(Host) The owners of Okemo Mountain Ski Area are back in Vermont after meeting with lawyers and investors in Colorado. Tim and Diane Mueller are considering their next move now that plans to buy the Steamboat Springs Ski Area have fallen through.
Tim Mueller had expected to spend the next two weeks in Colorado taking over the reins of the Steamboat Ski Area. The deal to buy the area from the financially strapped American Skiing Company was on the verge of closing when American Skiing suddenly pulled the plug. Now Mueller is in Vermont, waiting to hear from his lawyers:
(Mueller) “We haven’t really spoken with American Skiing. We’ve just talked with our attorneys and other investors that were going to participate with us on our course of action.”
(Host) Mueller says there are a couple of legal options available. He could go to court to force American Skiing to proceed with the sale of Steamboat. Or he could seek compensation from American Skiing for abandoning the sale. American Skiing has set the compensation figure at $500,000. Mueller says his group has spent much more than that.
(Mueller) “They threw out the $500,000 number. I’m not saying they’re without any basis for saying that. I’m just saying that our opinion of the contract may be different than theirs.”
(Host) Mueller says his group of investors isn’t currently looking at buying any other ski area.