In 2005 the BMA affiliated group sold the mountain to the REIT and Ginn. Part of the deal included BMA having a say (I can't recall if it was a right of first refusal or an option) should the REIT decide to sell. The deal, I think, also provided for a large chunk of change going to BMA's endowment. So as of 2005 BMA was not "running" the mountain per se.
As I mentioned Jay was very involved with Burke in 2000 after Northern Star left, Stenger in particular. He felt that having Burke would only help Jay because Burke had a great location and could help draw more skiers north. So he provided a lot of free advice and guidance to that regime. Of all the neighboring hills, Jay was the one who was the most generous. I wondered why he did not buy it then, but I think that the truth was, and it was the same case in the 1990's when Les Otten was seen walking around the mountain, that it needed a lot of work...snowmaking, lifts, lodges, etc. And Stenger was not his own boss. So now, in 2012 after a terrible season, Burke has seven years of expensive upgrades that include two new HSQ's, a renovated base lodge, expanded and improved snowmaking, better marketing, and the biking in the summer.