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BARRING AN unlikely economic miracle, Rappahannock Ski Area will not open this winter. Last winter’s mild weather brought the operation to the brink of bankruptcy — although James Moore, president of the operating firm, was careful to skirt the fateful word in a meeting with creditors last Friday.
On all other matters involving the Ski Area, however, he was unreservedly candid. The Ski Area is carrying debts in excess of S600.000. some §112,000 of that "unsecured." and the rest in investments forwarded by its companion firm. Camelback of Pennsylvania, and in first, second and third mortgages.
Moore said Rappahannock Ski Area's financial condition is by no means unique among ski areas. Last winter’s mild weather led to 15 ski operation bankruptcies in the New England states, and Camelback itself "had difficulties."
"My hope last April,” said Moore last Friday, at a meeting held at the vacant and electricityless main ski lodge near Washington. "was that we would be able to find some corporation— whether another ski area or some industry—who would be willing to lease the area this year.”
But it hasn’t happened, and arranging a lease for someone else to operate the Rappahannock area is the only way it could be opened this year, Moore said. It would take from $50,000 to $75,000 in "working capital” just to open this
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