|
| |
|
| |
|
|
|
August 22, 2002Group aims to reopen ski resort- Friends of Sugar Loaf: It's a long shot to get judge to appoint group as operators of the resortBy STACEY SMITHRecord-Eagle staff writer MAPLE CITY - A group of area residents is hoping to reopen the troubled Sugar Loaf Resort this winter, even though a bankruptcy filing by its owner prevents any immediate sale. "Our goal is to get Sugar Loaf open and we will get Sugar Loaf open," vowed Dan Bodamer, vice president of Friends of Sugar Loaf Inc. How the group will open the ski resort this winter is still something its members are trying to figure out, he said. "The bankruptcy threw us a bit of a curve," Bodamer said. The resort's owner, Pacific XIX partnership, announced last week it had filed for Chapter 11 bankruptcy. For a few weeks, Huntington National Bank had delayed a foreclosure sale on more than $3 million Pacific XIX owed while the head of the partnership, Remo Polselli, and the bank pursued a deal with a Florida investor. When the Florida investor backed out of the deal because of the complexities involving the bank loan and separate ownership of a sewer system that serves the resort and neighboring properties, Pacific XIX announced it had filed for bankruptcy. The partnership has six months to redeem the property before it is auctioned to the highest bidder. To open the resort this winter, Friends of Sugar Loaf Inc. will need to work through the bankruptcy court. "Providing that it truly is a bankruptcy, then we deal with the bankruptcy court and the bank," Bodamer said. "A judge will make that decision." Egan Cypher, president of the Friends group, said it's a long shot to get the bankruptcy judge to appoint the group as operators of the resort during the bankruptcy proceeding, but it would be good for the resort in the long run. "Any person who is interested in buying the resort in the future would be more interested if those ski hills are up and running," Cypher said. Cypher said the Friends group is still interested in trying to buy the resort but will support any buyer if its efforts are unsuccessful. Either way, the group is trying to establish a working relationship with Polselli to operate the ski hill during the bankruptcy period, Cypher said. The Friends group is raising money and trying to drum up support to open the ski hills this winter. It is accepting contributions to a fund set up at Traverse City State Bank. Bodamer said the group is also looking to increase its membership. The group needs an attorney and fund-raiser willing to donate time to the group. Its next meeting is at 5:30 p.m. Tuesday at the Suttons Bay Township Hall. The Sugar Loaf resort closed in March 2000 after three consecutive mild winters led to financial difficulties. Since that time, there have been several announcements about opening dates for the ski hills and investors who would infuse some cash into the business for remodeling. Polselli opened the resort in late August 2001, saying the ski hills would open, and sold season ski passes. The hills never opened because not all the lifts were certified by the state. Eventually, those who bought season passes were refunded their money. Huntington National Bank later foreclosed on the property. Stacey Smith is the reporter for Leelanau, Manistee and Benzie counties. She can be reached at (231) 933-1408, or at ssmith@record-eagle.com |
|
