I actually posted about this in the K2 Stock buzz thread
since a couple members actually were foolish enough to take ASC as part of that game. According to SAM
|The Canyons, will pass to Oak Hill Capital Partners, currently the majority stockholder of ASC.
The decision will have little impact on The Canyons in the near term, as the process of dissolution could take up to three years. While Wolf Mountain, the former owner of the resort, has sued to reaquire it, claiming ASC was delinquent on certain payments and thereby nullified its lease agreements with Wolf, that suit is not scheduled to be heard until May 2008.
|Under the terms of ASC’s Series C Preferred Stock, the company had a liquidation preference of approximately $404.3 million as of May 31, 2007 and which the company is required to redeem on July 31, 2007, to the extent that it has legally available funds. ASC will not have the cash for this, and as such, its remaining assets will transfer to its majority shareholder, Oak Hill.
Following dissolution, ASC subsidiaries will continue their corporate existence and will continue to operate their assets. “We will continue to actively prosecute and defend all material litigation matters affecting the Company and its subsidiaries,” ASC said in a letter to shareholders.
At the same time, ASC informed shareholders that “Holders of our Common Stock and Class A Common Stock are not expected to receive any payment or distribution with respect to their shares pursuant to our plan of dissolution after we make payments to our creditors and the holders of our Series C Preferred Stock.”
Mr. Crab, you could use those stock papers to keep the bird cage clean, or perhaps kindle a fire on some cold day next winter.