Albany NY

Source: Times Union, Albany, N.儲存Y.Oct. 26--QUEENSBURY -- An attempt by the Utah bank that holds the mortgage on financially troubled West Mountain Ski Area in Queensbury to get the loan off its books appears to have failed.Zions First National Bank of Salt Lake City held an online auction for the bank note earlier this week as it sought to recoup what it could from the 2003 loan, which has $390,000 outstanding.West Mountain, which began operating in 1960 and has 40 trails, fell behind on the mortgage in the spring of 2012, and a few months later the bank started to foreclose on the property, a move that forced the ski area's owners to file for Chapter 11 bankruptcy protection in June so it could stay in business.A new ownership group that has pledged hundreds of thousands of dollars to recapitalize the ski area as part of the bankruptcy reorganization plan had offered the bank $350,000 to take over the loan, but Zions refused, instead asking for $399,000.As the online auction was wrapping up Thursday night, the highest bid was $200,000, much lower than its likely value. On Friday, another online auction was scheduled for Nov. 19.Zions' Albany-based lawyer, Joann Sternheimer, couldn't immediately be reached for comment.It's unclear how that timetable will affect West Mountain's ability to open for the upcoming ski season.迷你倉The new ownership group, Apex Capital of Glens Falls, is leasing the mountain and had hoped to wrap up the bankruptcy by December. Zions, which has a lot of sway in the case because it holds the first mortgage, has told the judge it has doubts whether Apex has the financial resources to turn around the mountain's operations.Apex, which includes the ski area's current owners, Michael Brandt and Michael Barbone, as well as some new investors, has been forging ahead, offering season passes for as low as $149 and trying to drum up excitement for the winter season. However, it is preparing to refund tickets should the mountain not be able to open this year.Glens Falls native Spencer Montgomery has been leading the effort to get the mountain up and running again as director of new development. Montgomery could not be reached for comment.In court documents, the ski area listed $4 million in debts. Apex has argued that if Zions were to foreclose on the property, forcing a court-ordered sale, most of the other creditors wouldn't get their money back. The 365-acre property has a market value believed to be $1.8 million.lrulison@timesunion.com, 518-454-5504, @larryrulisonCopyright: ___ (c)2013 the Times Union (Albany, N.Y.) Visit the Times Union (Albany, N.Y.) at .timesunion.com Distributed by MCT Information Servicesself storage