Big news in there is a couple paragraphs down. Barnes' attorney representing him and the club in the defamation lawsuit has asked the courts for the okay to no longer represent Jim. Is it possible that his personal financial picture is as bad as the clubs? That would not help the situation, but would explain a lot.
Big news in there is a couple paragraphs down. Barnes' attorney representing him and the club in the defamation lawsuit has asked the courts for the okay to no longer represent Jim. Is it possible that his personal financial picture is as bad as the clubs? That would not help the situation, but would explain a lot.
Not sure if it's his financial situation or ego that is the issue.
Apparently he's been spotted a few times in the last few weeks, when it's not actually snowing in the Valley, driving around in his Bentley convertible, with the top down....
If the club goes full liquidation bankruptcy, I've heard a few members insinuate that he'll be facing basically a class action lawsuit from roughly 600 members for breach of contract, in addition to all the other lawsuits already in the works.....
Yep. I can't speak for everybody here. All I can say is when someone creates a real estate holding company for a vacation condo, well, that's just something I'm not very familiar with. Now if you want to talk about the search filters on Air BnB...
The bit about the Rolls being out is pretty interesting actually. It's very early to be pulling antiques out for a drive and it's barely kinda sorta warm enough for the top down. UNLESS you are going to sell soon(the market for convertibles always goes up in May) and want to take advantage of every last hour...
I'll attach it later, but there's an article in the Deerfield Valley News today stating Berkshire Bank wants to foreclose on Monday and get the club into the hands of a receiver who was involved with Yellowstone Club.
Just read the article. Really hard news to see. It really sums up all the financial problems that have recently come to light, including tax payments and even utility payments.
Wow, $83k just in electric bills unpaid, and that is just the start. Sad.
Very sad for the locals who are out jobs and/or owed contracted services payments. At least there are other games in town (unlike the folks in E Burke area) but still painful for them.
Wow, $83k just in electric bills unpaid, and that is just the start. Sad.
Very sad for the locals who are out jobs and/or owed contracted services payments. At least there are other games in town (unlike the folks in E Burke area) but still painful for them.
Didnt something happen with Mt Snow not allowing Hermitage employees skiing privilege due to some ongoing between the two areas? I hope the management at Snow doesn't have a thing like don't hire anyone with Haystack on there resume. When Intrawest took over Vernon Valley Great Gorge, for years the management of Mountain Creek did not like anyone from Hidden Valley up the street. If that is going on there, finding work for the folks dumped at Haystack will be a bigger challenge.
I remember reading something here on SJ about Mount Snow allowing employees to work at both places at the same time. Could of remembered that incorrectly.
I remember reading something here on SJ about Mount Snow allowing employees to work at both places at the same time. Could of remembered that incorrectly.
The missing word in your posting was NOT! Mount Snow would not hire bands (maybe others) who played/worked at the Hermitage. Don't know if that was still the case.
I remember reading something here on SJ about Mount Snow allowing employees to work at both places at the same time. Could of remembered that incorrectly.
The missing word in your posting was NOT! Mount Snow would not hire bands (maybe others) who played/worked at the Hermitage. Don't know if that was still the case.
Their policy at the time was simple. Employees could work for Mount Snow OR the Hermitage. Didn't matter what the job description was....
Hopefully with the place really going up in flames the unwritten policy changes at Mount Snow because it absolutely was viewed as being a traitor if you went to the Hermitage.
I remember reading something here on SJ about Mount Snow allowing employees to work at both places at the same time. Could of remembered that incorrectly.
The missing word in your posting was NOT! Mount Snow would not hire bands (maybe others) who played/worked at the Hermitage. Don't know if that was still the case.
Their policy at the time was simple. Employees could work for Mount Snow OR the Hermitage. Didn't matter what the job description was....
Wow, that sounds, well, illegal, unless they have them sign a non-competition agreement or the like.
NEWFANE — Officials at the Hermitage Club say an unidentified "financial company" is willing to provide the financially troubled resort a $26 million loan to pay off its foreclosed mortgage and debts and provide working capital.
The potential funding was disclosed Friday in a supporting affidavit in Windham County Superior Court Civil Division, opposing a motion by Berkshire Bank to appoint a receiver for the Hermitage Club. The bank filed for foreclosure in February after the Hermitage failed to make payments on three loans totaling $17.1 million.
In the filing, Hermitage Club officials disclosed that Wells Fargo Bank offered them a term sheet — a non-binding agreement setting forth business terms and conditions — but the identity of the actual lender was redacted in court documents. They said the potential infusion of cash renders the court appointment of a foreclosure receiver unnecessary.
