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Moore did have an offer to make the creditors, which he said his lawyers had told him would require 100 per cent consent, in writing, by all 70-odd creditors within 30 days—or by October 7.
Under his proposal, Rappahannock Ski Area would pay the unsecured creditors ten percent by December 31 of this year, another ten per cent by June 1, 1976, and over the next three years, ten per cent a year, until 50 per cent of the indebtedness had been paid. The remaining 50 per cent would be paid the following June 1.
“Your only assurance is the first payment, and to raise that we will sell some of the loose equipment we have, such as rental skis
See Page 14
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