Killington Lifetime Passes Won't Be Honored?

Killington lifetime pass holders may be getting the shaft.

It does appear, based on all the talk on blogs, online discussion forums and from other sources that the new owners are yanking the lifetime passes.

But can they? A lot of people don't think so, but there have been no lawyers or business contract experts weighing in on these discussion. Mostly it's just a bunch of skiers who feel like Powdr is giving these people the shaft.

Here is a key provision of the Purchase Agreement as found on the Securities Exchange Commission.

PURCHASE AGREEMENT
by and among
American Skiing
Company
Killington, Ltd., Pico Ski Area Management Company
and
SP Land
Company, LLC
February 16, 2007
Article VIII - Covenants

8.23 Lifetime Passes. Buyer shall honor all Lifetime Passes and shall cause any agreement for the sale of the Resort or the Business to require such subsequent owner to honor such passes; provided that in no event shall Buyer be required to enforce (nor shall it have any liability in respect to) such covenant with respect to such subsequent owner. This covenant shall survive Closing indefinitely.

This is the link to the full Purchase Agreement.

Now, I'm no lawyer, nor would I want to be, but this little piece of the purchase agreement certainly sounds to me like lifetime pass holders were expected to keep those passes and the new owners bought the responsiblity of honoring those passes.

I guess time will tell.