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PARK CITY, Utah (AP) -- American Skiing Co. and Triple Peaks LLC have announced they have settled a lawsuit over the proposed sale of Colorado's Steamboat Ski Area.
Triple Peaks signed a contract in January 2002 to buy Steamboat from American Skiing for $91.4 million. American Skiing later backed out of the deal and decided to sell its Heavenly Ski Resort in California to Vail Resorts instead.
American Skiing claimed it had an option to cancel the deal by paying a $500,000 fee to Triple Peaks.
But Triple Peaks filed a lawsuit, claiming only it had that option. It filed the suit hoping to get a court order to force the sale.
Under the settlement announced Monday, Triple Peaks agreed to dismiss all claims to Steamboat in return for an undisclosed cash settlement.
American Skiing spokesman David Hirasawa said the exact terms and amount of the settlement will be disclosed Tuesday. He said company had put aside $5 million in anticipation of a settlement or outcome of the lawsuit.
Triple Peaks is comprised of a group of investors led by Tim and Diane Mueller of Chester, Vt. The Muellers recently purchased the Crested Butte ski area in central Colorado.
American Skiing has its headquarters in Park City, and owns Sunday River and Sugarloaf USA resorts in Maine. It also owns ski areas in Vermont, New Hampshire, Colorado and Utah.
(Copyright 2004 by The Associated Press. All Rights Reserved.)