Park City, Utah (July 30, 2007) – Share prices for the American Skiing Company (OTCBB: AESK) shot up a phenomenal 1,246 percent this afternoon, breaking through the roof and rising from 1 cent per share to 17 cents per share.
The source of this boost was the company’s recently released 8-K form, which contained, among other things, the details surrounding the company’s recent sale of its last standing property, the Canyons ski resort in Park City, Utah.
According to the filing, the aggregate purchase price for the remaining shares of American Skiing Company was an amazing $100 million in addition to capital expenditures made by the sellers. A good faith deposit of $10 million was also made.
This seems to be the last step in the drawn-out dissolution process that has completely absorbed the American Skiing Company for the past year or so, the most recent phase being the sale of ASC Utah to Talisker Canyon’s Finance for $100 million on July 16, 2007.
“I am very proud of what we have accomplished, and look forward to the energy and vision that I expect Talisker to bring to the resort and community” American Skiing Company CEO and President B.J. Fair said in the July 16 release.
Despite the sudden jump in share prices this prompted, the news has been building over the past several months. And it may be even longer before the company is fully dissolved.
“We filed a dissolution statement with the SEC, and the American Skiing company plans on dissolving itself anywhere between now and the next two years,” company spokesman Chip Carey said.
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