Background: What have Leon Black (Apollo), Michael Milken And Adam Aron In Common? Vail Resorts

CREDIT TO: https://twitter.com/BadassTrader69

Michael Milken (Aka The Junkbond King) :And this is where the History Lesson begins...

Michael Milken

At the time of Michael Milkens arrest for Racketeering and Securities fraud due to his illegal activities in the JUNK BOND MARKET, in 1989, he was working for Drexel Burnham Lambert. Michael Milken arrest

After the Investigation, Drexel Burnham Lambert was forced into Bankruptcy in 1990.

Following this... a group of SAVY ex-Drexel employees decided to set up shop for themselves.

This included:

LEON BLACK - Head of Drexel Mergers and Acquisitions
JOHN HANNAN - Drexel’s Former Co-Director of International Finance
CRAIG COGNUT - Drexel High-Yield Division Lawyer
ARTHUR BILGER - Drexel Head of Corporate Finance
ANTHONY RESSLER - Senior Vice President Drexel High Yield Department
MARC ROWAN - Worked under Leon Black
JOSH HARRIS - Worked under Leon Black
MICHAEL GROSS - Worked under Leon Black

And thus was born... Apollo Advisors, which would later become...

APOLLO GLOBAL MANAGEMENT

Leon Black Apollo

Leon Black had risen through the ranks at Drexel to become Michael Milken's Right-Hand Man, and built a fearsome reputation doing so.

Source - Time Magazine: Paragraph 6 https://content.time.com/time/magazine/article/0,9171,137095,00.html

This reputation meant within 6 months, Apollo Advisors had managed to raise $400 million and launched their first fund. Apollo 1.

As you can imagine... after all he had learned from Milken, it didn't take Black long to start some fuckery.

Let's Take a look at one of his FIRST deals shall we? Leon Black, Michael Milken, Steve Cohen Point 72

Adam M. Aron CEO of Vail Resorts (1996 - 2006)

Adam Aron Vail Resorts

In the 1980's George Gillett was building a billion-dollar empire based on the odd combination of meatpacking and television stations, in addition to Vail Mountain, much of which was financed by the Junk Bonds of Drexel.

This all came crashing down in 1991 when Gillett couldn't pay off the debt on the notes from Milken. Gillett Holdings filed for Chapter 11 Bankruptcy and Apollo swooped in and became the majority shareholder by 1992.

Leon Black quickly began selling off much of the Assets held by Gillett Holdings but kept Vail Resorts as part of his Apollo Ski Partners Division.

While under the management of Gillett, the Vail Resorts thrived, winning Ski Magazine rankings 5 years in a row, in addition to completing the China Bowl and Mongolia Bowls expansion and bringing the World Championships to Vail for the first time.

From 1996 to 2006, Aron was HIRED BY APOLLO as CEO to oversee their investment in Vail Resorts.

Source: https://www.perenews.com/apollo-hires-ex-vail-ceo-as-operating-partner/ (Paragraph 2)

Though it's widely claimed that Apollo Management sold their stake in Vail in 2003, according to their SEC filings, this didn't happen until 2004.

Apollo Management, headed by Leon Black, bought the company out of bankruptcy and took Vail Resorts public, controlling Vail Resorts through its growth until around 2003, when Apollo divested themselves of the controlling interest.

Wikipedia Claiming they left in 2003 Source: https://en.wikipedia.org/wiki/Vail_Resorts (Paragraph "History")

SEC forms showing Sales of Ownership:

SEC Form 4 #1: https://www.sec.gov/Archives/edgar/data/812011/000092153004000196/xslF345X02/primary_doc.xml

SEC Form 4 #2: https://www.sec.gov/Archives/edgar/data/812011/000095016204001126/xslF345X02/apolloskiform4093004_ex.xml

Sec Form 4 #3: https://www.sec.gov/Archives/edgar/data/812011/000092153004000536/xslF345X02/edgar.xml

With the last recorded date of ownership being 5th November 2004.

It wasn't long thereafter that Aron decided he was going to jump ship too. In 2006 he shocked everyone by announcing he was quitting, but not before cashing in all his shares of course.

Source The Denver Post: https://www.denverpost.com/2006/01/30/vail-resorts-chief-quitting/

It's again... widely reported that Adam Aron did a GREAT job at Vail.

But there's another side to this story.

