If you need to give them a call so they might clarify that issue--instead of posting what you have which is not all the story.. I will only say Wall Street came calling..Otten and others did what Wall Street said to do, then the market took a dive/ the crash and Wall Street came back and said you are not worth what you were..(doing a brief synopsis here from Otten, he will explain in detail). Les did not agree with the other "chiefs" that had settled into the running of the business. Les wanted what the shareholders wanted to bring it back (stay whole or divide), it could not be agreed upon so he left mutual agreement--and those left in charge thought they were right and were wrong. He then put his investments elsewhere. The Red Sox, then the energy business of wood pellet furnaces. More jobs.
However who really buys a ski stock? I didn't. An IPO is not a good investment for the most part unless you have stock beforehand. No one that is a serious investor would buy a ski stock that cannot afford a loss.[but then you get to write off a loss]. Stocks going public in those times all shot out of the gate..those were fun times, but not smart times in trading decision..caught up in the euphoria of it all. I even bought some small stock in Alaska, had no history was JUST a new hyped Internet stock- bought on Friday for $2 play and by Tues the next was $22. I was lucky, not smart. Just played the game like everyone else.
Otten himself did not cause the stock to plummet. The company owned mountains all over the country so jobs were made across the country. The ski business is risky. Weather is of course a factor no matter if you have the best technology in snow making. If there is no snow in Boston then people just don't flock to the mountains "in the groove", that is why they take the snow to the city to advertise.
Should they have stayed small? When you get too many chiefs, conflict is bound to arise. I don't have to go and research, I know first hand. Plus that quote I took was also reported in the Lewiston paper which took the other candidate on for lack of facts... a candidate in the single digits. Otten has done so much more than Sunday River. You would be impressed with the family history as well on his father who VERY wealthy stell industrialist was imprisoned by Hitler (would not play ball with Hitler)-his family did escape Nazi Germany-Switzerland ( I believe ) and wound up in upstate NY with very little money. Amazing stories to be told. He knows what it is to be rich, down and rebuild again--he attributes that work ethic to his father.
Give his office a call or ask for Edie Smith. He's approachable. He is not egotistical. Quiet man really. He did try to buy SR back, as you know; but I assumed that would be too big a slap in the face of the ones that decided they knew better than Les. It was his baby--the Internet/telecom debacle effected all stocks. I did enjoy when he thumbed his nose upon leaving and built the restaurant across from the Base Lodge.
Baldacci will soon be gone!! we can agree on that!! We need someone who has contacts all over this country, not just in Maine to bring business to Maine. I am also for Dean Scontras as well. Scontras has a great future, I feel.
Some above is my take on it, so to verify go to the source Les Otten. Think I am pretty on target. Long time ago now it seems... Sorry if fragmented..but there is always more to a story and when you are in the lead those at the bottom are desperate, knowing people believe what they want to believe..dam the truth be told in its entirety. I knew all what you had written and Otten was prepared for it all.
Instead of buying penny stock..it would have been better to buy a lot (one of the best) which we all did..scraped up $6K split 3 ways. House then was $50,000k post and beam sweat equity with some remodel of course over the years. The present owner ( prior partner ) has it selling close to a MIL. Location Location Location. Not bad. The foundation for success was laid by Otten.
We all make our own choices on how we invest for the long haul. Invest in stocks like ski areas, no matter who owns the mountain--the market is too volatile. He deserved to make money as he did. Otten took the biggest risk of all.