Concerned residents and business owners in Danbury, meeting on Ragged Mountain Road to witness the possible sale of Ragged Mountain Ski Resort, saw the foreclosure auction delayed from its scheduled 1 p.m. start to 3 p.
m. Ultimately, the owners won an extension to 1 p.m.
on April 3. "The auction didn't happen today and I don't see it happening at all," said Endruinas, who is workign with a potential buyer for the resort. "Milestones need to be met with the parties involved and I think that it should be taken care of.
" "We've reached an agreement for an extension with our lender," said Pins. "This forebearence is based on current and ongoing negotiations for a full or partial sale. But there's a foot of snow tomorrow and we invite everyone to come on down.
" The Endriunases have owned Ragged Mountain for 20 years. As of the auction date, the Endriunases owed in excess of $5 million, according to Laconia attorney John P. Giere, who represents Endeavor Financial Services which loaned the money.
The amount owed exceeds the original amount that was borrowed and includes advances his client has paid to protect its interests and the expenses for the potential sale to a new owner. "Ragged and the lender reached an agreement for an extension while Ragged works with a third party for a possible sale," said Giere. Business owners in the Danbury community are watching the sale intently.
Bob and Alex Graf, owners of the Inn at Danbury, said they have both worst- and best-case scenarios in mind. "Our future is at stake," said Bob Graf. "Do we move on?
Do we go bankrupt? I don't know." Alex Graf said that an upside is that, if Ragged is sold, a new buyer might put money into it for some changes.
"We have reservations coming up as late as the 17th," said Graf. "If the resort stays open, we can function for the rest of the winter." The Grafs said there were not many signs leading up to this year that would indicate a bad season.
They said there has been a lack of snowmaking and they heard that equipment was broken. They commented on how it was different from last year when the mountain looked great with a lot of snowmaking. The couple is planning to relocate to Concord if the mountain goes under.
They also are putting plans together for catering because people love their food, but may not be inclined to stay at the inn without a good place to ski. "This can be such a phenomenal ski resort," said Alex Graf. "It would be such a waste to be a ghost town.
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