Jay Peak bombshell - Page 2

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  1. #11
    I think it's a little harsh to have no sympathy for the investors. While it is correct to say that they should have known there was a risk, what you are presuming is that they were given accurate and complete information when doing their due diligence.

    One has to wonder when we have seen marketing material such as this:
    http://jaa.org.za/documents/docs/EB-...al%20Ad_SA.pdf

    If you look at it, you can see that it states: "Return of investment after 5 years"



    Is someone a fool for believing that? Probably. But regulations are designed to prevent fools from being taken advantage of. I am, therefore, also interested in whether or not all regulations were followed - especially the prohibition of suggesting a guaranteed return on investment. The marketing material I have linked to makes me think that the issue should at least be explored. It's a good thing for Vermont to have a ski industry that is as squeaky clean as possible.

  2. #12
    Quote Originally Posted by thetrailboss View Post
    I think the issue is the change and how it was done.
    The other HUGE issue is the impact this will have on upcoming projects that are not fully funded - both at Jay and at other Vermont recreational destinations.

    A secondary issue is whether or not Jay will be involved in litigation over this matter. Keep in mind that investors in the later phases have to be shitting a brick right now. Some of them may pursue legal action as a preventative measure.

  3. #13
    Sad news for Jaypeak, but in reality many of us were waiting for the devil in the details to emerge.

    I remember an early warning back sign in 2012 where the Jay eb-5 broker trashed the accuracy of their representations

    http://eb5news.com/categories/12-pro...unces-jay-peak

  4. #14
    thetrailboss's Avatar
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    Quote Originally Posted by VTKilarney View Post
    The other HUGE issue is the impact this will have on upcoming projects that are not fully funded - both at Jay and at other Vermont recreational destinations.

    A secondary issue is whether or not Jay will be involved in litigation over this matter. Keep in mind that investors in the later phases have to be shitting a brick right now. Some of them may pursue legal action as a preventative measure.
    True and true.
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  5. #15
    I've been telling people this EB-5 situation (and writing here) will end poorly for several years now. Not only am I not shocked, I expected this, and more.

    The worst is yet to come. Not only has the **** not hit the fan yet, I dont believe the fan has even been turned on.
    President - Bicknell's Thrush Extermination Solutions (BTES), LLC



  6. #16
    Quote Originally Posted by thetrailboss View Post

    As to the Regional Center, folks will be skeptical with that as well. I think the "turning of the head" issue is part of a bigger issue with Vermont politics and business right now though.
    This was for me the most amazing part of the article (if true).

    It makes it sound like the Vermont-run Regional Center hasnt a clue what's going on, doesnt know how to investigate entities finances (or worse perhaps the desire to), or even what it is their fiduciary responsibility is. It sounds like a local-yocals club more interested in Jay Peak's success than protecting the EB-5 program and the investors from wrong-doing and harm. Were I Brent Raymond, I'd probably be updating my resume.



    This was my favorite part, it's almost not believable:

    Recently, the center put the resort “on notice,” and is now requiring the company to submit quarterly reports. Before now, the regional center did not require any formal reporting, even though MOUs with all the EB-5 projects include a clause that quarterly reports are to be submitted.
    You've gotta' be friggin' kidding me?
    President - Bicknell's Thrush Extermination Solutions (BTES), LLC



  7. #17
    So correct me if I'm wrong, the tldr version goes something like:
    1. Existing investors are having conditions changed and payback timeline pushed back
    2. Jay Peak, and probably the entire VT region have now gained a poor reputation as an EB5 investment

    Which means:
    1. Existing plans not yet completed likely to be on slower timeline or cancelled.
    2. Future projects much less likely to be funded.
    3. Chance of consequences for people who may have broken the law.


    Do people think the finances of JPR may be in trouble too? Are we headed towards a change of ownership or bankruptcy or something of that nature?
    "man you make it look so fluid"

  8. #18
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    Quote Originally Posted by bobbutts View Post
    So correct me if I'm wrong, the tldr version goes something like:
    1. Existing investors are having conditions changed and payback timeline pushed back
    2. Jay Peak, and probably the entire VT region have now gained a poor reputation as an EB5 investment

    Which means:
    1. Existing plans not yet completed likely to be on slower timeline or cancelled.
    2. Future projects much less likely to be funded.
    3. Chance of consequences for people who may have broken the law.


    Do people think the finances of JPR may be in trouble too? Are we headed towards a change of ownership or bankruptcy or something of that nature?
    You forgot about the part that states no guarantee of getting any money back from the investment now they are getting the original investment back (well until they change that part of it )
    2010/11 - 30days 2011/12 - 29days 2012/13 - 40 days 2013/14 - 39 days 2014/15 - 42 days
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  9. #19
    Were I in charge, at this point, I'd give Jay Peak a limited amount of time to come up to date with the reporting that they're supposed to be doing in the first place.

    If they miss that date, I'd order a full forensic accounting of Jay Peak's entire business (and I mean from soup to nuts). And that job would be outsourced out-of-state (Boston, NYC, etc..), because it's pretty damn obvious the State of Vermont either doesn't have the professional capacity for that work or the "desire" to do so.
    President - Bicknell's Thrush Extermination Solutions (BTES), LLC



  10. #20
    thetrailboss's Avatar
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    Quote Originally Posted by BenedictGomez View Post
    This was for me the most amazing part of the article (if true).

    It makes it sound like the Vermont-run Regional Center hasnt a clue what's going on, doesnt know how to investigate entities finances (or worse perhaps the desire to), or even what it is their fiduciary responsibility is. It sounds like a local-yocals club more interested in Jay Peak's success than protecting the EB-5 program and the investors from wrong-doing and harm. Were I Brent Raymond, I'd probably be updating my resume.

    You've gotta' be friggin' kidding me?
    I think that this is just a larger part of the "special rules for special people" climate in Vermont that has really come out over the past four years or so. If you follow the news from there you get what I mean.
    Live, Ski, or Die!


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