"A fully signed copy of the term sheet for a $26,000,000 loan is in our possession," attorneys from Fisher & Fisher Law Offices in Brattleboro, the firm representing the Hermitage, wrote in the affidavit supporting its objection to Berkshire Bank's emergency motion to appoint a receiver. "We stand committed to have the restructuring succeed."
"[Redacted] 'Finance Company' is the potential name of the wholly owned Loan Company," the affidavit reads. "Currently the funds are held in escrow at Wells Fargo Bank under the trust name of [redacted]."
Berkshire Bank filed for foreclosure in February after the Hermitage failed to make payments on three loans. Those properties included the company's private ski resort at Haystack Mountain, the Hermitage Inn, a golf course, Chamonix townhouses, the Snow Goose Inn, the Horizon Inn, the Doveberry Inn, second homes under construction, and other properties. The foreclosure complaint has 35 liens from vendors and contractors for bills and claims the Hermitage could not pay.
Mortgage agreements had given Berkshire Bank the right to seek the immediate appointment of a receiver. An emergency motion to do so was made on April 17.
In its filing, The Hermitage provided a redacted document of the terms with the financial company that say "the existing first mortgage will be transferred to financial company." A closing date would be expected by the Hermitage no later than May 15.
The financial company is willing to make the loan and "take a first mortgage on all assets associated with the company's business and membership ski and golf club" including all real estate, real property, development rights, contract rights, intellectual property and permitting rights and permits and approvals.
"We do not believe we need to waste scarce cash in hiring an out-of-town receiver who will take at least 100 hours to get familiar with the assets of the Hermitage Club," attorneys for the Hermitage wrote. "We believe that protecting the assets with local, knowledgeable people, some who have built these assets from the ground up and have worked here 15 to 20 years, is a better solution and protects local jobs as well."
The buildings and assets of the Hermitage Club are getting "full security tours with daily check points that are conducted by local employees that are part of a team reviewed" by interim company president Bob Rubin, according to the affidavit.
"Every property has been fully secured and cleaned, and is not at risk from elements or other," attorneys representing the Hermitage Club wrote. On April 17, Berkshire Bank officials "performed a site visit and viewed the assets in their current state and found them to be in excellent order."
Hermitage attorneys said Patricia Reinhardt, the company's restructuring officer, "continues to work with us to protect and oversee the finances as we work toward a successful restructuring."
"Our employees are also protecting and readying the golf course including removing the freeze tarps on the greens to protect this valuable asset," attorneys wrote. "The Club is maintaining its essential employees on staff in order to maintain the Club's assets."
Reach staff writer Chris Mays at cmays@reformer.com, at @CMaysBR on Twitter and 802-254-2311, ext. 273.
This guy reminds me so much of Gene Mulvihill, and I mean that in a positive way. Early 1990s he had a lot of stuff going against him but his drive and energy kept things moving forward. When everything is crashing and disintegrating...put out a press release, declare success! I love it.
So now a new company is being duped by Barnes? When will this crazy sh&*show end?
Pretty sure the new company is composed of various members of their finance board, and that it will come out that Jim Barnes is no longer associated with any day to day club operations and/or promotions in this agreement.
A 26 million dollar finance deal is a really small thing for many of their members who work in the financial sector when you think about it....
So now a new company is being duped by Barnes? When will this crazy sh&*show end?
Pretty sure the new company is composed of various members of their finance board, and that it will come out that Jim Barnes is no longer associated with any day to day club operations and/or promotions in this agreement.
A 26 million dollar finance deal is a really small thing for many of their members who work in the financial sector when you think about it....
I hope you're right for the club members....Barnes is a ##### to the highest degree.
The Brattleboro Reformer article mentioned above was very interesting. It mentions Mr. Mark Greenberg. Is he the same Mark Greenberg that has run unsuccessfully for Congress a number of times in Connecticut?
That article makes me shake my head so much. How can so many sketchy strange characters from CT can try to steal a buck out of this valley?! The guy couldn't pay 5 grand in condo fees, BUT HAS $26 MILLION FOR THE CLUB?! This is simple, grow a pair tell Barnes to SCREW OFF and take ALL his cronies and friends with him. If they don't I hope the whole town gets burned badly and left in the hook for every cent because it is their fault. At some point you have to stop being so stupid and naive. God this small town bull###t drives me nuts...
This is pretty interesting, looks like the condo construction you can see from Handle Rd, "Powderhorn Village" has also run out of cash and is being shut down. I always thought these were built for and as part of the Hermitage. What's a little more worrying here is the fact that the same guy owns some new pizza place in town, not looking good for that place if the owner and partners can't raise a million to avoid foreclosure on a multi-million dollar construction project.
