At 10:31 AM 5/15/2007, Bob Rice wrote:

>Skip?  What's your take on this?

Mixed.  Bad PR move on Powdr's part - while I can understand why 
they'd want to do away with it IMO they'd have been smart to wait a 
year or two, get Killington powered up and providing a better 
experience, possibly with some capital investment, and then eliminate 
the passes.

I don't blame them for wanting to kill those passes.  The people who 
hold them don't provide a whole lot of revenue for Killington.  I 
don't recall how many of those passes exist but if we assume there's 
around 500 of them that's between a quarter and a half a million of 
annual profit Killington could be making but isn't, depending on pass 
usage and the numbers of people who convert to paid.

Those lifetime passes, frankly, were a mixed blessing for the 
original purchasers. Although they provided significant original 
capital for Pres Smith to build the place, consider the rate of 
return on them - $1000 invested in 1960... well, you do the math and 
consider the effective return.  To say nothing of the fact that these 
passes had no expiration date and were transferable.

I strongly doubt a legal challenge to this will go anywhere - there's 
a significant change of control going on here and I really doubt that 
this happened without complete and thorough legal vetting.

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