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The decision puts Talisker in an extraordinary position as having ownership or interest in a vast swath of terrain stretching from The Canyons to the banks of the Jordanelle Reservoir.
The motion Vail filed Tuesday in Denver District Court would also dismiss American Skiing Co., the former owner of The Canyons, from the lawsuit.
ASC surprised the resort industry two years ago by announcing it was selling The Canyons to Talisker Corp. Vail executives claimed they had negotiated with American Skiing Co. to buy the ski area before Talisker reached a deal.
Talisker closed the sale in June 2008.
"Vail agrees that it will not seek, in this or any action, any form of relief that will have the effect of invalidating, reversing, modifying, altering or otherwise affecting the Canyons transaction or any of its terms, including, without limitation, injunctive relief or a constructive trust," the four-page stipulation filed Tuesday states.
Vail, however, indicated in the filing that it will continue to reserve the right to seek monetary damages from the defendants, which could include Talisker Corp. and Peninsula Advisors, LLC.
In a telephone interview Wednesday, an attorney for Talisker acknowledged the lawsuit is not
settled.
"I would not really term it as a settlement. But it seems to resolve some of what [Vail's] approach is going forward," Talisker attorney David Smith said. "It seems helpful."
Vail's stipulation filed Tuesday marks the first time Vail has stated publicly that it will not seek to overturn The Canyons transaction, Smith explained.
"Vail no longer seeks relief that could, in any manner, interfere with the Canyons transaction," Vail's legal filing states.
Smith said he does not know whether Vail now intends to pursue monetary damages in the case.
An attorney for Vail Resorts did not return telephone calls seeking comment.
In Denver District Court on Friday, a seven-day trial was scheduled to begin in the case in July 2010.
At issue is whether Talisker conspired with Peninsula Advisors about two years ago to scuttle a deal Vail had to buy The Canyons from American Skiing Co. Talisker attorneys claim the company was free to negotiate for the resort and submitted a better, timelier bid than Vail.
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