Leelanau.com

Sugar Loaf Deal Lacking Investor?

Jacob Wheeler at the Glen Arbor Sun has a new article that pokes some serious holes in Liko Smith’s bid to purchase Sugar Loaf:

Oscar Peters — the British-born billionaire international banker who was helping Eneliko “Liko” Smith launch Las Vegas Airways (LV Air) before Smith turned his attention toward Sugar Loaf — has dropped out of the game. Peters’ exit might leave the West Coast hotelier with no viable way to acquire the long-shuttered Leelanau County ski resort.

Liko Smith had advertised Peters’ financial support on his Facebook page, “The Rok at Sugar Loaf” earlier this week, claiming that he was “partnering with Billionaire Financier Oscar Peters.” But those words have since been removed. In fact, Peters never even knew his name was being floated as an investor for Sugar Loaf.

Peters called the Glen Arbor Sun, via Skype from Sweden, Thursday afternoon to categorically deny that he had any interest in buying Sugar Loaf. Peters had never even heard of Sugar Loaf before Smith published a press release on Saturday via PRNewswire, announcing that he had acquired the ski resort, with Peters’ help.

“We are not involved with Sugar Loaf and we will never be,” Peters said. “You may have a beautiful state in Michigan, but I’m not interested in the resort. Mr. Smith went behind my back.”

Read on for more, including the back & forth letters between Smith & Peters and Smith’s response where he claims (in part):

“My investor for Sugar Loaf is a real person that has walked to the top of Sugar Loaf with me and felt the moldy toilets. Not a paper trader from England that has never set foot in Michigan”. As to Jacob Wheeler, my hat is off to him for his investigative skills but I give him an F on objectivity. However, if he or anyone else wants to check my sources, you have my number if you’re interested in the truth” This is why people like me, stay away from reporters. Now let’s get back to doing the real work of opening this mountain” says Smith.

And can we just add that Jacob is at the top of the game in terms of journalism in the area right now? He’s digging deeper and getting more on the stories he covers.

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