Aron's loyalties lie with Apollo, nobody else. And Apollo's priority is profits no matter what the cost.

Here's an article in 1998 by Forbes Magazine, that describes how Aron went about

extracting extra bucks out of the existing lift-ticket buyers. He uses strategies that ensure all visitors' money is spent at the resort itself. And this worked very well. He built restaurants, hotels, even a credit card that ensured Skier Dollars were only spent within Vail Resorts.

This came at a MASSIVE cost to local businesses though. Many of which suffered, or completely went out of business.

Aron's justification for the number of complaints he got from stealing local business?

Sour Grapes

MISQUOTE: This is how it's Phrased in the article:

Sour grapes, says Aron.

We'll have a mix of company-owned facilities and local entrepreneurs that will increase our profits while maintaining the creativity and passion.

He never tried to ease people's minds, or assure them of his intentions and plans for the future.

Source Forbes: https://www.forbes.com/forbes/1998/1019/6209070a.html?sh=1be464302a78

But after the penny pinching, and taking the company Public (Followed by 7 Years of Stock Price Declines) the stock started to finally turn around.

And Aron started to build a reputation in the community (Apparently) that he and Apollo were not the bad guys after all.

IN FACT... almost everywhere you read about Aron's time at Vail, it's HAILED as a massive success story! And he certainly gave the impression that he was ALL IN ON VAIL!

Aron Commits to Vail, including selling stock options to

acquire a new residence in Vail for his long-term personal use

This move was intended to show "I trust I am expressing both my strong confidence and commitment here". Announced 1 year before he surprised everyone by Quitting and going to work for Apollo. (At the time, he did not tell anyone his plans to work for Apollo)

Source Vail Daily: https://www.vaildaily.com/news/vail-ceo-aron-to-sell-stock-options/

By the time Aron was DONE in Vail, profits were up, the stock price was up, the company had expanded and overall there was more money available to locals through various investments in the town and its people? (Apparently)

Well, I personally think A LOT more went on here:

When you look back at the point in time when Apollo Actually DID Dissolve their ownership... things take a SLIGHTLY different tone.

In an article in the Deseret News discussing the move... they quote that, even though the stock was up, Revenue was up, and expansion was secure and even the Ski Lift ticket prices had been raised to the HIGHEST IN THE COUNTRY... the company was actually losing money year over year?

Separately, Vail Resorts reported a loss of $36.3 million, or $1.03 a share, for the fourth quarter ended July 4, wider than the loss a year ago of $33.7 million, or 96 cents a share.

Revenue for the latest quarter rose 4.2 percent to $83.1 million from $79.7 million.

For the full fiscal year, Vail Resorts lost $5.9 million, or 17 cents a share, compared with a loss of $8.5 million, or 24 cents a share, a year earlier.

Full-year revenue rose to $500.4 million from $464.1 million.

Additionally, this article discusses:

CEO Aron said reports in the media about the possible sale of the company were "inaccurate" and some of the "sources in the stories were either stupid . . . or making things up."

Following this, The Denver Post reported (No source as they were not online yet) that indeed Vail Resorts was Courting Buyers interested in acquiring the company for about $725 million.

Aron said he couldn't elaborate because his lawyer advised him not to comment on market speculation.

Aron said,

I've said it as clearly as I can — the management team and everyone in the company is focused on operating the business

Source: https://www.deseret.com/2004/10/1/19853332/apollo-dissolves-vail-resorts-stake

Another Article from around that time... in the Dever Business Journal, discusses how not only was Apollo selling its 1.3 million shares in the company, but the company would also withdraw a shelf registration to sell another 175,000 shares to Apollo Ski partners (Owned by Apollo Global).

And also references the losses the company was making.

Source: https://www.bizjournals.com/denver/stories/2004/03/29/daily34.html

How about we take a look at how the LOCALS REALLY FELT??

As far as on the mountain skiing experience, where the hell have you been skiing? The market is overrun by discount, down-market bargain hunters who are squeezing out our alpha customer to the detriment of every business in town. Prices are so easily cut and so easy to raise that Vail Resorts profit margins are shrinking faster than a porn star in an ice cold bath. Unfortunately, many of us have assets here in the valley that are negatively affected by Aron’s ineptitude.

