Greek Peak ski resort sold at auction to Elmira businessmen


NYCentral has learned which bidder came out on top in the auction of the Greek Peak ski resort. A group called the Meier - Stemerman Syndicate out of Elmira offered to buy the property for about $6.7 million dollars. A bankruptcy court judge approved the sale this afternoon.


auction was held earlier this week

. It included 50 potential buyers. Two bidders rose to the top. The Elmira group was the highest and best qualified bid according to court documents.

Federal Bankruptcy Court documents indicate the purchasers and the debtors believed a quick sale will maintain the highest value of the ski resort and keep people working in Cortland County.

The U.S. Bankruptcy court heard arguments today on the approval of the sale through auction. There were objections to the sale from the unsecured creditors and the United States Trustee which has a hand in the case.

The debtors in the case claim they have provided a good business reason for the court to approve the sale.

U.S. Senator Charles E. Schumer released the following statement Thursday after two individuals from the Elmira region emerged as the apparent winners in the auction for ownership of Greek Peak, the ski and snowboard resort in Virgil, New York. Since Greek Peakâ??s primary lender failed and was put into conservatorship by the FDIC,

Senator Schumer successfully urged the FDIC to expedite a critical lifeline that allowed this Cortland County tourist destination to keep its doors open until the winter ski season arrived. Greek Peak has had a successful ski season that has allowed it to keep its nearly 1,000 employees on the job, and put the resort in a stronger and more valuable position for todayâ??s auction.

â??I am cautiously optimistic that this represents a step forward for the future success of Greek Peak; the fact that the winning bidders are locals makes it more likely that they will be committed to success. I am pleased that our efforts to work with the FDIC and give Greek Peak a second chance have paid off, and now I want to make sure that the potential new owners have a viable plan to keep the Peak open, and keep its nearly 1,000 workers on the job for many seasons to come. I look forward to speaking with them about their plans to keep this jewel of Cortland County alive and thriving.â??

-U.S. Senator Charles E. Schumer