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The following was provided by Josh Tower, member, Mad River Glen homeowners
association. A similar account apperaed in today's Burlington Free Press.

Th BFP also reports that further info may be obtained at 1-802-496-6742,
1-800-850-6742, or at an informational meeting at the Mad River Basebox
10:00 A.M until 2:00 P.M., Saturday, April 8, 1995.

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The following are excerpts from a presentation made to Mad River Glen
homeowners by the newly formed Mad River Cooperative.  This is an informal
informational posting and should not be considered as an official announcement.
 A press release was to have been made today.  Official announcements and
documents will probably be made available "on-line" as they become available on
paper.

Betsy Pratt, the owner of Mad River Glen Ski Area, has agreed to sell the
mountain, equipment, buildings, etc, to a cooperative of "Mad River skiers" and
those that want to support the preservation of General Starks Mountain.  The
purchase and sale agreement was signed on Friday March 24 with a price of
$2.5M.  The land included in the deal is basically the entire present ski area
from Route 17, along the ridge to a little bit past Antelope and down to the
end of Schuss Pass, a total of about 700 acres.  The Cooperative has the right
of first refusal to acquire the 19th and 20th and the Mad River Barn.  This is
about 700-900 additional acres of forest adjoining the ski area past Antelope
and running down to the Barn.  The closing date is scheduled for Oct.1, 1995.

The cooperative will be controlled by the members through an elected nine
member board.  Substantial issues can also be voted on by the membership.
Certain designated changes to the mountain (such as lift capacity and
snowmaking) will need to be approved by a supermajority of 2/3 members.
Membership shares will cost $1500 and one person is allowed to own up to 4
shares, but only 1 vote per person.  Members will be paid a patronage dividend
at the end of the year based on the coop profitability (like REI).  Members
could possibly vote themselves other mountain privledges.  The Board now is 5
people; the full nine member board will be elected after the closing in
October. The board members are not paid and have no financial stake beyond any
other member.  Terms on the board are 3 years with staggered terms and term
limits of two terms.

The membership goal is 2000 shares for a total of $3M.  This will allow the
coop to own the area outright and have $0.5M in the bank.  The minimum for the
deal to proceed is to raise $1.3M in cash through memberships.  Betsy has
agreed to fund $150k for start-up costs of the coop including marketing, legal,
and admin.  Subscription memberships could be purchased for $150 down and $50
per month if less than 2000 full memberships are purchased.  Each member would
be required to purchase $200 in skiing in advance per year.  Shares would be
transferable within families, with home purchase of home, and within ski clubs,
with board consent.  Shares could also be sold back to the coop at the purchase
price (but not guaranteed).

Benefits are: members set mountain policy by vote, patronage dividends,
four-share owners could purchase two transferable passes for the price of one,
and future benefits to be voted by the members (discounted tickets, restricted
sales, ...).  The biggest benefit is the chance to preserve Mad River Glen.  It
might sound like alot of money for a share, but it is not much over a lifetime
of skiing.  Consider the unthinkable possibilities for the future of Mad River
if the coop doesn't get the members it needs...

Complete membership information will be available soon.  This coop is not
associated with the Merritt & Merritt group.  If you sent a $100 deposit to
Merritt & Merritt,  I think it will either be refunded to you or transferred to
the coop if you choose.

| Wesley Alan Wright <[log in to unmask]>; http://lemming.uvm.edu/~waw/ |
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