Mount Snow, VT Investor Files Federal Lawsuit to Prevent Vail Resorts Acquiring Peak Resorts

[gwasson]

https://snowbrains.com/mount-snow-investor-lawsuit-prevent-vail-peak/

An investor in Vermont resort Mount Snow’s parent company, Peak Resorts, wants to stop a vote on whether to merge with Vail Resorts unless more information is disclosed.

The Brattleboro Reformer reports that the lawsuit accuses Peaks Resorts executives and directors of violating securities rules for required statements while soliciting shareholder votes. It seeks to stop the $463.6 million transaction, which is anticipated to close this fall.

In July, Peak Resorts announced it entered a merger agreement for Vail Resorts to acquire all 17 of their resorts.

The federal suit was filed Thursday in federal court in Missouri, where Peak Resorts has executive offices in Wildwood. The company has not yet filed a response in court.

 

[surfsnowgirl]

Hoping this delays things a bit so that we can enjoy mount snow before all the changes hit. Founders and St. Patty's day cheap tickets were put on the calendar so that's a good sign. My ski club inked the contract for our December weekend months ago so that's still happening. Will be interesting to watch this play out.

 

[HardDaysNight]

What will happen is VR will file a motion for summary judgement dismissing this bogus claim which the court will grant. It won’t delay the closing of the transaction by one single day! Unfortunately because I don’t wish VR well.

 

[Bill Talbot]

"Vail Resorts Inc., ruining skiing one resort at a time"

 

[LegacyGT]

I wonder who the investor was. I understand the Sackler family was a big investor in Peak Resorts. I have a feeling they'd rather have their money tied up in ski resorts than in cash right now.

 

[Philpug]

The shareholders apporved the sale.

 

[K2 Rat]

Shareholders approved it on Friday and the sale was supposed to settle today. Guess it did as Mount Snow and Peaks are posting on Social media that they are now Epic

 

[dbostedo]

^^^
The resort webpages are too... For instance, Whitetail's home page right now :

 

[K2 Rat]

I wonder who the investor was. I understand the Sackler family was a big investor in Peak Resorts. I have a feeling they'd rather have their money tied up in ski resorts than in cash right now.

The lawsuit, filed by investor John Field in Missouri Eastern District Court Aug. 29, alleges Peak violated federal securities laws for providing shareholders a “false and misleading” proxy statement. The lawsuit says the resort omitted or misrepresented financial information and failed to disclose company insiders’ potential conflicts of interest.

Field’s lawsuit demands the shareholder meeting, scheduled for Sept. 20 in Missouri, be enjoined until further information is disclosed.

** Obviously this did not stop the Shareholder meeting and the approval **

 

[LKLA]

I wonder who the investor was. I understand the Sackler family was a big investor in Peak Resorts. I have a feeling they'd rather have their money tied up in ski resorts than in cash right now.

Mr. John Field represented by Matthew L. Dameron of Williams Dirks Dameron LLC

Shareholders approved it on Friday and the sale was supposed to settle today. Guess it did as Mount Snow and Peaks are posting on Social media that they are now Epic

The deal closed this morning. Mount Snow, along with Hunter and 15 other mountains are now 100% owned by Vail. You can use the 19-20 Epic Pass, Epic Local , Epic Australia or Military pass for unlimited /unrestricted skiing at the 17 mountains. Vail will honor all Peak Resorts passes and Peak Resorts pass holders can upgrade to either an Epic Pass or Epic Local.

 

[K2 Rat]

Mr. John Field represented by Matthew L. Dameron of Williams Dirks Dameron LLC



The deal closed this morning. Mount Snow, along with Hunter and 15 other mountains are now 100% owned by Vail. You can use the 19-20 Epic Pass, Epic Local , Epic Australia or Military pass for unlimited /unrestricted skiing at the 17 mountains. Vail will honor all Peak Resorts passes and Peak Resorts pass holders can upgrade to either an Epic Pass or Epic Local.

Is Mount Snow still selling Peaks Passes for this season?

 

[dbostedo]

Is Mount Snow still selling Peaks Passes for this season?

I don't know why they would - I'd be really, really, really surprised if anyone did. There is no Peak Pass anymore. It will still be accepted for this season if you bought one, but they're pushing everyone to Epic products.

The Epic FAQ on Peak has a bunch of info...

https://www.epicpass.com/info/peak-resorts-faq.aspx

 

[K2 Rat]

I don't know why they would - I'd be really, really, really surprised if anyone did. There is no Peak Pass anymore. It will still be accepted for this season if you bought one, but they're pushing everyone to Epic products.

The Epic FAQ on Peak has a bunch of info...

https://www.epicpass.com/info/peak-resorts-faq.aspx

They are still selling them. I only asked them about the Drifter Peak Pass which was all I cared about.

 

[Ogg]

I guess I better hit Hunter one last time before it’s completely Vailified. I wonder if they’ll have the $17 lift tickets on St. Paddy’s day this year.