The Eugene-based Pape Group is Mount Bachelor's largest shareholder, with 23% of the resort's 1,382 outstanding shares. The Pape Group has sent an undisclosed tender offer directly to Mount Bachelor shareholders in response to a similar action by Powdr Corp. after its purchase offer to the board of directors was rejected Jan. 9 in a 4-3 vote.

Randy Pape has said publicly he believes the ski resort should remain a Northwest-based company, and with nearly 25% of Mount Bachelor's stock already in hand, seemingly has an easier road ahead of him than Powdr Corp. Also in the mix now is Mount Hood Meadows of Portland, which has reportedly sent an offer directly to the board for nominally more than Powdr Corp. offered in hope that its local ownership would give it an advantage.

The second-largest stockholder with 14% of outstanding shares is Beverly Healy, widow of Bill Healy, the founder of Mount Bachelor. Other significant shareholders include the Stevenson family of Bingen, Wash., and other members of the Healy family. All told, there are some 200 individual shareholders.

A special committee of the board formed to explore a possible sale solicited the original purchase offer from Powdr Corp., which owns Park City Mountain Resort and other ski areas in California and Nevada. Beverly Healy, Wallace Stevenson and his brother Rees comprised the special committee, but it is not known if they were the three votes in favor of the sale. Wallace Stevenson was the only member known to have been in favor of the sale. Healy, wife of the resort's founder, has not publicly given her position, but her son has spoken in favor of a disposition to Powdr Corp.

In addition of trying to retain control of Mount Bachelor, Pape Group is financing Innspired LLC, a Eugene-based LLC founded by Douglas Cochrane that is buying up Inn of the Seventh Mountain, one of the residential resorts that serves Mount Bachelor.

Formed last year, Innspired has reportedly scooped up 26 of the resort's 262 condominiums for an average price of $26,000, and has eyes on another 24 units, all of which the company plans to renovate. The company also wants to acquire and update the circa 1974 inn's convention center, as well as the restaurant building and ice rink.

The company that owns the core areas is Seventh Mountain Management Inc. SMMI is reportedly is in arrears on a $4-million note it signed at the time it purchased the property from San Francisco-based Moana Kauai Corp.

Instant Insights /

Mount Bachelor Inc.'s President Resigns Amid Fight for Ownership

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