Gary Kelly's eponymous blog has been doing yeoman service covering the goings-on at Humber Valley Resort as the resort goes through its current financial travails.
This story hasn't been picked up in the local media but odds are it will gain greater attention in the days ahead.
One of the items Gary posted is an e-mail from Newfound NV that discusses the company's efforts to turn the resort around. It begins forthrightly enough and then lays out the rationale behind the current creditor protection arrangement:
As I am sure that you are aware, Humber Valley Resort has had a very difficult time since its inception. The company has never made a profit and has failed to deliver on many of the promises made to some of the related parties over the years. We (the new management team at Newfound) were unaware of the full extent of some of these issues until we began a thorough investigation into the operation and fiscal condition of the Resort. I have huge sympathy with you during this period of uncertainty, which follows years of inappropriate management within an unsustainable business model - you must be worried about the future of your investment in Humber Valley. [Emphasis added]
If you want to keep track of the saga of a great idea gone awry, Gary Kelly is on top of the story.
-srbp-