Anyone in the market to buy some chairlifts and fancy antler chandeliers? Might want to explore what the Hermitage Club has to offer because its assets will be sold after a merged set of bankruptcy cases went from Chapter 11 to Chapter 7.
The Brattleboro Reformer reports a judge granted a motion Friday to convert the bankruptcy case to “a Chapter 7 liquidation and ordered the appointment of a trustee to oversee the sale process.”
Tim Treanor, Member of the Ad-Hoc Committee of Members laid out the situation like this in an email statement:
“My understanding is that, at that point, the U.S. Trustee becomes responsible for selling the assets. The trustee panel in Vermont only consists of two qualified trustees and one is conflicted because his law firm represents a party in the bankruptcy. The other qualified trustee is Ray Obuchowski, a veteran bankruptcy lawyer who has a great reputation. He will then manage a sale process if the creditors pay for the costs of the sale process (marketing fees, investment banker).” –Tim Treanor, Member of the Ad-Hoc Committee of Members
If no funds are provided for a sale process, the foreclosure action brought upon by Berkshire Bank will continue and the bank will take possession of certain assets. Any remaining assets will be sold “on the courthouse steps so to speak (meaning no expenditures on marketing the sale, etc., just minimum notice through media notices)” and “prospective buyers come out of the wordwork looking for a deal.”
Stay tuned, there might be some absolute steals on commercial grade ski resort equipment and anything else that is and isn’t bolted to the ground.