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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Re: Saddleback SOLD to Majella

Postby Nonsuch » Tue Nov 21, 2017 9:58 am

It has gone very quiet on the SB update front. Almost December and no real meaningful updates on the status of the deal or this season?
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Re: Saddleback SOLD to Majella

Postby Tightline » Tue Nov 21, 2017 12:05 pm

* None of the lifts are licensed.
* Other than the operations team no one has been hired, and no effort has been made to hire additional staff.
* It looks like work has come to a stop. Not much happening in the last 2 weeks........
* Website has not been updated with the changes to there plan.

Questions:
1.) If Majella had the capital to purchase the mountain why wouldn't they have done it by now?
2.) What is a logical reason/reasons for the delay in purchasing?
3.) If Majella has an operating agreement and plans to purchase the mountain why wouldn't they be marketing an opening date?
4.) If Majella is delaying the purchase so they don't lose $$$$ during the 2018 ski season than why not just say it?
5.) How could Majella make $$ this year?
6.) Why would it make any business sense for them to open this year?

Because these questions go unanswered there is a lot of speculation if Majella will go through with the purchase. Based on there track record it raises more concerns. There are a lot of people supporting Majella me included....... BUT! Walking away from emotions and looking at what is going on it is easy to say the deal isn't going to happen.
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Re: Saddleback SOLD to Majella

Postby b632 » Tue Nov 21, 2017 12:12 pm

:( :( not looking good at all
Stop thinking and end your problems. -Lao Tzu
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Re: Saddleback SOLD to Majella

Postby D. B. Cooper » Tue Nov 21, 2017 5:02 pm

The deal is on the verge of collapse, I hear the window is closing for Majella to flash the cash.
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Re: Saddleback SOLD to Majella

Postby Ski It » Tue Nov 21, 2017 9:34 pm

She asked really good straight forward questions at the end. That was one hell of a pause before his shaky reply.

http://www.wlbz2.com/news/saddleback-au ... /493729193
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Re: Saddleback SOLD to Majella

Postby Glade Monkey » Wed Nov 22, 2017 8:11 am

Ski It wrote:She asked really good straight forward questions at the end. That was one hell of a pause before his shaky reply.

http://www.wlbz2.com/news/saddleback-au ... /493729193


and how 'bout that beautiful Global HQ building in Oz?
http://www.newenglandskiindustry.com/
"Despite being touted as "the leading developer in southeast Queensland, Australia," Majella Property Development has only completed one project in its homeland, the controversial Radius Apartments development in 2014.
In the United States, the Majella Group redeveloped the Williston-West Church, which has twice had tax liens slapped on it by the City of Portland."

Image
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Re: Saddleback SOLD to Majella

Postby Skimaine » Wed Nov 22, 2017 8:40 am

Does not sound good. Seems like somebody did not do their due diligence. Maybe it will be up to Co-Op 2.0. If another year goes by with the Mountain closed, the value continues to go down. The Co-Op movement may not be able to generate the enthusiasm it needs to raise the $. I have a friend who bought Sugarloaf season passes last year and his kids really like the ‘Loaf. He is now actively looking for property.
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Re: Saddleback SOLD to Majella

Postby SpillwayEast » Wed Nov 22, 2017 10:24 am

Its all just a pipe dream. Majella doesn't have the cash or the capital...........time to put it back up for sale...........or maybe an auction.
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Re: Saddleback SOLD to Majella

Postby k2trav » Wed Nov 22, 2017 4:03 pm

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Re: Saddleback SOLD to Majella

Postby Glade Monkey » Wed Nov 22, 2017 7:24 pm



Wow...is 11/22 an Australian holiday? :evil:
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Re: Saddleback SOLD to Majella

Postby adamwilkins » Tue Nov 28, 2017 5:14 pm

Any update?
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Re: Saddleback SOLD to Majella

Postby Glade Monkey » Tue Nov 28, 2017 6:33 pm

adamwilkins wrote:Any update?


No, unless you count the second guessing filling up the SMF FB page.

A hairdresser from Gorham who is a "friend of the buyer" tried to put a positive spin on things: Robyn Wilcox I am a personal friend of Sebastian. He is a crazy Aussie. So long as I have know him he follows through with his actions and is a man of his word. All this speculation and gossip is ridiculous. Where would Saddleback be right now if Majella had not come along? It would be worse off than it is at this moment. Seb has a unique way of doing things, but don’t doubt him. Until there is final word of all this let’s try to stay positive and hopeful. Nothing is final yet and that could possibly be a wonderful thing. Rome was not built in a day. Saddleback resting for 1 more winter could be a blessing in the end to better things for the town of Rangeley and the state of Maine. Let’s try to have some patience and understanding. I am team Sebastian and Majella!

Then Farmboy let loose on all the negativity It’s easy to be a Monday morning quarterback especially when you don’t know anything about the deal. And can’t know anything because of confidentiality agreements. I personally don’t think there is a materially fact anyone can come up with that is absolutely necessary to know until the deal is done The world is a negative place these days. All I can tell you is many of us are working around the clock to get this to the finish line. It’s a tough process. Tougher than any of you could imagine. Working a transaction that is 15 hrs difference on the clock. Some of us have moved on to other jobs but are still working on it every available free minute. But by all means keep bitching and complaining that really helps keep those of us in the trenches motivated. Rest assured everyone is working on this not sitting behind a keyboard ripping others apart. And by the way we all read this stuff. And it is in my opinion. Death by a thousand cuts. RANT OVER
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Re: Saddleback SOLD to Majella

Postby Nonsuch » Wed Nov 29, 2017 11:19 am

Hard to know what really is happening. The rumor mill certainly is working overtime.Hopefully, there will be an update soon.
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Re: Saddleback SOLD to Majella

Postby gondicar » Wed Nov 29, 2017 12:00 pm

I understand the farmboy’s frustration, and what Ms Wilcox is trying to do. But after the initial ultimatum that was issued more than 2 years ago that got this ball rolling, and the various moving targets and “updates”, and rumors and speculation that have filled the void, the view from the outside looking in has been supremely frustrating to all the various stakeholders and intersted parties. I don’t think anyone can rightfully blame anyone else for being skeptical or even outright negative about where things are at and what the future may hold, IMHO. What else is to be expected at this point?
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