Ok, that's enough. We are mad as hell and we are not going to take it anymore. Mess with interest prices, fine. Mess with short selling, whatever. But when you take away the only chance a member of the Y-Generation has to connect with the American West complete with perpetual blue skies, millions of snowflakes fluttering to the beat of your heart, 400 inches of annual snowfall or three ski-ready mountains, we are not taking it sitting down.
Ski resort for super rich files for bankruptcy [Reuters]
Posted by guest , Nov 11, 2008 1:18PM
first
Posted by guest , Nov 11, 2008 1:18PM
first biatch
Posted by guest , Nov 11, 2008 1:20PM
@2 Not winning at life
Posted by guest , Nov 11, 2008 1:20PM
Less and less playgrounds for Super Rich White People - all part of The Master Plan. Everything's falling into place like clockwork.
Barak O.
Posted by guest , Nov 11, 2008 1:30PM
didn't EP used to have a job at a mid market PE firm? I assume it takes more time to post than read these things. was that all just a cruel fantasy, or are her portfolio companies doing so well there's no need for further oversight?
Posted by EricM , Nov 11, 2008 1:30PM
Whoa, since when in $6mm for 1.25 acres on a golf course not a steal!?
Posted by guest , Nov 11, 2008 1:35PM
IIRC there was some drama surrounding the wife/owner of the resort and that she had been trying to throw it into BK to keep money from an ex or something. Either way, this club has been in the news recently for something or other.
Posted by squaredeal , Nov 11, 2008 2:06PM
Nigga pleez -- anyone who's been to Jackson knows that the real money keeps their tax residence on the Wyoming side of the park.
Posted by guest , Nov 11, 2008 2:55PM
the yellowstone club is very, very different from big sky.
Posted by guest , Nov 11, 2008 3:00PM
http://money.cnn.com/2008/02/04/lifestyle/paradise_lost.fortune/index.htm
Fortune had a story on him a while ago. Funny stuff going on at that resort.
Posted by guest , Nov 11, 2008 3:00PM
7 is at least partially correct- there have been accusations of misappropriation of funds by the dude who was running it and all kinds of other stuff. This was goign on way before krusty's kredit krunch. And Bess, when you use Kristy's Kredit Krunch, please show attribution to "The Beaver" TIA.
http://www.tetongravity.com/forums/showthread.php?t=107783&highlight=Yellowstone+Club
Posted by guest , Nov 11, 2008 3:03PM
6 when its for interval, rather than full, ownership.
Posted by guest , Nov 11, 2008 3:33PM
These people have remarkable publicists. They had breathless stories about how easy their divorce was...dividing assets over a bottle of wine, yada yada. Two months later they are in a no-holds-barred vicious cage match to the death. Nice.
Posted by guest , Nov 11, 2008 3:43PM
@8 good call
No big loss, the skiing was weak, and the service was suspect when I checked it out a couple of years ago. I thought it was odd that a resort that focused on the superwealthy was so far (1 hour +) from an airport that you could fly a jet into. It all seemed kinda lame.
Posted by guest , Nov 11, 2008 3:44PM
Sort of reminds me of the downfalls of Tuxedo Park NY (home of Charles Mitchell of National City in the '30s, at least prior to his becoming a resident of a federal penitentiary for fraud), and Gibson Island MD (originally to be a 36 hole golf resort) when the last depression hit them. Though both came back as nice places after a few decades.
Posted by guest , Nov 11, 2008 3:46PM
@8 good call
No big loss, the skiing was weak, and the service was suspect when I checked it out a couple of years ago. I thought it was odd that a resort that focused on the superwealthy was so far (1 hour +) from an airport that you could fly a jet into. It all seemed kinda lame.
Posted by guest , Nov 11, 2008 3:58PM
tuxedo is killer w/ a pontoon boat, some cocktails and hors d'ouevres (sp)..
seriously
Posted by guest , Nov 11, 2008 4:13PM
If you have to advertise this sort of thing, it's not what it's cracked up to be.
Got an ad for these guys because of my zip code.
Posted by guest , Nov 11, 2008 4:18PM
18 Isn't that typically the way with real estate developments. Sell a dream, some sort of lifestyle. My mail is filled with pitches for all of those glossy but so cheezy east side condos that are approaching finish (74/2, 79/2, 72/1, 86/Lex, 86/3). Up until a few months ago they were showing prices, with one bedrooms around $1.5. Who's gonna buy all that s!!t?
Posted by guest , Nov 11, 2008 4:18PM
Does this mean I'll be seeing Bill Gates at Hunter Mountain? Nice...
Posted by guest , Nov 11, 2008 4:22PM
20 you mean huntah
Posted by guest , Nov 11, 2008 5:29PM
Wow, who didn't see this coming?
Moonlight Basin, which is all of 5 minutes from the YC, got fucked by the lehmen bankruptcy and had to lay off most of their employees. They plan on opening this winter, but its hard to see how that will happen without a major financial backer. Glad we'll be in Jackson this winter.
Posted by stimpy tec , Nov 12, 2008 1:11AM
@5 EP is actually the Bourbaki of finance journalism.