In its early days, Killington offered a lifetime ski pass to purchasers of its bonds in the 1950s and 1960s. The holder is entitled "to the free use of all ski lifts operated by Sherburne Corporation at Killington Basin so long as the corporation shall operate in that area under an agreement with the state of Vermont."
In 2007, the ski resort was sold. The sale was structures as an asset sale, so Sherburne Corporation no longer operated the area. (The intervening transactions are more complicated.)
The case has an interesting analysis of factors that could lead to a continuation of liability in the context of an asset sale under Vermont law.
I'm most interested because of the years I spent on the slopes of Killington and the months spent working on the sale of the resort.
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