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The Hermitage Club In Vermont Has Gone Into Chapter 7 Liquidation

The Overgrown Sign At The Mountain's Entrance - Credit: Tim Meyer/Ski Rex Media
Assets from The Hermitage Club, a private ski and golf resort in Wilmington, Vermont, will now be sold after a merged set of bankruptcy cases went from Chapter 11 to Chapter 7.

 In a report from The Brattleboro Reformer, a judge has granted the conversion of the bankruptcy case to Chapter 7, allowing for the liquidation of assets from the now-closed private ski mountain.

 In a statement provided by email from Tim Treanor, a member of the Ad-Hoc Committee of Members;

The Overgrown Entry To Haystack
Credit: Tim Meyer/Ski Rex Media
"My understanding is that, at that point, the U.S. Trustee becomes responsible for selling the assets," Treanor wrote in an email. "The trustee panel in Vermont only consists of two qualified trustees and one is conflicted because his law firm represents a party in the bankruptcy. The other qualified trustee is Ray Obuchowski, a veteran bankruptcy lawyer who has a great reputation. He will then manage a sale process if the creditors pay for the costs of the sale process (marketing fees, investment banker)."

 If there is no funding provided for that sale process, the foreclosure brought upon by Berkshire Bank will be allowed to continue. At that time the bank will take possession of specific assets. Any remaining assets will be sold "on the courthouse steps so to speak (meaning no expenditures on marketing the sale, etc., just minimum notice through media notices)," Treanor has said.

 If there are any readers looking to invest in what may come out of the defunct ski resort, one should keep their eyes open. As stated, there may not be much notice of the liquidation, though several good deals for buyers may come out of it.


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