The Resort at Pikes Peak LLC, a Colorado based developer that sought to build a ski resort on Pikes Peak in Colorado Springs, filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Colorado. The developer owes between $500,000 and $1 million according to the voluntary petition filed in the Bankruptcy Court. Estimated assets are between $1 million to $10 million. In 2008, the Debtor sought to purchase a 320-acre parcel on the backside of Pikes Pike to build a ski resort, condominiums and a hotel, but the project was never completed. Stay tuned for case updates.
Yet another eastern U.S. ski resort finds itself traversing the moguls of a chapter 11 bankruptcy case just before the start of the skiing season. Snö Mountain’s landing in bankruptcy court, however, was not of its own design. Alleging fraud and misappropriation of funds, a group of investors and creditors filed an involuntary bankruptcy petition against the resort. As a result of the fling, Judge Jean FitzSimon of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania (Case No. 12-19726) issued an order on 10/22/12, among other things, removing Denis Carlson as top executive at the financially strapped Scranton, PA resort. The petitioning creditors allege that they are owed more than $9.6 million in the aggregate. The United States Trustee will be appointing a chpater 11 Trustee to operate the resort which continues to operate and is advertising discounted ski season passes. Stay tuned for case updates.