Owner Says Airline Ties Not Resort's Problem

GRAND COUNTY, CO-Marise Cipriani, the owner of the 5,500-acre Sol Vista Ski and Golf Ranch 78 miles northwest of Denver, long has touted being the daughter of the late founder of the TransBrasil Airlines, one of the largest carriers in Brazil. And her husband, Celso, serves as president of the carrier.

Celso commutes between Brazil and their home in Boulder.

Now, however, she is distancing herself from the airline, other than to note she’s a shareholder.

The reason?

General Electric Capital Corp. is trying to force TransBrasil into bankruptcy. GE Capital filed court papers in Brazil to force it into bankruptcy over a dispute regarding payments involving five leased airplanes.

But Cipriani, who is in the midst of a $100-million expansion of Sol Vista, says Sol Vista is totally independent from TransBrasil and stands on its own. Sales are strong there and the final nine holes of an 18-hole golf course are under construction. She worries, however, that problems between GE Capital and TransBrasil could tarnish the resort she’s worked so hard to build.

GE Capital’s decision took the company by surprise.

”TransBrasil feels the action is not legal and incorrect,” Cipriani wrote in a letter to her employees, which she is sharing with GlobeSt.com. ”Besides the action from GE being incorrect, Brazilian law has special provisions surrounding airlines which prohibits this type of action against an airline.”

GE Capital didn’t immediately respond to an inquiry.

In any case, Cipriani says that TransBrasil only accounts for 5% to 10% of her family’s net worth.

”TransBrasil represents a minor portion of my personal assets,” Cipriani wrote to employees. ”Some of my larger holdings involve a meat packing company, Sadia, and a precious gem mining operation, in Belo Horizonte in Brazil. Sadia and the mine have been prospering well during this downturn in the economy. My extensive investment in the resort has NEVER been funded with returns resulting from my investment in TransBrasil.”

She notes that Sadia is one of the world’s largest meat packing companies, with anticipated revenues of more than $400 million. It started trading on the New York Stock Exchange recently as an ADR.