Powdr released the below statement in response to an additional letter from Vail Resorts about the litigation.
John Cumming, Chief Executive Officer of Powdr, will respond to Rob Katz’s letter promptly and in detail. We have always welcomed the chance to negotiate a resolution to this dispute. Although we don’t believe that exchanging letters in the media is the most effective way to reach any agreement that is clearly Vail’s preference. As we’ve told both Talisker and Vail repeatedly, we would be willing to purchase the leased property for an amount that far exceeds its market value. If that doesn’t work for Vail, we would be willing to lease it long-term for an amount that exceeds market rent. And we have always been willing to negotiate a connection between PCMR and Canyons, along with a joint pass arrangement. We were working to do exactly that with Talisker, prior to the dispute over the leases.
We will not, however, agree to a Vail takeover because it would destroy the friendly competition that has made our community one of the world’s premier family ski destinations. We look forward to working constructively with Vail to preserve the diversity and independence of the resorts in Summit County.