Source VailDaily: https://www.vaildaily.com/news/tipsline-141/

Hey I’m just calling to see what the other Vail Resorts employees think of Adam Aron’s big bonus. We keep having these record years, and he can only muster a 2 percent raise for the last three years? That doesn’t even cover our insurance going up. We’re still losing money. He always talks about how valuable his employees are, and the locals are. How about a little respect? I agree with Gonzalo of the Minturn militia. If you keep messing with the local work force, hopefully, Adam, you will be moving on to greener pastures, like you deny. Pretty much you’re no good for this community or Vail Resorts. Beat it, chump.

Source VailDaily: https://www.vaildaily.com/news/tipsline-110/

I personally feel that as a community we afford Vail Resorts many privileges to bring business into the valley, widening the Frontage Road and opening Ford Park to allow for overflow parking.

We developed a master plan for the village and Lionshead with VR’s redevelopment in mind. Yet the more we give the less we receive as a community.

Source VailDaily: https://www.vaildaily.com/news/letters-to-the-editor-238/

Never mind the visitors.

I think it really stinks that Vail Resorts doesn’t let the locals ski until Sunday the 3rd. We used to be able to ski on the first of January. Kaye Ferry is right. The merchant pass prices have gone up and we have less skiable days.

Worthy of investigation.

Source VailDaily: https://www.vaildaily.com/news/tipsline-159/

I would just like to comment on tattling where the individual here is talking about Adam Aron being parked in a handicapped spot on Christmas day, because the editor’s note here says that Vail Resorts’ CEO Adam Aron has had a foot injury requiring the use of crutches and a wheelchair. Miraculously, on the 27th, I saw Adam Aron at a party where he did not require either a wheelchair or crutches, so I’m not really sure what you guys are up to, but that’s a miraculous recovery in two days from a wheelchair and crutches to partying down on the 27th of December. Thanks for all of your investigative reporting.

No excuses

Source VailDaily: https://www.vaildaily.com/news/tipsline-159/

Some of it highlights how poorly employees were treated, how locals ski access was continuously abused in favor of higher profit tourist ski, how the town has suffered financially, and how generally... very little good will seemed to have ACTUALLY been directed at Aron, despite what all the MSM and Experts say...

And remember Aron's response to this????

Sour Grapes

All in the name of better profits for Apollo

In regards to the tattling on CEO Adam Aron. I was the tattler, and Mr. Aron was actually running to his car avoiding the snowflakes that were coming down in the parking lot at Safeway. So I don’t normally bash others, but you guys need to get things straight before you start printing stuff.

Does this mean that Adam Aron was doing a bad job as "INSIDE MAN" for Apollo?

Well I went and checked...and in FACT, he was doing a great job for them!

The company was not losing money at all. Every Year, from 1996 - 2006, the company was profitable!

WITH THE EXCEPTION OF 2...2003 - 2004... right around when Apollo decided to up and leave. I WONDER why that might be?

If you want to check out all years, you can go to SECs Edgar search results here, and just click on Annual Reports and search for Net Income.

https://www.sec.gov/edgar/browse/?CIK=812011&owner=exclude

But here's a quick snapshot from 2006 Annual report highlighting the 2 losses: Vail Resorts Balance sheet

After Apollo had dissolved their position, Aron did bring the company right back to profitability making $23 million in 2005.

And though Aron can only be credited for half of 2006, from that point on (After Aron left) the companies profits soared. By 2008, Company profits had increased by 400% of Arons last full year.

Source: SEC https://www.sec.gov/Archives/edgar/data/0000812011/000081201108000026/form10k.htm (Search for Net Income to see a 5-year snapshot)

What do wie know so far?

Adam Aron works for Apollo Global Management.

Aron Apollo

Milken Sold Junk Bonds to Gillett.
Gillette Couldn't pay the interest on these bonds and filed for Chapter 11
Milken's buddy, Leon Black took over the company by buying up these bonds
Black sold off the excess assets, acquired some new assets, and then took the company public
They used the proceeds from the IPO to pay off all the bonds (Source SEC)
They brought in Adam Aron - Who was their pick of Investors at Apollo (Source Aspen Times)
And proceeded to milk as much revenue from the company as possible (Source Forbes)
While paying themselves Management fees (Source SEC) Director Salaries, Bonuses and Stock Options.
When they were done expanding, and the stock price was recovering (From 7-year declines), they sold their shares on the market and moved on.
1993 - 1996 Norwegian Cruise Lines - Aron is CEO
2007 Apollo Global Bought 50% of Norwegian and took them public in 2013

