Building a successful and competitive business takes time and resources. Especially for businesses the size of Colorado-based Vail Resorts, which was reported to have nearly $205.3 million in cash on hand at the end of January. Of that, the company appeared to have spent $3 million on recent business litigation and said it plans to spend $7.5 million more on a business dispute that could have major payoffs for the company.
As some readers may already be aware, following the failed acquisition of Utah area ski resort Canyons in 2007, Vail Resorts successfully finalized a historic lease agreement in 2013 with Canadian company Talisker Corp., owner of Canyons. The agreement will allow Vail Resorts to manage Utah's Canyons resort for the next 50 years for $25 million a year plus a percentage of any money that Canyons resorts earns over $35 million.
In addition to the $305 million, 50-year lease deal with Talisker Corp. to manage the 4,000-acre Utah area ski resort, Vail Resorts is also poised to enter into major business litigation over a lease dispute with Vail's new neighbor, Park City Mountain Resort. If the business dispute is settled in Vail's favor, the company may end up with more than 7,000 acres of ski area in Utah, making Vall, already the continent's largest resort operator, a dominant force in Utah.
Litigating complex business disputes takes time and experience. With so much at stake, it is vital that local companies work with the best. From mergers and acquisitions to internal employment disputes between a manager and employee, whenever a company is working to resolve complex disagreements that affect the business, it is vital to work with people who understand the law and the unique needs of one's company.
Source: Denver Post, "Top-dollar Canyons lease reflects Vail's faith in Park City litigation," Jason Blevins, March 27, 2014