John Goan Big Sky Real Estate

Dear Moonlight Basin Homeowners and Reserve Members,

We know the state of the resort and the Moonlight Basin community as a whole is of the utmost importance to you, as it is to our team.  We had a successful outcome in Bankruptcy Court today and want to share the news with you immediately.

We reached an agreement today that provides the funding necessary to operate Moonlight Basin resort for the next two ski seasons, during which time our management team will be working closely with a newly appointed CRO (Chief Restructuring Officer), William Henrich, on a comprehensive restructuring plan.

With this agreement, Moonlight Basin achieved the following important goals:

1.      Certainty regarding funding and operation of the resort for the next two ski seasons while our team works on a long-term restructuring plan.

2.      The ability to continue litigation against Lehman.

3.      Continued control of the resort operation which ensures the current management team stays in place and all of you receive the Montana Hospitality you have come to expect and appreciate.

4.      Moonlight bargained for and obtained significant protections for secured lien holders.

The outcome we reached today will allow us to form a sound long-term restructuring plan, have our day in court with Lehman, and most importantly, continue our operations.  For those of you who are homeowners, you can rest assured all homeowner assessment-related services necessary to provide and maintain a safe community will continue without interruption.

We are very much looking forward to seeing many of your families around the holidays.  We have a record mid-mountain base of over 30 inches and our Moonlight team is here to take care of you.  Our leadership team will be up at the resort as much as possible and hope to connect with you personally.

As always, if you have any additional questions, please contact Karen Lum, Director of Guest and Owner Services, by email or phone (klum@moonlightbasin.com/406-682-2211).

All the best,

The Moonlight Leadership Team

Lee Poole

11/25/09  After reading New West's article Is it Tamarack or Yellowstone a lot of us where wondering if Moonlight was going to open.  Here is a copy of the letter Lee Poole sent out I think in response.

---

Dear Moonlight Basin Homeowners and Golf Members,

 
Our hearing to address the First Day Motions (related to Moonlight Basin’s recent Chapter 11 filing) adjourned a few hours ago in Butte, Montana. The ruling was positive for Moonlight Basin on several fronts.
 
The judge ruled that interim financing will be provided by existing cash collateral with payroll as a first priority, as well as other essential course of business expenses until the next hearing, set for December 7, 2009. On December 7th additional financing proposals will be brought to the judge and we anticipate further decisions will be made on or around the hearing date.
 
It was agreed by all parties involved (Moonlight, Lehman and the Judge) that continued operation of the resort and an on time opening of December 11 (for season pass holders) and December 12 for the rest of the public is of the utmost importance and priority.
 
Moonlight Basin is poised to open for the ski season with the addition of approximately 230 seasonal employees joining the team to provide the Montana Hospitality for which Moonlight Basin is known. Guests of Moonlight Basin can look forward to a great winter season of skiing and riding. The terrain park has been expanded and there are several on-mountain events to enjoy, including the 5th Annual Headwaters Spring Runoff, Huck-a-Berry Rail Jam and Volcom Peanut Butter Rail Jam. This year is also the first year the resort will host the Special Olympics, Big Sky Area Games.
 
Lee Poole commented on the hearing by saying, “I am very pleased with the outcome of the hearing today. We will continue to shed light on the matters at hand, but meanwhile, our guests can rest assured that all parties involved are in agreement that the continued operation of Moonlight Basin is important. I am very much looking forward to seeing our guests, homeowners and golf members on the mountain this season.”

Copy of letter sent to home owners.

Dear Home Owner:
You are a valued member of our Moonlight Basin family and, as promised, I want to inform you of the most recent developments regarding Moonlight Basin. Below you will find the press release that we have issued tonight:

Ennis, Montana – November 18, 2009 – Moonlight Basin Ranch L.P. today announced that the company and its subsidiaries filed voluntary petitions in U.S. Bankruptcy Court for the District of Montana for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

"This was a necessary decision brought on by Lehman Brothers’ actions, including its recent effort to foreclose on Moonlight Basin Resort and the uncertain future of the Resort resulting from Lehman Brothers’ actions," said Russ McElyea, COO. "We decided that it is in the best interest of the Moonlight Basin family, including our creditors, employees, customers, suppliers, home owners, and the Montana communities in which Moonlight Basin operates, to reorganize under Chapter 11."

Moonlight Basin concluded that Bankruptcy Court protection was necessary as a result of Lehman Brothers’ decision to foreclose on an outstanding loan, and its threats to cease critical funding, rather than work with Moonlight Basin to appropriately restructure its debt contrary to its prior representations to Moonlight Basin. Chapter 11 protection will enable Moonlight Basin to conduct its business operations as usual while it develops a long term reorganization plan. With the bankruptcy filing, the foreclosure action brought by Lehman Brothers against Moonlight Basin is automatically stayed while the reorganization goes forward.

Moonlight Basin’s staff, which consists of over 250 seasonal and year round employees, are excited about the upcoming ski season. This year, Moonlight Basin is part of a community wide effort to promote Big Sky, Montana and the Biggest Skiing in America. The Moonlight Basin and Big Sky Resort interconnect ticket provides access to over 5,500 acres of terrain. Moonlight Basin is excited to offer a collection of new events and programs for the season, including a Freeride Team, new SnowSports programs and expanded terrain park. In addition, Moonlight Basin is proud to encourage academic achievement in our local community through our legendary M-BAR-T program, which rewards scholastic achievement with free skiing at Moonlight Basin.  Each of these programs will continue without interruption.

"With this filing, we can assure everyone -- our customers, home owners, suppliers, employees and our communities -- that Moonlight Basin intends to be open for business as usual.  We look forward to a successful opening of the ski season at Moonlight Basin on December 12." added Lee Poole, President and CEO. "Our guests can continue to rely on us for our genuine Montana hospitality and our commitment to the land we cherish.”
 
As explained above, we have taken these steps because we believe it is the best course of action to assure continuation of Moonlight Basin operations this winter and for the long-term sustainability of the company. Our year-round team is continuing to execute all the necessary steps to open the resort on Dec 11 for a special season pass holder’s day and on December 12 for the rest of our guests. We are excited to see you and your family on the mountain soon.

We know you may have additional questions we were unable to answer in this email.  As soon as we are able to provide you with an update, we promise to do so. Again I would like to thank all of those individuals who have expressed their support for the Moonlight Basin team. I believe in Moonlight Basin and its purpose. It was created for families like yours to enjoy and it is our team’s conviction to care for and protect the Moonlight Basin community.
 
 
Regards,
Lee Poole

I am excited that you can now search all Big Sky listings on my web site.  For more sophisticated searches please send me an email and i will do it for you.  I can send you links or build Excel spread sheets for you.

The IDX data I pull is the same as any other web site.  There is only one source of data that any site can pull from.

New to Gallatin MLS:
1. Short Sale
2. Special compensation for purchase
3. Spit up areas so you can search Mountain, Meadow and canyon.

Please let me know what you think.  Are there missing search fields that you would like?

Keep your ski tips up.
John

After years of neglect I am updating my web site.  I would love you comments and feedback to help me make this site useful and fun for you.  Any ideas of how to make searching for information about Big Sky and Big Sky real estate please let me know.