(Source: https://en.wikipedia.org/wiki/Norwegian_Cruise_Line)

https://web.archive.org/web/20210225054704/https://www.sun-sentinel.com/news/fl-xpm-1996-07-23-9607220403-story.html

And here's the Screenshot highlighting the important bits: Aron Norwegian

Leon Black and his ties to Human Trafficker and Pedophile Jeffrey Epstein

Leon Black Epstein connection

Leon Black, known locally as the founder of the company that would become the modern Vail Resorts, has been the subject of much national news in recent months.

CNN:

Leon Black will step down as CEO of Apollo Global Management, the investment firm said, as it also announced that an internal investigation into Black’s ties to Jeffrey Epstein found no wrongdoing.

Fox Business:

Apollo Global Management co-founder Leon Black has stepped down from his role as CEO of the private equity giant earlier than anticipated, in the wake of months of criticism over ties to convicted financier Jeffrey Epstein.

New York Times:

Leon Black has relinquished all control of Apollo Global Management, the private equity firm he led for more than three decades, just two months after he said he would remain chairman following the revelation that he paid more than $150 million to the disgraced financier Jeffrey Epstein.

New York Post:

Billionaire Leon Black is leaving Apollo Global Management in a surprise announcement as controversy continues to swirl around his ties to pedophile financier Jeffrey Epstein.

Forbes magazine describes Black’s ties to Milken in a piece titled,

Who Is Leon Black, The Billionaire Who Helped Bankroll Jeffrey Epstein’s Second Act?

Black founded a spin-off company, Apollo Ski Partners, which took over Vail when Gillett couldn’t pay off the debt on the notes from Milken. Gillett Holdings filed for Chapter 11 in 1991, and Apollo Ski Partners became the majority shareholder of the company in 1992.

Gillett didn’t own Vail for long – from 1985 to 1991 – but after his tenure, he was remembered by many as Vail’s best ski operator.

But not everyone was happy with what Leon Black and Apollo had brought to Vail.

Apollo will make millions over the years on its new ‘product,’ but the citizens of Eagle County will live with the repercussions,” wrote Joy Overbeck, for the High Country News, in 1998. “Not Leon Black, who puts on a cowboy hat once a year and comes out to ice skate on the rink he named after himself.

Leon Black Epstein connection2

11:30 am - Leon Black, Apollo Global Management co-founder

Epstein and Bill Gates leave the Park Hyatt Hotel and head over to Apollo Management on 57th Street for a meeting with Leon Black.

Epstein and Black had more than 100 meetings scheduled from 2013 to 2017. They were held occasionally at Black’s offices, but most were at Epstein’s townhouse, according to the WSJ.

In October 2020, the New York Times revealed that Black transferred at least $50 million to Epstein between 2012 and 2017. Black, whose net worth was estimated at $8 billion, had a professional relationship with Epstein that ended in 2018 due to a "fee dispute."

The billionaire resigned from his position as Apollo's CEO in March 2021. An investigation conducted by Apollo highlighted that Black had paid Epstein $158 million for estate planning and tax work. Although considering Epstein’s lack of qualifications, it is unclear why Black looked to Epstein for financial services.

Black has been under scrutiny over his association with Epstein since Epstein's arrest in 2019. However, he has maintained that Epstein provided services strictly related to tax, estate planning, and philanthropy and has claimed ignorance of Epstein's alleged criminal activities.

Is there a connetion between Adam Aron and the PEDOPHILE RING OF JEFFREY EPSTEIN?

Original Links:

https://www.itsmeseidy.com/p/jeffrey-epstein-with-much-influence

https://www.vaildaily.com/news/eagle-valley/a-look-back-at-leon-black-and-apollo-ski-companys-acquisition-of-vail-mountain/

https://www.forbes.com/sites/lisettevoytko/2020/10/12/who-is-leon-black-the-billionaire-who-bankrolled-jeffrey-epsteins-second-act/

https://www.tortoisemedia.com/epsteins-moneymen/

https://www.wsws.org/fr/articles/2023/05/24/zqcl-m24.html

https://www.reddit.com/r/amczone/comments/194ww9i/billionaire_boys_club_bbc_ep_16_part_1_the_apollo/