Comments
http://dvalnews.com/view/full_story_obits/27561181/article-Club-s-woes-continue?instance=home_news_left
Apparently he's been spotted a few times in the last few weeks, when it's not actually snowing in the Valley, driving around in his Bentley convertible, with the top down....
If the club goes full liquidation bankruptcy, I've heard a few members insinuate that he'll be facing basically a class action lawsuit from roughly 600 members for breach of contract, in addition to all the other lawsuits already in the works.....
Hermitage says it has financing offer
The Hermitage Inn in West Dover.
Zachary
P. Stephens/Reformer
·
Posted Monday, April 30,
2018 5:15 pm
By Chris Mays, Brattleboro Reformer
NEWFANE — Officials at the
Hermitage Club say an unidentified "financial company" is willing to
provide the financially troubled resort a $26 million loan to pay off its
foreclosed mortgage and debts and provide working capital.
The potential funding was disclosed Friday in a supporting affidavit in Windham
County Superior Court Civil Division, opposing a motion by Berkshire Bank to
appoint a receiver for the Hermitage Club. The bank filed for foreclosure in
February after the Hermitage failed to make payments on three loans totaling
$17.1 million.
In the filing, Hermitage Club officials disclosed that Wells Fargo Bank offered
them a term sheet — a non-binding agreement setting forth business terms and
conditions — but the identity of the actual lender was redacted in court
documents. They said the potential infusion of cash renders the court
appointment of a foreclosure receiver unnecessary.
"A fully signed copy of the term sheet for a $26,000,000 loan is in our
possession," attorneys from Fisher & Fisher Law Offices in
Brattleboro, the firm representing the Hermitage, wrote in the affidavit
supporting its objection to Berkshire Bank's emergency motion to appoint a
receiver. "We stand committed to have the restructuring succeed."
"[Redacted] 'Finance Company' is the potential name of the wholly owned
Loan Company," the affidavit reads. "Currently the funds are held in
escrow at Wells Fargo Bank under the trust name of [redacted]."
Berkshire Bank filed for foreclosure in February after the Hermitage failed to
make payments on three loans. Those properties included the company's private
ski resort at Haystack Mountain, the Hermitage Inn, a golf course, Chamonix
townhouses, the Snow Goose Inn, the Horizon Inn, the Doveberry Inn, second
homes under construction, and other properties. The foreclosure complaint has
35 liens from vendors and contractors for bills and claims the Hermitage could
not pay.
Mortgage agreements had given Berkshire Bank the right to seek the immediate
appointment of a receiver. An emergency motion to do so was made on April 17.
In its filing, The Hermitage provided a redacted document of the terms with the
financial company that say "the existing first mortgage will be
transferred to financial company." A closing date would be expected by the
Hermitage no later than May 15.
The financial company is willing to make the loan and "take a first
mortgage on all assets associated with the company's business and membership
ski and golf club" including all real estate, real property, development
rights, contract rights, intellectual property and permitting rights and
permits and approvals.
"We do not believe we need to waste scarce cash in hiring an out-of-town
receiver who will take at least 100 hours to get familiar with the assets of
the Hermitage Club," attorneys for the Hermitage wrote. "We believe
that protecting the assets with local, knowledgeable people, some who have
built these assets from the ground up and have worked here 15 to 20 years, is a
better solution and protects local jobs as well."
The buildings and assets of the Hermitage Club are getting "full security
tours with daily check points that are conducted by local employees that are
part of a team reviewed" by interim company president Bob Rubin, according
to the affidavit.
"Every property has been fully secured and cleaned, and is not at risk
from elements or other," attorneys representing the Hermitage Club wrote.
On April 17, Berkshire Bank officials "performed a site visit and viewed
the assets in their current state and found them to be in excellent
order."
Hermitage attorneys said Patricia Reinhardt, the company's restructuring
officer, "continues to work with us to protect and oversee the finances as
we work toward a successful restructuring."
"Our employees are also protecting and readying the golf course including
removing the freeze tarps on the greens to protect this valuable asset,"
attorneys wrote. "The Club is maintaining its essential employees on staff
in order to maintain the Club's assets."
Reach staff writer Chris Mays at cmays@reformer.com, at @CMaysBR on Twitter
and 802-254-2311, ext. 273.
http://www.reformer.com/stories/powderhorn-condo-facing-foreclosure-has-hermitage-ties,539153
This is pretty interesting, looks like the condo construction you can see from Handle Rd, "Powderhorn Village" has also run out of cash and is being shut down. I always thought these were built for and as part of the Hermitage. What's a little more worrying here is the fact that the same guy owns some new pizza place in town, not looking good for that place if the owner and partners can't raise a million to avoid foreclosure on a multi-million dollar construction project.