PARK CITY, Utah, Jan. 1 /PRNewswire-FirstCall/ — Routt County Judge Richard Doucette yesterday, December 31, 2002, issued a summary judgment order in favor of American Skiing Company (OTC Bulletin Board: AESK) in the matter of Triple Peaks, LLC vs. American Skiing Company. The litigation arose out of American Skiing Company’s decision not to sell Steamboat in March 2002.
“We are gratified by the Court’s ruling on this matter in the company’s favor,” said BJ Fair, CEO of American Skiing Company. “It has been our position throughout that the Agreement provided clear direction on the issue of liquidated damages. We are also pleased that this is behind us and we continue to focus on the success of Steamboat.”
“This is great news in that we are now able to move forward without any uncertainty regarding ownership of the resort,” said Chris Diamond, president of the Steamboat Ski & Resort Corporation. “I am particularly proud of how the resort staff has remained focused on their job, providing legendary Steamboat guest service throughout the past year, despite many distractions.”
Judge Doucette’s summary judgement ruling found that the language of the Agreement between Triple Peaks LLC and American Skiing Company “is clear and unambiguous, was bargained for by the parties, and was agreed upon by sophisticated negotiators.” He wrote, “This Court finds that the provisions of Section 12.03(b)(iii) limits the remedies which the Purchaser’s have to the $500,000 in liquidated damages referred to in Section 12.03(b). The language is crystal clear that the sole and exclusive remedy for a breach of the Agreement is the liquidated damages.”
About American Skiing Company
Headquartered in Park City, Utah, American Skiing Company is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on the Company’s Web site, http://www.peaks.com .