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.”
06/10/2017 – 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
- Cohen and Baros were behind sprawling Africa graft campaign
- The duo paid tens of millions of dollars in bribes, SEC says
Hedge fund bribed officials in several African nations, including Qaddafi’s son
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.
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
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).
08/21/2014 – The Hedge Fund and the Despot – Did 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.