The two groups are competing for a majority of approximately 1,380 outstanding shares. The Pape Group has the advantage by coming into the fight as the largest current stockholder, with a 23% ownership. Powdr Corp. is starting from scratch, but has the support of the resort's second-largest stockholder Beverly Healy, widow of the resort's founder Bill Healy. Healy reportedly controls 192 shares, or about 14%.

Neither group is saying at this time how many shareholders have voted in their favor. The Pape Group's offer allows shareholder to commit to the deal now but not sell the shares until as late as 2005, at which time they would be paid $26,000 for their shares.

Randall Pape, head of The Pape Group and the former president of Mt. Bachelor Inc until he resigned last week to focus on the buyout, has spoken against the sale to Powdr Corp. because it would take ownership outside the state. However, if Pape wins majority control of the company, it says it would hire Intrawest of Vancouver, B.C. to manage the resort. Intrawest runs the Whistler-Blackcomb ski resort in B.C.

The Pape Group, in addition to trying to acquire majority ownership of Mt. Bachelor, is trying to gain a healthy share of Inn of the Seventh Mountain, one of the residential resorts that serve Mount Bachelor. The Pape Group is financing Innspired LLC, a Eugene-based LLC founded by Douglas Cochrane that reportedly has 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.

Innspired's plans also include acquiring and update the 27-year-old 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, which 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 /

The Pape Group Ups Offer to Mt. Bachelor Shareholders

Related Stories

Recommended For You