Liftopia in Big Trouble

[Harvey]

I know nothing about Liftopia or how it works, but how did Liftopia "take" ski areas money in the first place?

When you buy a ticket from them they get the money. Then they keep 15% (or whatever) and at the end of the month the send a check to the hill. They never sent checks last year for March and declared bankruptcy.

 

[Peter Minde]

I don't understand how Catalate can acquire assets but not debt. My BS detector is redlining.

 

[Harvey]

I don't understand how Catalate can acquire assets but not debt.

I don't get that either.

 

[x10003q]

This is not a good way "rebuild" this business going forward. It might be all legal, but that does not change the losses of the previous customers. At a minimum, there should have been some repayment of the funds to generate some good will and then try to sign up customers for the balance of the money.

 

[x10003q]

I don't understand how Catalate can acquire assets but not debt. My BS detector is redlining.

The bankruptcy eliminates the debt. The assets are sold for pennies on the dollar. The ski areas where probably unsecured creditors.

 

[Harvey]

This is not a good way "rebuild" this business going forward. It might be all legal, but that does not change the losses of the previous customers. At a minimum, there should have been some repayment of the funds to generate some good will and then try to sign up customers for the balance of the money.

Like a reduced commission for two years or something.

That was my comment on the SAM article:

There is going to be some "partial payout" in July, it's not publicly known how much.

The two guys I know best in regard to this, Laz and Geoff, are not happy.

 

[Campgottagopee]

When you buy a ticket from them they get the money. Then they keep 15% (or whatever) and at the end of the month the send a check to the hill. They never sent checks last year for March and declared bankruptcy.

Gotcha

I agree, that what they're doing isn't the best way to start up a business or relationship. Sometimes you have to spend a little to make a little.

 

[Brownski]

They sold tickets online and were supposed to pay the mountains for them, minus whatever their cut was supposed to be. Last year they used the pandemic as an excuse to not pay the resorts. It appears that they weren’t setting the money aside but were just paying resorts the minimum as revenue came in Ponzi style

 

[tirolski]

They sold tickets online and were supposed to pay the mountains for them, minus whatever their cut was supposed to be. Last year they used the pandemic as an excuse to not pay the resorts. It appears that they weren’t setting the money aside but were just paying resorts the minimum as revenue came in Ponzi style

Yup. Now just starting up the same grift with a new name. Same top dog too.

 

[marcski]

Again, without Liftopia this past year, almost every ski area was selling all tickets online. Why would any ski area ever use this service?