UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2006
AMERICAN SKIING COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-13057 04-3373730
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
136 HEBER AVENUE, SUITE 303, PARK CITY, UTAH 84060
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(Address of principal executive offices)
Registrant's telephone number, including area code: (435) 615-0340
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
In its Form 10-Q filed with the Securities and Exchange Commission on
June 14, 2006, American Skiing Company (the "Company") announced the
commencement of certain litigation by its subsidiary, ASC Utah. ASC Utah is the
owner and operator of the assets comprising The Canyons resort in Park City,
Utah.
On June 14, 2006, ASC Utah initiated a declaratory judgment action in
state court in Summit County, Utah (the "District Court"). The action seeks a
declaration that the steps taken by ASC Utah in response to a default notice
("Default Notice") received from its landlord at The Canyons, Wolf Mountain
Resorts, LC ("Wolf") are sufficient to cure any alleged default, and in the
interim seeks a temporary restraining order and preliminary injunction
preventing Wolf from declaring the lease between the parties terminated or from
exercising any other rights it may have on account of the alleged defaults until
the Court decides the declaratory judgment action.
On June 30, 2006, at the request of ASC Utah and following an
evidentiary hearing conducted on June 28, 2006, the District Court entered a
preliminary injunction (the "Preliminary Injunction") prohibiting Wolf from
issuing a notice of termination under the lease with respect to the matters set
forth in the Default Notice, or otherwise terminating the lease for such matters
until a trial on the merits of ASC Utah's claim could be heard. As a condition
to the Preliminary Injunction, ASC Utah is required to post a bond in the amount
of $250,000. ASC Utah posted cash collateral in lieu of such bond on July 5,
2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 6, 2006 American Skiing Company
By:/s/ Foster A. Stewart, Jr.
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Name: Foster A. Stewart, Jr.
Title: Senior Vice President and
General Counsel