Jay, Burke and EB-5

Coach Z wrote

Maybe the Feds are getting Bill to roll on Q

That seems to be what's going on

Update again; looks like Stengers out
http://www.newenglandskiindustry.com/viewstory.php?storyid=476

http://www.wcax.com/story/33052304/federal-receiver-former-jay-peak-president-duped-by-quiros

Someone needs to look into political donations Q and Bill made to to Shumlin.  Politics aside that guy always seemed shadey.  You can't avoid him up here in he Daks he was on the Burlington news every fricking day becuase VT governors terms are only two years long.

I would be very surprised if the EB-5 story, with Jay at its center, is not the subject of a 60 Minutes piece in the next couple of months.

D.B. Cooper wrote

I would be very surprised if the EB-5 story, with Jay at its center, is not the subject of a 60 Minutes piece in the next couple of months.

So says the man who disappeared at 10,000 feet.  

http://wamc.org/post/investors-sue-businessman-vermont-fraud-case

Big piece in the Boston Globe about Jay EB5 today.  Pointing some fingers at the VT politicians involved.

http://www.bostonglobe.com/magazine/2016/12/06/vermont-million-mountain-trouble/8GQeCI9VTY6uuXzOcj32RI/story.html?p1=Article_Trending_Most_Viewed

That's a real basket case, and I thought Peak Resorts was in trouble.  Hope they have a good snow year as they might not be seeing sno-approved snowmaking levels this year.

Although holiday terrain is important, if the decisions is to pay their taxes, or blow snow and get punished for tax evasion, the decision will be pretty clear.

I stopped reading that most recently referenced article halfway through because there was no new information. Someone let me know if I missed anything new in the second half of the article. A very solid overview if you are not familiar with the case.

snoloco wrote

That's a real basket case, and I thought Peak Resorts was in trouble.  Hope they have a good snow year as they might not be seeing sno-approved snowmaking levels this year.

It ain't like they need it. Once they get the lower mountain connector/beginner trails open, they will be able to open the mountain 100% glades and all given how much natural snow they have right now.

But that is besides the point. They will have the funding to operate. The goal is to recoup costs, pay off debts, and sell the place. The guy in charge right now is going to be savvy enough to know that cost cutting to that extreme will only hurt the long term goals of flipping the place at the highest possible dollar. You won't see snow making cuts at Jay this year.

If anything, I was there on Sunday and I was pretty impressed with the amount of snowmaking that was happening on the lower mountain as they worked to get Stateside connected to Tramside and get all of the Stateside beginner terrain opened.

I wonder who will buy it.  Maybe Intrawest will buy it to limit competition with Tremblant.

I've got to tell ya, I am really impressed by the receiver. He is doing an excellent job getting both Jay and Burke running well and working to maximize the return (minimize the loss) to the investors.
Often times when something falls into receivership things are just maintained to a bare minimum and liquidated at pennies on the dollar. Like most lawyers, they are paid by the hour so they really don't have an incentive to maximize anything but their billable hours.

Update: Looks like the contractors are gonna get paid at least...
https://vtdigger.org/tag/jay-peak/

It's good that the contractors are getting made whole

The eb5 investors got what they paid for a visa

Another interesting wrinkle. Bill Stenger  seems to still be involved, at least with Burke...

http://www.newenglandskiindustry.com/viewstory.php?storyid=561

The image at NESI shows a parallel T-bar with the HSQ. That means that they would have to take out the few remaining trees separating the HSQ from the Poma. Yet more trail widening and tree removal at Burke. Not a big deal compared to some of the other cuts but the place loses more and more character every year. And that lodge, good grief. It just doesn't feel like it belongs at Burke. So crazy walking in there...

Look who's using EB-5 now:

https://mobile.nytimes.com/2017/05/06/world/asia/jared-kushner-sister-nicole-meyer-china-investors.html?referer=https://t.co/6QzEhEUHfS

I think we missed a few updates along the way but this story just keeps going... class action suit going forward nowhttps://vtdigger.org/2017/09/12/class-action-fraud-suit-can-go-ahead-against-peoples-bank-quiros/?utm_source=VTDigger Subscribers and Donors

Burlington Free Press 2017.11.23:  Jay Peak Owner Strikes Tentative Deal

https://vtdigger.org/2018/02/02/quiros-settles-81-million-sec-eb-5-fraud-jay-peak-resort/