Transaction Summary
The Hermitage Club at Haystack Ski Mountain, an 838-acre, members-only ski and golf resort in Wilmington, VT, closed in the Spring of 2018 upon the commencement of a foreclosure action. By May 2019, the debtors were in a Chapter 7 bankruptcy proceeding. The debtors’ assets included:
- A private ski resort at Haystack Mountain
- Golf course
- Hermitage Inn
- Snow Goose Inn
- Doveberry Inn
- Horizon Inn
- Undeveloped parcels of land
The Situation
On February 20, 2020, the bankruptcy trustee obtained court approval for stalking horse offers on the debtors’ assets, for a March 16 bid deadline, and for a March 20 auction.
With six weeks until the bid deadline (and a growing coronavirus pandemic), Berkshire Bank, as a secured mortgagee, engaged Keen to advertise and market the bank’s collateral for the auction.
The Transaction
In the midst of the pandemic (with a telephonic Bankruptcy Court auction), Keen successfully secured an $8,060,000 overbid for the debtors’ assets. Closing in June 2020
