever joke this fiasco is turning into. They don't have the money/financing for the sale, or it would have been done already. I'm really, really starting to believe it is going to fall thru, and everything they have done up to this point has just been a smoke screen.

Just write the friggen check already.
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Re: Saddleback SOLD to Majella

Postby bigelow » Fri Nov 10, 2017 9:42 pm

ME2VTSkier wrote:There is doing due diligence, and then there is whatever joke this fiasco is turning into. They don't have the money/financing for the sale, or it would have been done already. I'm really, really starting to believe it is going to fall thru, and everything they have done up to this point has just been a smoke screen.

Just write the friggen check already.


its always about the money.
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Re: Saddleback SOLD to Majella

Postby vcskier » Fri Nov 10, 2017 11:22 pm

Amateur’s all around. If the deal ever gets done they will likely give up or go bankrupt after a few years.

As i keep saying this makes no business sense. Saddleback can’t work as a business without access to additional population. Maybe if the east west highway opens it could have a chance to attract some Canadians.

As for becoming a world class resort - never going to happen.
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Re: Saddleback SOLD to Majella

Postby RockLobster » Mon Nov 13, 2017 12:29 am

I prefer this most recent update to those they have put out in the past. It was at least some what realistic in saying they will not really be opening this year. I read "Limited Operation" as a handful of weekends, natural snow permitting.

The deal on the other hand is becoming concerning. Whatever the speed bump is, it seems to be more than minor. I do know that they have been laying a fair amount of groundwork behind the scenes, which makes it surprising that they are still finalizing the deal.
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Re: Saddleback SOLD to Majella

Postby Nonsuch » Tue Nov 14, 2017 8:36 am

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