Sacklers own majority of Mount Snow parent company
WEST DOVER — Members of the Sackler family now own a majority of Mount Snow's parent company Peak Resorts, according to United States Securities and Exchange Commission filings.
The Sacklers are making headlines as they face lawsuits over the marketing of painkillers when they allegedly knew the risk of their abuse. They own Purdue Pharma.
Members of the Sackler family are beneficiaries to a trust that runs Cap 1 LLC, which acquired more than 53 percent voting power in Peak Resorts in November, the same month Peak Resorts purchased Snow Time and its three resorts in Pennsylvania. The development was first reported by the Deerfield Valley News.
Jamie Storrs, senior director of communications for Peak Resorts, said Mount Snow and Peak Resorts have no comment.
"I think the question of ownership is separate from what Mount Snow contributes to our valley and our town," Dover Select Board member Sarah Shippee said. "The Sacklers are part of a situation that is ruining lives and communities. To what level they can actually be held responsible, I can't say, but it is distressing to say the least. I don't see putting that responsibility for that on Peak Resorts, and by extension Mount Snow, makes sense. And it punishes a company that does a tremendous amount of good."
Cap 1 committed to providing a two-year $50 million loan to Peak to buy Snow Time and received 20,000 shares of "Series A Preferred Stock" from Peak for $20 million, according to an SEC filing from September.
Snow Time was acquired for $76 million. Its stockholders received $6 million in Peak Resorts stocks, according to the filing.
Peak Resorts owns 17 resorts.
Reach staff writer Chris Mays at email@example.com, at @CMaysBR on Twitter and 802-254-2311, ext. 273.
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