Originally Posted by Paul Jones
Killington closed (on the sale) last week. Why haven't they come out with new pricing on the 07-08 ski season? It doesn't make sense.
saw this today on my local message board and don't know where it came from, It concerns K-marts lifetime season pass, so much for the good will of the new owners.
"The Pass was a benefit you or your predecessor in interest, received for being an initial investor in Sherburne Corporation during the resorts infancy. The specific language in your stock or bond certificate granted you "a pass entitling the holder to use free all ski lifts operated by the corporation in Killington Basin so long as the [Sherburne] corporation shall operate in that area under the agreement with the State of Vermont." When the resort changes ownership as part of this sale, Killington, LTD will no longer own or operate the lifts at the resort. Thus, ar the time of the transfer of ownership, your Pass will expire and the new Owners have no obligation to honor your pass.
If you are wondering why the rights under your pass survived the last sale of the resort it is because when we acquired Killington, we acquired the stock of Sherburne Corporation's parent (which owned other resorts in addition to Killington) and therefore Sherburne Corporation continued to operate the resort under an agreement with the State of Vermont, unlike in the current contemplated sale, where the new owners are acquiring the assets of the Killington and Pico Ski Resorts."