BROOMFIELD, Colo. – Vail Resort board members received a scathing letter and accompanying presentation from one of its investors, calling out numerous shortfalls over the past five years along with the some strongly worded remarks.

“Competitors are eating Vail’s lunch, and management is asleep at the wheel,” the letter reads.

Another statement, “The core skiing community has labeled Vail the “Evil Empire.”

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These are just a couple of the remarks from the poignant letter signed by Taylor G. Schmidt of Late Apex Partners, LLC and sent to Vail headquarters on Jan. 27.

The investment firm claims their stake in Vail is their single largest position and reflects their conviction in the company’s future.

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This was evident in the letter and presentation, which sought to pinpoint Vail’s deficiencies. “We view Vail’s core failure as its total loss of focus on its north star: delighting the customer. Moreover, Vail has alienated virtually all meaningful stakeholders: skiers, employees, local towns, potential partners, and investors.”

This was sent just 19 days after the close of a 12 day strike between Park City Professional Ski Patrol Association and Vail, which came to a head around New Years, one of the busiest times of the year.

Social media outrage complained of hour plus long lift lines, and limited terrain. Vail answered with a 50% per-day credit to address the less than ideal Park City mountain guest experience during the strike.

On Jan. 8, after 10 months of bargaining, the parties came to an agreement for an increased starting wage of $2 and higher raises for experienced patrollers.

Late Apex’s presentation states this strike represents a boiling point and that management must go.

The letter calls for the replacement of CEO Lynch and CFO Korch. “Having demonstrated zero control over the business, their names have become toxic to employees, guests, and investors,” the letter reads.

It also condemns the millions of dollars that insiders have made in the last three years, including $19 million to Lynch, while shareholders lost 47%. It also points out the company’s payout of excessive dividends has reduced its ability to reinvest in high-return initiatives and its key asset, what Late Apex believes to be customer experience and goodwill. 

The letter proposes a path forward that the firm says could result in Vail’s per share increase to $400. This path includes hiring a proven CEO, reducing dividends, changes to the board, and growing an Epic partnership network as opposed to capital intensive mergers and acquisitions.

Their presentation is 88 pages long, filled with charts and graphs.

“Ultimately, this is about Vail returning to its mission – to create the experience of a lifetime for employees and guests,” the letter says as it comes to an end.  

Vail Resort provided the following statement in response to Late Apex’s letter. “Vail Resorts received this letter from an investor, which was the first communication the company had received from this individual. We engage frequently with our many different shareholders and value their feedback.”

The Vail Resorts Inc share value increased from $166 to $176 the day the letter was released, but has since dropped to around $172.

To view the full letter and presentation, visit lateapexpartners.com/vailadalta.