In the last 24 hours, more information is starting to filter out concerning the sale of Killington by the American Skiing Company (ASC) to SP Land LLC. The Rutland Herald has several good background articles on the sale and on Killington and Pico published in todays paper. The Salt Lake City Tribune has also published an article from a Utah perspective. Around town, of course, it is basically the only thing people are talking about. Rumor and speculation still abounds, so I think a little local perspective is in order.

First --- what we know...

1. On or before April 30th, ASC intends to sell the remaining assets of Killington and Pico Ski Resorts to SP Land LLC for $83.5M plus debt transfer.
2. SP Land LLC is a privately held corporation that is an affiliate of SKI Partners which is an affiliate of E2M Partners. All are private equity companies. There will be little further public comment from any of them unless they want to make information available.
3. SP LAND LLC moved it's president, Steve Selbo, to Vermont in 2004 as part of the original acquisition of land from ASC in a previous ASC restructuring. Mr Selbo has been investing time in the community since then working with ASC in an attempt to reach agreement to proceed with developing those properties.
4. Developments discussed publicly have included a Ski Village at the base of Killington, and various condominium, hotel, and private home developments. To date, no development has taken place. At this point, Act 250 permits have not been submitted to the state of Vermont.
5. While many have questioned the $83.5M price for the Killington and Pico Resorts, one must remember the original $58.5M investment by SP Land. That brings the total value to ~$142M, not including any SP Land operating expenses since 2004, for what most people call the Killington and Pico Resorts.
6. ASC has publicly stated that they will operate Killington to high standards through the close of the purchase agreement on or before April 30, 2007.
7. While not mentioned in the ASC filing to the SEC, in public statements ASC has made it known that Powdr Corp, a privately held corporation, will be forming a partnership with SP Land to operate the Killington and Pico Ski Resorts.

What we don't know...
1. After the closing date, how will the Killington and Pico resorts be operated?
2. What are the equity splits, if any, between SP Land and Powdr Corp? In other words, how much skin is in the game for each?
3. How much will be invested in the current ski infrastructure to improve the Killington/Pico ski experience? What will be the rate of that investment?
4. How will Killington and Pico be marketed to the public in the future?
5. When will the overall plan to develop Real Estate around the resort be publicly presented?
6. When will Act 250 permits be submitted to the state of Vermont?

Of course, what we don't know, we may never really know as all of the companies that will be involved in the future of Killington and Pico are private firms. However, while the specific details may not be completely transparent, the Killington and Pico resorts are very public places. Under the new owners, it will be very easy to determine their level of investment in the community, just as in the last few months it has been very easy to understand that ASC has been un-investing in the community. Killington is long overdue for a turn around. It will be fun to live here while it is all happening.