New majority owner of Peak Resorts

[Newpylong]

Not taking a stance either way but the Marketing Director for Mount Snow posted a Peak press release denying the claims of majority ownership on their pass holder website.

 

[andrec10]

Not taking a stance either way but the Marketing Director for Mount Snow posted a Peak press release denying the claims of majority ownership on their pass holder website.

So it hit a nerve!

 

[FBGM]

Not taking a stance either way but the Marketing Director for Mount Snow posted a Peak press release denying the claims of majority ownership on their pass holder website.

Nothing like feeling the bad press and pressure and then straight up lying.

 

[mbedle]

I'm not a financial guy, but after reading the SEC filings and going back to the original article that VTDigger references, it doesn't seem that at this point, CAP 1 has majority ownership. In order for that to happen, they would have to exercise all of the warrant certificates for stocks totaling around $57 million. Considering that all of the warrant certificates have a per stock price significantly above current peak value, I don't see CAP 1 jumping in to buy overprices stocks in Peak.

 

[p_levert]

I've been hoping this thread would just die.

DoWork, please keep up your great posts about Magic! I'm a fan.

 

[skiur]

I've been hoping this thread would just die.

Care to elaborate?

 

[Edd]

Not taking a stance either way but the Marketing Director for Mount Snow posted a Peak press release denying the claims of majority ownership on their pass holder website.

Could you post a link? My search just turns up links reporting the majority ownership.

 

[drjeff]

Could you post a link? My search just turns up links reporting the majority ownership.

The details, are all spelled out in the 10Q SEC filing dated 12/12/18

 

[Edd]

The details, are all spelled out in the 10Q SEC filing dated 12/12/18

He’s talking about a press release. That’s what I’d like to see.

 

[JimG.]

Went to a gender reveal party yesterday. Met a few family members one a big VT skier.

After BSing for 15 minutes he spits out, totally unsolicited, that he's never skiing at Mt. Snow again because of the Sacklers.

Took me off guard; this thread has taught me not to respond to the topic with anything but a nod and an "oh, really?".

Conversation moved on from there but the word is out.

 

[cdskier]

He’s talking about a press release. That’s what I’d like to see.

I'd like to see it too, but I assume the Press Release is essentially re-stating what is in the 10Q filing. Here are a couple relevant statements from the SEC filing itself:

Here's what they currently control it seems:

Upon closing the Snow Time Acquisition, Cap 1 and its affiliates hold approximately 37.9% of the voting power of the Company

Here's information on what they would control if they exercised all rights and options, etc that they were given:

Assuming the conversion of the Series A Preferred Stock and exercise of all warrants held by Cap 1 as of the Snow Time Acquisition closing, Cap 1 would own approximately 54% of the outstanding shares of our common stock.

 

[Domeskier]

The distinction between a controlling interest and a substantial minority interest ought to be morally irrelevant to people who are concerned about this drug family making money off of Peaks. But I guess if you're Peaks you want to hope that those people don't realize it.

 

[skiur]

The distinction between a controlling interest and a substantial minority interest ought to be morally irrelevant to people who are concerned about this drug family making money off of Peaks. But I guess if you're Peaks you want to hope that those people don't realize it.

Hasnt the sackler family had a substantial minority share for years? Peaks must have tried real hard to keep this under the radar, Really does not matter, by next fall majority of people will have forgotten about it and everything will be normal by the time snowmaking starts up.

 

[drjeff]

Hasnt the sackler family had a substantial minority share for years? Peaks must have tried real hard to keep this under the radar, Really does not matter, by next fall majority of people will have forgotten about it and everything will be normal by the time snowmaking starts up.

Yup, the Sackler's, through their subsidiary companies have held a significant minority stake in Peak for some time now. Pretty sure that if one wants to take the time to dig through the publicly available SEC filings of many companies they choose to do business with, that they'd find some investors with ties to things that they may very well have some moral objection too.

The angle that the media has chosen to present this story from, just isn't factually accurate that this moment in time. On paper, yes, there is the potential for the Sackler family subsidary investment companies to exercise the current above market price options and acquire a majority interest in Peak. They are not though currently a majority owner of Peak

 

[jimmywilson69]

media slant?!?!?!?!? that would never happen...

 

[catskillman]

Yup. And there is also one against an individual ski patroller. I have that info from a reliable individual

 

[2Planker]

The distinction between a controlling interest and a substantial minority interest ought to be morally irrelevant to people who are concerned about this drug family making money off of Peaks. But I guess if you're Peaks you want to hope that those people don't realize it.

I work for Tufts Medical Center where Tufts University has the Sackler School of BioMedical Sciences... Built in the 80's by a 42M Sackler Family donation. Needless to say hundreds of Tufts Univ. & Tufts Med. Cntr. Faculty and employees are trying to press the university to remove the name....

 

[thebigo]

Not taking a stance either way but the Marketing Director for Mount Snow posted a Peak press release denying the claims of majority ownership on their pass holder website.

How does one access the passholder website?

 

[Smellytele]

Went to a gender reveal party yesterday.

Every time I hear this I think that some adult is having a party to now say they are the other sex.

 

[skiur]

How does one access the passholder website?

You buy a pass and they let you on it.