Board of Trustees Conference Call December 14, 2012





Minutes from MRG co-op board of trustees phone conference 7:00pm December 14th 2012


Subject: Sale of Mad River Barn and property.


Attending: Trustees Elkind, Stetson, Jondro, Godwin, Lesure, Bruns, Anderson. President/GM Wimble and counsel Kantor.Absent: trustees Liu and Holtan.


On December 11, 2012 Mad River received notice of a purchase and sales agreement for the Mad River Barn asking if the co-op would waive it rights of first refusal.


The board and management discussed this through e-mail and met via telephone board meeting (as permitted by the bylaws) on Friday December 14th at 7:00pm.


After brief discussion, it was quickly determined that none were in favor of the Co-op purchasing the property at this time. A motion was made by trustee Bruns and seconded by Elkind .


Motion:“To release MRG’s right of first refusal on the MR Barn as described in the P&S agreement signed by Betsy Pratt on December 10, 2012 for this transaction only and to continue to retain the Right of First Refusal for future transactions on this property.”


A vote was taken.7 in favor none opposed.Based on this action, Cooperative counsel Steve Kantor will work with Jamey to respond to this request. Jamey will draft a shareholder communication for review.


Respectfully submitted,

Jon Anderson