Park City Mountain Resort and Talisker Land Holdings, LLC Friday afternoon outlined in court filings their positions on the dollar figure that a 3rd District Court judge should attach to a bond PCMR would be required to post to remain on the acreage underlying most of the resort's terrain as it appeals rulings in a high-profile lawsuit.
The PCMR side identified a range in figures for a bond. Talisker Land Holdings, LLC, however, redacted the critical numbers from its filing. The filings had been eagerly anticipated as an important court date nears. Judge Ryan Harris on Aug. 27 will consider the amount of the bond. PCMR would need to post a bond to remain on the land through an appeal.
PCMR argued in its court filing the judge should set a bond at between $1,021,308 and $6,559,616. The lower number includes $471,308 in rent between May 1, 2011 and May 28, 2013, $500,000 in attorney fees and $50,000 in unspecified costs. The upper one prices the rent at $6,009,616 while the other two categories are the same in both columns.
The numbers were expected to vary significantly between the two sides, with the Talisker Land Holdings, LLC figures almost certainly being higher than the ones the PCMR side included in its filing.
In a prepared statement, PCMR's lead attorney, Alan Sullivan, said Talisker Land Holdings, LLC and Vail Resorts are seeking "a very high bond that includes as 'rent' a significant percentage of PCMR's annual earnings." Vail Resorts is overseeing the case for Talisker Land Holdings, LLC as part of a long-term agreement to operate the Talisker corporate family-owned Canyons Resort.
"By any standard, fair market rent for the resort's upper ski terrain cannot be calculated based on annual earnings from the full resort operations. Vail, nor Talisker, own or control other assets essential to the Resort's operation," Sullivan said in the prepared statement.
The PCMR side contends the bond should be calculated using "fair rental value of the leased land from May 1, 2011 to May 29, 2013, and a reasonable amount of Talisker's attorney fees," Sullivan says.
"By seeking to include a significant percentage of PCMR's annual earnings in its bond calculation, Vail is making an unreasonable demand to increase the pressure on PCMR and the community. The court will set the bond based on the property's fair rental value, but our commitment today is to fight for an immediate, fair resolution with Vail," the statement says.
Talisker Land Holdings, LLC also released a prepared statement about the filings centered on the bond. It refers to the Cumming family fortune. The family owns PCMR parent Powdr Corp.
"The rent Talisker seeks is based on the value of its land, which land PCMR has represented to the Court on numerous occasions is critical and indispensable to their resort business. Talisker's rent claim amounts to only a fraction of the enormous profits PCMR has made over the past three years while using Talisker's land without paying any rent," the statement says. "While the parties disagree about how to calculate the correct rent that is due, the judge will quickly decide the appropriate amount. We hope the Cummings will use their extensive financial resources to post the bond as set by the Court. Suggestions that PCMR cannot afford a bond are outrageous, and surely do not have the community's best interests at heart."