Mike Bernstein states:

>I'm not a lawyer, nor do I play one on TV, but my understanding of the
>lifetime pass language is that they were to be honored by Sherburne Corp
>and its successors for as long as they operated on State land.

Not a lawyer, but work in the acquisitions department of a large
corporation, right?  And, as such, should be familiar with the contract
issues in takeovers.  And also have easy access to lawyers that know
this parc backwards and forwards.

In general, when you buy a company, you get the contractual obligations,
good and bad.  Of course, since the beginning of history, people
have tried to creatively wiggle out of contracts.  The current preferred
method for this is bankruptcy court, highly favored by airlines and
auto parts suppliers for breaking union contracts.  It's not always an
ethical choice, and it is a choice.  GM took the low road and put Delphi
into bankruptcy.  Ford, chose not to do this with Visteon.

Anyway, back to Killington.  Since companies are always looking for ways
to cheat the system, there are legal impediments that exist.  For example,
there are legal limits on the games companies play with contract employees.
Basically, if your interaction with your contract employee is substantially
the same as with regular employees, you have to pay his employee taxes.
And Powdr seems to be having it both ways, dumping the employees and
lifetime passes while still holding on to the ski area lease with the
state of Vermont.  I have know idea what this lease states, but it
wouldn't surprise me if there were a provision that outright sale of the
lease rights were prohibited. That's one potential negative outcome of
this for Powdr, maybe dumping the lifetimers is legal, but the increased
scrutiny could turn up other irregularities in the way they handled the
lease or employees.

Just my thoughts,


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