American Skiing’s stock price plunges

NEWRY – American Skiing Co.’s stock price fell more than 25 percent Friday to an all-time low in its heaviest trading day of the year.

The stock opened at 71 cents, and plummeted after an unidentified investor sold 300,000 shares in a block trade at about 10 a.m. The stock closed the day at 52 cents as 792,000 shares changed hands – more than 25 times the daily average.

The plunge came one day after an investment team that included Leslie Otten, American Skiing’s founder and former chief executive, won the bidding war to become the new owner of the Boston Red Sox.

Brad McCurtain, president of Maine Securities Corp. in Portland, said he is not surprised that American Skiing’s stock is trading so low considering the company has lost $180 million in its last two fiscal quarters. The previous low was 65 cents last summer. “To me, it’s amazing the stock has been trading as high as it has,” he said.

Otten was the CEO of American Skiing Co. until he left the company last March. The company owns Sunday River and Sugarloaf ski mountains in Maine, and other resorts in New England, Colorado, Utah and California.

Otten is part of the group led by Florida Marlins owner John Henry and former San Diego Padres owner Tom Werner that has agreed to pay $660 million to buy the Boston Red Sox. Former Senate leader George Mitchell of Maine is also part of the ownership team.