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Whitefish Mountain Resort
Whitefish Mountain Resort is a ski resort on Big Mountain in northwestern Montana. It is west of Glacier National Park in the Flathead National Forest, four miles (6 km) from the town of Whitefish, sixteen miles (26 km) west of Columbia Falls, and 21 miles (34 km) north of Kalispell.
Winter Sports, Inc. (WSI) formed 78 years ago in 1947 as a public company of community shareholders, opened Big Mountain that December 14. It hosted the U.S. Alpine Championships in early March 1949, where future Olympic champion Andrea Mead of Vermont won all three women's titles at age sixteen. The mountain originally had a single T-bar, which was replaced by chairlifts installed in 1960, and 1968.
Olympic champion Tommy Moe (b.1970) learned to ski and race at the mountain, where his father was on the ski patrol. Moe won the gold medal in the downhill and the silver in the super-G at the 1994 Winter Olympics in Lillehammer, Norway.
The mountain again hosted the U.S. Alpine Championships in 2001. That event is remembered for the failed comeback attempt, and life-altering crash, of 1984 Olympic downhill champion Bill Johnson.
In May 2004, WSI conducted a 150-for-one reverse stock split. Its stated purpose was to lower expense by reducing the number of shareholders to below the threshold that imposed public reporting requirements. At the time the transaction was proposed, 664 shareholders, or 72% of investors in the company, each separately held less than 150 shares. In total, these investors held a 2.5% equity (and voting) stake. The board expressed concern that the transaction might be viewed as coercive, but after review and outside consultation, decided the transaction was fair to the affected shareholders.
In December 2006, WSI conducted a 15-for-one reverse stock split, further reducing to about 50 remaining shareholders in order to provide a tax advantage as a Subchapter S corporation. Again, all shareholders without enough shares to exchange for a post-split share were required to cash-out their stock. WSI's handling of the reverse split was criticized and resulted in animosity within the local community, where there were objections to the timing of the related announcements and the loss of a community connection to the resort by the local residents.
After sixty years, Big Mountain was renamed "Whitefish Mountain Resort" in June 2007, after billionaire Bill Foley became the majority shareholder of Winter Sports, Inc.
In early 2008, an avalanche occurred in the Flathead National Forest, within hiking distance of the backside of Big Mountain and killed two skiers on January 13. Later that year, the resort discontinued summer lift access for winter season pass holders, granting several free lift tickets instead. In September of that same year, the resort reversed the decision and announced that 2008–09 winter season passes would again convey unlimited foot-passenger lift access for summer 2009.
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Whitefish Mountain Resort
Whitefish Mountain Resort is a ski resort on Big Mountain in northwestern Montana. It is west of Glacier National Park in the Flathead National Forest, four miles (6 km) from the town of Whitefish, sixteen miles (26 km) west of Columbia Falls, and 21 miles (34 km) north of Kalispell.
Winter Sports, Inc. (WSI) formed 78 years ago in 1947 as a public company of community shareholders, opened Big Mountain that December 14. It hosted the U.S. Alpine Championships in early March 1949, where future Olympic champion Andrea Mead of Vermont won all three women's titles at age sixteen. The mountain originally had a single T-bar, which was replaced by chairlifts installed in 1960, and 1968.
Olympic champion Tommy Moe (b.1970) learned to ski and race at the mountain, where his father was on the ski patrol. Moe won the gold medal in the downhill and the silver in the super-G at the 1994 Winter Olympics in Lillehammer, Norway.
The mountain again hosted the U.S. Alpine Championships in 2001. That event is remembered for the failed comeback attempt, and life-altering crash, of 1984 Olympic downhill champion Bill Johnson.
In May 2004, WSI conducted a 150-for-one reverse stock split. Its stated purpose was to lower expense by reducing the number of shareholders to below the threshold that imposed public reporting requirements. At the time the transaction was proposed, 664 shareholders, or 72% of investors in the company, each separately held less than 150 shares. In total, these investors held a 2.5% equity (and voting) stake. The board expressed concern that the transaction might be viewed as coercive, but after review and outside consultation, decided the transaction was fair to the affected shareholders.
In December 2006, WSI conducted a 15-for-one reverse stock split, further reducing to about 50 remaining shareholders in order to provide a tax advantage as a Subchapter S corporation. Again, all shareholders without enough shares to exchange for a post-split share were required to cash-out their stock. WSI's handling of the reverse split was criticized and resulted in animosity within the local community, where there were objections to the timing of the related announcements and the loss of a community connection to the resort by the local residents.
After sixty years, Big Mountain was renamed "Whitefish Mountain Resort" in June 2007, after billionaire Bill Foley became the majority shareholder of Winter Sports, Inc.
In early 2008, an avalanche occurred in the Flathead National Forest, within hiking distance of the backside of Big Mountain and killed two skiers on January 13. Later that year, the resort discontinued summer lift access for winter season pass holders, granting several free lift tickets instead. In September of that same year, the resort reversed the decision and announced that 2008–09 winter season passes would again convey unlimited foot-passenger lift access for summer 2009.
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