Sackler family takes majority control of Mount Snow
The Sackler family, facing a multitude of lawsuits for fueling the nation’s opioid epidemic, has purchased majority ownership in Mount Snow’s parent company, according to Securities and Exchange Commission filings.
The Sacklers obtained 54% voting power in Peak Resorts last November through a public company called CAP 1 LLC, SEC documents show. The Deerfield Valley News first reported the Sacklers taking effective control of Mount Snow.
CAP 1 is described in SEC documents as a Delaware investment company owned by a trust in which Beverly Sackler and Purdue Pharma’s former president, Richard Sackler, are beneficiaries. CAP 1 is further described as a client of Sumner Road, an investment management firm headed by Richard’s son, David Sackler.
The investment in Peak Resorts gives CAP 1 more than 15 million shares and puts the Sacklers in control of Peak’s future.
Read more: https://vtdigger.org/2019/04/18/family-ties-opioid-crisis-takes-majority-control-mount-snow/