This has to be up there with one of the biggest screw ups of all time. PCMR owned the base of the mountain, but leased the majority of the terrain for $155,000 per year (basically for nothing...). Somebody forgot to send a letter in 2011 to renew the lease, allowing Vail to swoop in and sign a lease for $25 million a year, forcing PCMR to sell the remaining part of the resort to them. $182.5 million is nothing to sniff at, but wtf?
http://www.businessweek.com/articles...dot-ski-resort