Sale of Mount Sunapee ski area lease: Articles and Industry PR

FOMS believes that, at Mount Sunapee State Park, the State’s primary responsibility is to serve as guardian of the public interest and to preserve and protect the essential conservation and public recreational values for which the park fundamentally exists to provide.

Commercial development, driven by powerful corporate interests, increasingly threatens public lands. At Mount Sunapee State Park, we must strongly resist the exploitation of our parkland for private financial gain. Additionally, leaseholders at our state parks must demonstrate sound financial management and ethical practices that inspire public confidence and trust.

Updated 6/25/2017. Below find links to industry press releases and news articles related to the sale of the ski area lease at Mount Sunapee. Provided here are registry documents and related State documents.

The state-owned ski area, located in Mount Sunapee State Park, was leased in 1998 by the State of New Hampshire to Okemo, which later chose to operate in N.H. as The Sunapee Difference. In 2008, Okemo/TSD sold the lease to CNL Lifestyle Properties (real estate investment trust) with an agreement that kept Okemo/TSD managing the ski area. The lease is subject to “assignment or otherwise transfer” with State approval.

However, on June 7, 2017, the NH attornery general and the commissioner of the Department of Resources and Economic Development announced that Och-Ziff (Real Estate) now owns the ski area lease at Mount Sunapee State Park, and the deal was “structured in a manner to avoid triggering the assignment provision of the Lease.”

06/20/2017 –

Mount Sunapee lease holder Och-Ziff pays $413 million to settle foreign bribes concerning African diamonds and mining rights

06/10/2017 –  N.H. Calls for Lease Hearing – Valley News

After bribery schemes in Africa led the U.S. government to fine the new operator of Mount Sunapee Resort $412 million last year — one of the biggest penalties ever issued under the Foreign Corrupt Practices Act — the New Hampshire attorney general wants to hold a public information meeting about plans for the resort.

06/08/2017 –  Sunapee’s new leaseholder fined millions in bribery case – Union Leader

06/07/2017 – State calls for public meeting amid concerns over Mount Sunapee ski lease – Concord Monitor

06/01/2017 – The FCPA Blog Former Och-Ziff middleman jailed two years – The FCPA Blog

05/31/2017 – Och-Ziff Judge Wants Everybody in Bribery to Be Accountable – Bloomberg.com

05/22/2017 – Och-Ziff: Wall Street’s fallen star – Crain’s New York Business

Daniel Och’s hedge fund saw the steepest revenue drop—42%—of any publicly held New York company, thanks to a massive corruption scandal.

04/10/2017 – EPR Properties & CNL Lifestyle announces transaction closure – Zacks.com

04/08/2017 – EPR Properties and CNL Lifestyle Properties Announce Closing Of Transaction, Includes Northstar Sale – Snow Industry News

EPR Properties (the “Company”) and CNL Lifestyle Properties, Inc. (“CNL Lifestyle”) today announced the completion of the previously announced acquisition by the Company of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at $455.5 million. Additionally, the Company provided $251.0 million of five-year secured debt financing to funds affiliated with Och-Ziff Real Estate (“OZRE”) for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million.

  • Redemptions over the last 13 months came amid settlement
  • Resolved five-year bribery probe in September with regulators

See https://www.bloomberg.com/news/articles/2017-02-15/och-ziff-reports-8-billion-in-outflows-in-2016-amid-settlement

  • Cohen and Baros were behind sprawling Africa graft campaign
  • The duo paid tens of millions of dollars in bribes, SEC says

11/26/2016 – Mt. Sunapee, Loon buyer paid $412m to settle criminal, civil bribery charges – NH Business Review

Hedge fund bribed officials in several African nations, including Qaddafi’s son

11/03/2016 – Crested Butte and 13 other ski areas sold to New York hedge-fund manager DenverPost.com

11/03/2016 – CNL unloads 15 ski resorts –  FirstTracksOnLine.com

11/02/2016 – EPR Properties: CNL Lifestyle Properties Portfolio Transaction

Download/view: epr-prop-cnl-portfolio-transaction-2016nov2 (pdf 3.3MB)

 

11/02/2016 – CNL Lifestyle Properties, Frequently Asked Questions, Plan of Liquidation & Distribution, Purchase & Sale Agreement and Special Distribution

Download/view: cnl-liquidation-special-distribution-stockholder-qa-2016nov2 (pdf 127kb)

11/02/2016 – CNL Lifestyle Properties, Stockholder Letter

Download/View: cnl-stockholder-letter-2016nov2 (pdf 109kb)

About Och-Ziff, the lessee at Mount Sunapee

09/26/2016 – Och-Ziff’s Sprawling Africa Bribery Network Laid Out by U.S. – Bloomberg.com

  • Hedge fund billionaire turned blind eye to corruption risks
  • Scheme sought to win deals from officials, including a Qaddafi

Those actions are part of a multiyear bribery conspiracy across Africa that benefited Och’s firm, Och-Ziff Capital Management LP, U.S. authorities said Thursday.

See https://www.bloomberg.com/news/articles/2016-09-29/och-ziff-two-executives-sanctioned-by-sec-over-africa-deals

See below for the breakdown of the $415 million: $213 million in criminal charges for violating the Foreign Corrupt Practices Act by Department of Justice and $200 million in civil charges for violating the Foreign Corrupt Practices Act (FCPA) by the Securities and Exchange Commission.

09/26/2016 – Och-Ziff Capital Management Admits to Role in Africa Bribery Conspiracies and Agrees to Pay $213 Million Criminal Fine –  U.S. Department of Justice, Office of Public Affairs

Och-Ziff Enters into Three-Year Deferred Prosecution Agreement; Subsidiary Pleads Guilty to Conspiracy to Violate the Foreign Corrupt Practices Act

See https://www.justice.gov/opa/pr/och-ziff-capital-management-admits-role-africa-bribery-conspiracies-and-agrees-pay-213

09/26/2016 – Och-Ziff Hedge Fund Settles FCPA Charges – U.S. Securities and Exchange Commission

The Securities and Exchange Commission today announced that Och-Ziff Capital Management Group has agreed to pay nearly $200 million to the SEC to settle civil charges of violating the Foreign Corrupt Practices Act (FCPA).

See https://www.sec.gov/news/pressrelease/2016-203.html

08/21/2014 – The Hedge Fund and the DespotDid a Wall Street titan’s money bail out Robert Mugabe in his hour of need? – Bloomberg.com 

Asked repeatedly when Och-Ziff first learned its money would fund the Zimbabwe platinum deal, a spokesman for the hedge fund firm declined to comment.

See https://www.bloomberg.com/news/articles/2014-08-21/mugabes-bailout-och-ziff-investment-linked-to-zimbabwe-despot

Comments are closed.

Copyright 2017 Friends of Mount Sunapee