In early 2002 American Skiing Company and triple Peaks Inc. entered into a deal that should have resulted in Triple Peaks becoming the new owners of the Steamboat Ski resort for $91.4 million. At the time AESK was having financial problems and needed to sell off some of its assets. Instead of following through with the deal, AESK sold its Tahoe-based Heavenly ski area to Vail for $102 million.
In January of 2003, Denver Federal Court Judge Richard Doucette dismissed a case in which Triple Peaks asked for damages beyond the $500,000 allotted in the contract with AESK. More recently, Triple Peaks and AESK have announced that, following an appeal of the original dismissal, AESK will be paying $5.14 million to Triple Peaks because of the failed transaction.
“Saying goodbye to the Steamboat community was difficult, but we wish them the best of luck as they move forward,” said Tim Mueller, head of Triple Peaks, LLC.