Les is More

**cl1953** · 02-27-2007, 05:33 AM

Leslie B. Otten Resigns; William J. Fair Named CEO of American Skiing Company

Newry, ME, March 28 -- The Board of Directors of American Skiing Company (NYSE: SKI) announced today that William "B.J." Fair, currently American Skiing Company's chief operating officer, has been named chief executive officer of the company.

Following the resignation of Leslie B. Otten, who had served as chairman and chief executive officer of American Skiing Company, B.J. Fair will assume the chief executive duties, effective today.

"I've been proud to lead the American Skiing team over the past 21 years," said Otten. "We have built a remarkable company, and I am confident that the company's future under B.J.'s leadership will continue to improve as it moves into its next phase of development. Since discussions of the Meristar merger began last summer, I have been investigating plans outside of American Skiing Company and intend to pursue those options."

Steven B. Gruber, Board member of the company and a managing partner at Oak Hill Capital Management, Inc., stated, "I would like to thank Les Otten for the vision and energy that he brought to the company. He's achieved tremendous success by building this company from a single small ski area in Maine into one of the country's leading operators with nine world-class ski resorts in both the Eastern and Western United States. The Board and everyone at American Skiing appreciates his substantial accomplishments and wishes him success in his new endeavors."

"B.J. Fair's appointment as chief executive is a natural progression in the company's management structure. B.J. has made significant contributions in driving the business forward in the twelve months that he has been at American Skiing Company," said Gruber. "He brings an exceptional level of experience in both resort management and real estate development to the company. The Board of Directors is confident that American Skiing Company will thrive under B.J.'s leadership and direction."

Fair joined American Skiing Company in March 2000 as chief operating officer of American Skiing Company's resort operations. Prior to his involvement at American Skiing Company, Fair served as president of Universal Studios' Port Aventura theme park where he was responsible for the ongoing development and operation of the park. Also at Universal, Fair served as senior vice president of Universal Creative. Earlier, in his role as director of finance and business planning for Disney Development Company, Fair was a principal negotiator and led financing and development efforts for the Disney's California Adventure expansion and related development in Anaheim, Calif.

"I joined American Skiing Company because of the company's world class portfolio of assets and because I believed we could achieve substantial upside in financial performance from improved operational execution," Fair said. "While the company has made large strides during the past twelve months, we are capable of accomplishing far more."

Too little, too late.

**Tunco** · 02-27-2007, 06:17 AM

You can't spell rotten without Otten.

**Core Shot** · 02-27-2007, 06:27 AM

Originally Posted by cl1953

"I joined American Skiing Company because of the company's world class portfolio of assets and because I believed we could achieve substantial upside in financial performance from improved operational execution," Fair said. "While the company has made large strides during the past twelve months, we are capable of accomplishing far more."

Hmmm. Nice job asshaht. Lost money. Liquidated most of your assests. Well done, sir.

PS - never trust a man that wants folks to call him BJ

**DaveTV** · 02-27-2007, 06:29 AM

Everyone forgets how Les built Sunday River from nothing. Great guy, actually

**Tin Woodsman** · 02-27-2007, 09:45 AM

Originally Posted by DaveTV

Everyone forgets how Les built Sunday River from nothing. Great guy, actually

You know, everyone also forgets how Hitler helped to bring the German economy out of its Depression-era doldrums too. In a similar manner, Otten's subsequent record entirely overshadows what he did at SR, and rightly so.

**cold_smoke** · 02-27-2007, 09:55 AM

More Steamboat, Less Otten. Now a reality regardless. I guess good news for Sugarloaf/Sunday River/Canyons...

**yetipolice** · 02-27-2007, 10:12 AM

Umm, that article you posted has got to be about 4 years old. BJ Fair has been ASC's CEO as long as I've worked here (this is my 5th year), Les Otten resigned ages ago.

edit: I think this is what you're looking for: http://www.boston.com/news/local/new..._of_directors/

Les recently resigned from the Board of Directors... not CEO position, big difference... Les has played a fairly inactive role on the Board for the past few years since leaving the ceo position.

**DaveTV** · 02-27-2007, 11:53 AM

Originally Posted by Tin Woodsman

You know, everyone also forgets how Hitler helped to bring the German economy out of its Depression-era doldrums too. In a similar manner, Otten's subsequent record entirely overshadows what he did at SR, and rightly so.

Dude are you fucked, comparing Les Otten to Adolf Hitler? And I don't agree with your statement at all, sorry.

