Founder of closed private ski resort seeks shareholders
WILMINGTON, Vt. (AP) — The founder of a closed private ski area that is now in bankruptcy says he hopes to reorganize through a merger with a public shell company and reopen in 60 to 90 days.
Hermitage Club founder Jim Barnes tells the Brattleboro Reformer the plan is “fair and equitable to all.”
He says creditors would be paid in a combination of restructured payments over five years, issuance of public company shares and cash.
The Hermitage is a private ski resort at Haystack Mountain in Wilmington that includes a golf course, inns and restaurants. The state shut down its business operations last year for failure to pay sales and use taxes.
Under Barnes’ plan, the court has to approve it and then members must begin paying their annual dues.
Information from: Brattleboro Reformer, http://www.reformer.com/