Originally Posted by veteran
In the days the lawyer was searching his office, he could have whipped up a letter, signed it for and on behalf of his client, jumped on a plane to the landlord's place for service and handed it over.
And who wasn't following this up for months at board meetings. The lease renewal was central to negotiations. And where's the letters to T saying "we confirm previous advice we're renewing so please the deed of renewal to us at ...or to our lawyer. cc our lawyer."
I'd also look at directors and execs rfid logs to see if it was a powder day.
It really is incredulous. The lease is the sole purpose PCMR, the crown jewel in Powdr's portfolio, can profitably exist. The BOD, president, president of the parent company, financial officer, and attorney collectively couldn't find the lease renewal documents on time. Then someone likely committed fraud with the backdating, with the lawyer claiming he didn't do it. The bogus lease renewal was then used to secure more loans for Powdr/PCMR.
Here are the ways I think PCMR has the dumbest executives in the industry:
1) PCMR/Powdr was too cheap to get the UPCM lease, letting Talisker own it for peanuts. They thought Bistricer was a schmuck who got stuck with it. Guess what? Bistricer is no putz. The execs who didn't outbid him were the idiots.
2) PCMR never thought the collective pass concept had merit until this year., when they had no choice due to the EPIC Pass pricing. Now their margins are getting shot at a time when the legal fees are going through the roof.
3) PCMR ran around like a group of mindless idiots looking for the lease renewal documents at the last minute. No one took previous responsibility for the one thing necessary to insure the PCMR operation.
4) PCMR's management never put the lease renewal on a "to do" list with oversight from an executive.
5) Someone backdated that renewal letter, and management had to know about it since the outside counsel said he didn't do it. This was no typo.
6) PCMR/Powdr used the backdated lease renewal document as a basis to borrow more money, possible committing fraud in doing so. Management knew the lease renewal letter came in late and that the validity of the lease would be in question for some time after the loan agreement closed. This was likely not disclosed to the lender.
7) Management lied about when the lease renewal letter was dated.
8) Jenni Smith retracted her comments about Vail and whether settlement discussions existed.
9) Jenni Smith's comments on a website developed to "save" PCMR were designed to sway public opinion against the big and bad outsiders, without telling the entire truth to the public, Talisker--and later Vail--took the brunt of this until the truth started to come out after the depositions started.
10) PCMR corporate donations are paltry compared to Vail's recent gifts to the community. Now that PCMR has tighter cash flow (two bad seasons of snow and the legal fees), public opinion could be swaying.
11) PCMR's CFO left, and management was too inept to go though his desk. The lease renewal documents sat in his former desk drawer out of sight during the time the document needed to be signed.
The loose end I would love to tie up concerns the former CFO. Did is leave voluntarily or not? If not, why not? Was he in charge of that lease renewal letter or not?