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The Greenbrier Resort Files U.S. Bankruptcy Court Papers Detailing
 Assets Totaling $141.7 million, Liabilities of $107.4 million

By George Hohmann, Charleston Daily Mail, W.Va.McClatchy-Tribune Regional News

April 6, 2009 - CHARLESTON, W.Va. -- The Greenbrier Resort has filed financial statements with the U.S. Bankruptcy Court that lists assets ranging from its real estate in the Allegheny Mountains to art works, kitchen equipment, two fire trucks and 22 horses.

The resort said it had $141.7 million in assets and $107.4 million in liabilities on March 19 -- the day it filed for bankruptcy protection.

Assets include $97.6 million in real property and $44 million in personal property. The real property includes numerous parcels that make up the 6,500-acre estate.

In 1965, slightly less than one acre was given to Joseph Hodges, who at the time was bishop of the Roman Catholic Diocese of Wheeling. Greenbrier spokeswoman Lynn Swann said she believes this is the unpaved parking lot that is on the west side of the Catholic church, across U.S. 60 from the Greenbrier Clinic.

Property was deeded to Theodore and Karen Kleisner in 2006 and 2007. Ted Kleisner left as president of The Greenbrier in 2006 after nearly 25 years with the resort. Swann said one transfer was for a lot and another was for the land needed for a driveway and associated parking. A separate document filed with the bankruptcy court values the undeveloped residential property at $149,342.

The Greenbrier's personal property includes:

--$3.9 million in books, pictures, antiques and art objects. The collectibles were appraised in 2006.

--$21.4 million in machinery and fixtures, ranging from a Hobart potato peeler to a fudge warmer; from an 1858 print of White Sulphur Springs to Thomas Grant chandeliers; and from a bowling alley to $252,514 worth of golf carts.

--$16,191 in firearms, including Beretta white onyx shotguns valued at $6,666.

--$287,181 worth of vehicles that range from a 1954 Oren Special fire truck to a fleet of pickup trucks and vans, two garbage trucks and a street sweeper.

--$648,508 worth of linens and $490,649 worth of uniforms.

--22 horses, listed with an unknown current value.

The resort's biggest debt -- $94.9 million -- is to its owner, CSX Corp. Other liabilities include employee hourly wages of $698,331 owed for the period from March 1 to March 18; employee hourly bonuses of $134,022 for the period from Nov. 1, 2008, to March 18, 2009; and $2.1 million for employees' accrued vacation.

Simultaneous with the resort's bankruptcy filing, CSX Corp struck a deal to sell The Greenbrier to a unit of Marriott International for up to $130 million. The sale hinges on the resort's ability to reach new labor agreements with its workers.

Contact writer George Hohmann at business@dailymail.com or 304-348-4836.

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Copyright (c) 2009, Charleston Daily Mail, W.Va.

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