**Damian Sanders** · 02-27-2007, 12:02 PM

Originally Posted by DaveTV

Dude are you fucked, comparing Les Otten to Adolf Hitler? And I don't agree with your statement at all, sorry.

Yeah, no kidding.....!

Otten was way worse than Hitler.........

**yetipolice** · 02-27-2007, 12:06 PM

Originally Posted by cold_smoke

I guess good news for Sugarloaf/Sunday River/Canyons...

Rumors are the resignation is because he and investors are preparing a bid on SR/SL.

**shmerham** · 02-27-2007, 01:33 PM

If I had bought stock in ASC when they went public, I'd be pissed at Les, but otherwise from a skier's standpoint I don't see why he's so evil. In the east coast, ASC bought resorts with generally lame terrain and poor conditions. Sugarloaf and Sugarbush (which was one of the first ASC sell-offs) being the exceptions. Those two areas did not become homogenized village-oriented ski resorts. A high-speed quad wasn't installed in castlerock. Sugarloaf is still the same Sugarloaf: great terrain, great people, and cold weather. Essentially all they did was put a ton of snowmaking in to make some mediocre areas decent on days when it's crappy everywhere else. It's not like ASC bought some hidden gems and put in parking garages, gondolas, and five-star restaurants (the Canyons being the exception but was that a great place before ASC bought it?).

So, why pray tell is Les Otten so hated?

**cl1953** · 02-27-2007, 03:59 PM

Originally Posted by yetipolice

Umm, that article you posted has got to be about 4 years old. BJ Fair has been ASC's CEO as long as I've worked here (this is my 5th year), Les Otten resigned ages ago.

edit: I think this is what you're looking for: http://www.boston.com/news/local/new..._of_directors/

Les recently resigned from the Board of Directors... not CEO position, big difference... Les has played a fairly inactive role on the Board for the past few years since leaving the ceo position.

Our corrections department thanks you. It was too early for me to fondle a mouse. Nevertheless, Les is no more. rest assured, he will rise again, perhaps with some of his "partner" (John Henry) cash.

I think the reason people don't like Les is because he plays the deal maker. Net net is zero. (except for the investment bankers)

**Damian Sanders** · 02-27-2007, 09:28 PM

Originally Posted by shmerham

If I had bought stock in ASC when they went public, I'd be pissed at Les, but otherwise from a skier's standpoint I don't see why he's so evil. In the east coast, ASC bought resorts with generally lame terrain and poor conditions. Sugarloaf and Sugarbush (which was one of the first ASC sell-offs) being the exceptions. Those two areas did not become homogenized village-oriented ski resorts. A high-speed quad wasn't installed in castlerock. Sugarloaf is still the same Sugarloaf: great terrain, great people, and cold weather. Essentially all they did was put a ton of snowmaking in to make some mediocre areas decent on days when it's crappy everywhere else. It's not like ASC bought some hidden gems and put in parking garages, gondolas, and five-star restaurants (the Canyons being the exception but was that a great place before ASC bought it?).

So, why pray tell is Les Otten so hated?

His actions in the 90's have put Killington/SR on pretty hard times....he borrowed more than he could pay back.

**Dam Skier** · 02-27-2007, 09:53 PM

Les is an ASS. He fired lots of long term employees, sold off as much real estate as possible, and he sucked money out of many economies and invested it in the Canyon's. Good riddens to Les and ASC.

Story on his resignation:
http://www2.steamboatpilot.com/news/...gns_asc_board/

**shmerham** · 02-27-2007, 11:47 PM

Originally Posted by Damian Sanders

His actions in the 90's have put Killington/SR on pretty hard times....he borrowed more than he could pay back.

Did you own ASC stock or work for ASC? How does that affect you or anyone you know?

The part about employees losing their jobs is a definite bummer. Nothing good about that.

I don't see how selling off real estate is bad nor do I see how he could suck money out of local economies.

**shmerham** · 02-28-2007, 09:00 AM

Originally Posted by hubie

that is how they sucked the money out of one local economy. if all those millions were reinvested in steamboat over the years, then people in the 'boat would not be so anxious to see asc go away.

That's nice and all, but it's a poor investment unless they can raise ticket prices or bring in more customers. I don't see either thing being good for the common person - it either costs you more to ski there or it's more crowded.

**Tin Woodsman** · 02-28-2007, 02:42 PM

to be fair, Steamboat locals have bitched about every owner they've had for the last 30 years, so you kind of have to take that complaints with a grain of salt.

