Triple Peaks, ASC settle Steamboat suit

first_imgTriple Peaks, LLC and American Skiing Company settle Steamboat suitTriple Peaks, LLC and American Skiing Company have jointly announced (July 12, 2004) the settlement of the lawsuit regarding the termination of the proposed sale of the Steamboat Ski Resort to Triple Peaks, LLC. In return for a cash settlement, Triple Peaks has agreed to a full dismissal of all claims relating to the sale of the Steamboat Ski Resort.”Reaching a settlement with Triple Peaks allows us to focus on the future success of Steamboat and America Skiing Company, while putting to rest any uncertainty surrounding the ownership of the Steamboat resort,” said B.J. Fair, CEO of American Skiing Company.District Judge Richard Doucette ruled in favor of American Skiing Company in December 2002. Triple Peaks appealed to the Colorado Court of Appeals, which reversed the District Court and found in favor of Triple Peaks in 2004. American Skiing Company then filed a petition for a writ of certiorari with the Colorado Supreme Court in May 2004, which has not yet been acted upon. The settlement goes into effect immediately and American Skiing Company has withdrawn its writ of certiorari with the Colorado Supreme Court.”We are glad this issue is now behind us so we can focus all of our effortson Crested Butte, Okemo and Mount Sunapee,” commented Tim Mueller, head of Triple Peaks, LLC. “Saying goodbye to the Steamboat community was difficult, but we wish them the best of luck as they move forward.”Triple Peaks, LLC signed a contract to buy the Steamboat Ski Resort for $91.4 million on January 24, 2001. However, American Skiing Company opted instead to sell its Heavenly, CA, ski area to Vail Resorts.###last_img read more