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Show Greater Park Company Sale Details Released This week more specific information, detailing the recent take over of Greater Park City Company (GPCC) by Lake Tahoe based Alpine Meadows, Inc., was made available for publication. In an interview with the Record, Bob Wells, GPCC's executive vice president who now holds the title of "Coordinator "Co-ordinator of the closing" with respect to finalizing the take over, outlined a four point plan which will culminate with Alpine Meadows owning own-ing 80 per cent outstanding GPCC stock and Union America Am-erica Corp. in control of the remaining 20 per cent. Phase One-Union America Union America Corporation, Corpora-tion, a California bank who currently controls approximately approx-imately 5.5 per cent of outstanding out-standing GPCC stock and was the principal source of the financing required to carry on GPCC's recent ill-fated ill-fated expansion and building programs, will agree to cancel can-cel some $12 million in out-standing out-standing GPCC building loans. In exchange for the debt cancellation, Union America Amer-ica will receive the remaining remain-ing unsold condominiums in the Park Avenue and Home-stake Home-stake complexes and those unsold lots in Hnlidav Ranch. to the proposed ski facilities in those areas. Reportedly, in exchange for the property, Royal Street will either par or cancel can-cel some $2 million in other current GPCC liabilities. Phase Three-Alpine MeadowsUnited Park City Company Subsequent to the Union America and Royal Street transaction, Alpine Meadows Mead-ows Incorporated of Lake Tahoe, California, will acquire ac-quire from current stockholders, stock-holders, 80 per cent of outstanding out-standing GPCC stock. United Park City Company who controls con-trols 39 per cent of current GPCC shares will, according to the agreement and pending the approval of United Park's shareholders, sell their stock to Alpine for cash rather than an exchange of property. In addition, United Park would forgive some $250,000 in accrued interest stem-' ming from GPCC's initial purchase of United Park Land, and further agree to defer payment of the $4 million principal, for three years. Apart from acquiring the United Park City stock and other outstanding shares, Alpine Meadows will assume those liabilities incurred by GPCC but not eliminated by the United Park, Union America, Am-erica, and Royal Street agreements. In addition, Alpine Meadows, Mead-ows, will agree toinvest$1.3 million in GPCC this year towards to-wards expansion and general operations, GPCC in the future, fut-ure, will be under the direction direc-tion of Alpine Meadows' president, Ray Johnson. Phase Four-The Moana Corporation The Moana Corporation, a San Francisco basedprop-erty basedprop-erty management firm, who reportedly handles most of the property management , business in the Lake Tahoe area, will take over management man-agement of those properties formerly directed by the Treasure Mountain Corporation. Cor-poration. The Michigan-Utah Investment In-vestment Corporation who owns the Silver King Lodge, Silver Mill House and Mar-sac Mar-sac Mill Manor will apparently ap-parently manage those properties prop-erties themselves except for those condominium units in Silver Mill House and Mar-sac Mar-sac Mill Manor which will be handled by Moana. It is likely that former GPCC executive vice president. Bob Wells (Continued on rage i nree; Apart from real estate, the California lending institution in-stitution will receive 20 per cent of the outstanding 'shares in GPCC-after its reorganization. Phase Two Royal Street Corporation Royal Street Development Corp. directing a yet unformed un-formed subsidiary, will acquire ac-quire certain undeveloped property, specifically in the Deer Valley and Lake Flat areas. Royal Street will also acquire other property formerly owned by GPCC near Keetley. The Royal Street subsidiary sub-sidiary will most likely be headed by former GPCC president Warren King, who along with directors of Alpine Al-pine Meadows, will supervise super-vise certain long range development de-velopment plans with regard |