Regardless, Otten did great things at Sunday River, Attitash and Sugarbush. Totally reinvented those resorts. If I were a diehard customer of Sugarloaf, Killington, or Mt. Snow, I wouldn't be so sanguine. He was responsible for the conditions that lead to ASC allowing those resorts to rot for the last decade. The only significant improvements over the last decade at all three of those resorts combined is the Woodward Reservoir snowmaking pipe at K, and perhaps the K-1. On the negative side of the ledger is tens of millions in deferred maintenance, the erosion of K-Mart's long season, abysmal customer service, poorly built and located, character-less Grand summit lodges, awful customer service (Loaf excluded), and general operational cluelessness.

Improvements at Steamboat and Heavenly would likely have been made with any reasonably capitalized ownership groups - the Heavenly gondi and Pioneer/northward expansion at the boat were no-brainers.

**robgoose** · 02-28-2007, 03:28 PM

Otten overleveraged every eastern ski resort asset - and stuck ASC with ridiculous interest rates in order to rapidly expand ASC's holdings in an ill conceived attempt to compete instantly with Intrawest. (At the same time, Les negotiated personal sweetheart deals for leasing assets he controlled separately from ASC that kept him well in the money even while ASC was tanking).

The result of this is that revenue earned from eastern ski resorts (and the boat) was not reinvested back into the resorts themselves or the communities --- The money went to pay an extremely onerous debt load. People got fired, service at the resorts suffered, employees morale was low, etc. etc.

In short, Otten sold out everyone who loved the resorts he purchased on credit in order to fuel his megalomaniacal dreams of running the biggest ski empire in North America.

**shmerham** · 02-28-2007, 05:08 PM

Reinvestment only takes place when it's good for business and I don't think it would've made good business sense at Killington, Mt Snow, and Sugarloaf. No other businessperson would've reinvested money into any of the bigger eastern resorts because it would've been money wasted. If a private investor owned Killington, instead of dumping the cash into other resorts like ASC did, they'd dump it in into their pockets.

**Damian Sanders** · 02-28-2007, 05:23 PM

Originally Posted by shmerham

Reinvestment only takes place when it's good for business and I don't think it would've made good business sense at Killington, Mt Snow, and Sugarloaf. No other businessperson would've reinvested money into any of the bigger eastern resorts because it would've been money wasted. If a private investor owned Killington, instead of dumping the cash into other resorts like ASC did, they'd dump it in into their pockets.

Yo, buddy.......

STOP WITH THE ASC NUTSWINGING!!!!!

Just a heads up....thanks....

**shmerham** · 02-28-2007, 05:35 PM

I don't know why I'm so interested in this, but I am. I already said that ASC comprised of sucky resorts (Loaf being the major exception), so I have no stake in ASC, I'm just trying to disprove my theory the hate for Les Otten is unwarranted. So far, my theory hasn't really been disproved. A passionate response like your's only tells me that you hate Les Otten, but don't have a logical reason for it.

**quota** · 02-28-2007, 05:47 PM

Originally Posted by shmerham

It's not like ASC bought some hidden gems and put in parking garages, gondolas, and five-star restaurants (the Canyons being the exception but was that a great place before ASC bought it?).

It wasn't The Canyons until ASC bought what was then called Wolf Mountain. Wolf was owned by Baker and Griswold. You typically won't hear anything good about Kenny Griswold around this area. Supposedly he has a couple of friends in Hollywood. Les Otten has angelic qualities compared to Kenny G.
Before Wolf, it was Park West. Nice terrain but the base was a little low and faced the wrong direction. Canyons/ASC did a lot to change that. The Canyons expanded the skiable area by about 4 times of what Wolf previously offered.

**yetipolice** · 02-28-2007, 06:37 PM

Originally Posted by shmerham

I don't know why I'm so interested in this, but I am. I already said that ASC comprised of sucky resorts (Loaf being the major exception), so I have no stake in ASC, I'm just trying to disprove my theory the hate for Les Otten is unwarranted. So far, my theory hasn't really been disproved. A passionate response like your's only tells me that you hate Les Otten, but don't have a logical reason for it.

I think a lot of it also has to do with the fact that most skiers don't really understand the ski industry from an operations/financial side. Don't get me wrong, Otten was terrible at the financial side of things... Robgoose explained it pretty well so I won't repeat... so a lot of the hate is warranted. But a lot of bad blood just stems from the fact that ASC was a corporation that wanted to make a profit. People want improvements to the mtns, but they also want cheap passes, no tourists, and no huge condo developments; in otherwords they want the mtn to spend money, but not make money.