S-K-I Ltd.
New England Ski Presence: 1984-1996
S-K-I Ltd. Overview and History:
S-K-I Ltd. (Sherburne-Killington-Investments) was formed in the fall of 1984, consisting of Killington, VT and Mt. Snow, VT. Preston Leete Smith, founder of Killington, was Chief Executive Officer and Chairman of the Board. 500,000 new shares of stock were issued in a 1985 IPO.
On April 28, 1986, Carinthia was acquired and subsequently connected to Mt. Snow, VT.
In 1988, S-K-I Ltd. purchased Goldmine, CA for an estimated $10,000,000. The ski area would be renamed Bear Mountain.
By 1989, S-K-I Ltd. owned three ski areas and 6,400 acres of land.
In 1991, S-K-I Ltd. entered into a 3 year lease to operate Haystack, VT.
In July of 1994, S-K-I Ltd. purchased Haystack, VT for $4.5 million.
On August 24, 1994, S-K-I Ltd. acquired 51% of the outstanding shares of capital stock of Sugarloaf Mountain Corporation for Sugarloaf, ME.
On October 31, 1994, S-K-I Ltd. purchased the assets of Waterville Valley, NH from the Waterville Company, Inc. for $10,037,631.
On October 23, 1995, S-K-I Ltd. sold Bear Mountain, CA to Fibreboard Corp. for $20,500,000, using the funds to pay down debt.
On February 13, 1996, the Board of Directors of S-K-I Ltd. recommended a $104.6 million (plus $58.5 million of debt assumption) merger offer from LBO Resort Enterprises Corp. The shareholders of S-K-I Ltd. approved the offer on June 10, 1996. The following day, the United States Justice Department ordered the new company to sell Cranmore and Waterville Valley due to anti-trust concerns.
On June 28, 1996, the merger of LBO Resort Enterprises Corp. and S-K-I Ltd. formally closed, resulting in the formation of American Skiing Company. Leslie B. Otten of LBO became President and Chief Executive Officer of the new company.
S-K-I Ltd. Resources on NewEnglandSkiHistory.com:
Haystack
Killington
Mt. Snow
Sugarloaf
Waterville Valley
S-K-I Ltd. External Links:
Last updated: March 28, 2012
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