Jay Peak bombshell - Page 4

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  1. #31
    Quote Originally Posted by VTKilarney View Post
    One of the bands playing at the Jeezum Crow festival posted a photo of their performance on Facebook. Ladies and gentlemen, I present to you the four season resort known as Jay Peak:

    Attachment 13039
    This is not very telling! I was at a concert last weekend that had five bands/artists. The first two bands hardly had anyone there the two better known bands are when people started flowing in!



    In this case this band could have been a lesser desired band.

    As far as this whole mess - I am bummed out since i grew up there and never really like the whole idea. I grew to be ok with it and those who do not know better love it, This is a dark cloud hanging over the Jay Cloud!
    2012-2013 (39)
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    2015-2016 (47)

    2016-2017 target - 50

    If you take what the mountain gives you, you will always have fun!

  2. #32
    It may not be tellng for sure. It's just all I could find. Jay Peak hasn't posted any photos other than pre-event photos. One other band posted photos, but only stage shots. I did find one attendee's photos, which were consistent with the one I already posted, but they could have been taken around the same time.

  3. #33
    Quote Originally Posted by VTKilarney View Post
    My impression was that the limited partners owned the partnership assets, which included the building itself. As owners of an asset, they had some protection if the business venture fails. The asset itself is worth something even if the business fails.
    I think you would only own the property in the collective sense with the other owners. You are only in a better position if you have a security agreement. Without it, you're subject to the same priorities in distribution of the assets if it goes belly up as other unsecured creditors. In other words, you only get paid once the secured creditors, administrators of the estate and the tax man get paid.

    I think where you would lose out, however, has to do with the payment schedule. If your share of the annual net disbursement was more than the $20k figure they mentioned (the yearly repayment figure on the new notes), then you could have received a faster return on your investment.

    Also, if you are really dreaming big, I suppose your particular share in the business could be sold for much more than your initial investment. But all of that would be controlled by the Partnership Agreement, which apparently allowed for the GP's to convert the ownership interest into an unsecured note without the permission of the limited partners.

    If the agreement allowed for this, then the investors really don't have an argument- or a legitimate beef--- other than that they should have gotten a snailmail letter instead of an email to inform them of the change. But the manner of notice seems pretty tangential to their beef. If they didn't like that deal, then they shouldn't have signed an agreement for that deal.

    Now I'm sure the expectations were different five years ago (Most people thought we would pull out of the recession by now), and they were given rosy projections based on those expectations... Given the climate in the leisure industry its a miracle Jay has managed to weather the storm this long before having some disgruntled investors. (As there always are when reality meets expectations)

    That said, they're still knee deep in some of these projects (our beloved QBurke being one of them), and still need investor $$$$$ which means public perception is everything. Let's hope they find a way to turn it around quickly.

  4. #34
    Quote Originally Posted by noreasterbackcountry View Post
    In other words, you only get paid once the secured creditors, administrators of the estate and the tax man get paid.
    My understanding was that the investors were led to believe that there would be no secured creditors or mortgage holders. This makes sense since the investors were providing the funds rather than a lender.

  5. #35
    I was able to find a photo of the main act at the Jeezum Crow festival. It's hard to make much out of it since it's dark, but it appears that more people showed up for the main attraction.

    Festival.jpg

  6. #36
    Quote Originally Posted by VTKilarney View Post
    It may not be tellng for sure. It's just all I could find. Jay Peak hasn't posted any photos other than pre-event photos. One other band posted photos, but only stage shots. I did find one attendee's photos, which were consistent with the one I already posted, but they could have been taken around the same time.

    However, I would not be surprised if there were small crowds! Summer disperses people (beaches, hiking, biking, boating etc.) where winter brings many together due to few sports opportunities and many of them require a resort.
    2012-2013 (39)
    2013-2014 (36)
    2014-2015 (51)
    2015-2016 (47)

    2016-2017 target - 50

    If you take what the mountain gives you, you will always have fun!

  7. #37
    Quote Originally Posted by VTKilarney View Post
    I was able to find a photo of the main act at the Jeezum Crow festival. It's hard to make much out of it since it's dark, but it appears that more people showed up for the main attraction.

    Festival.jpg
    Wonder how that feels being a warm up band with hardly anyone there? The the bigger names show up and people come out of the wood work.
    2012-2013 (39)
    2013-2014 (36)
    2014-2015 (51)
    2015-2016 (47)

    2016-2017 target - 50

    If you take what the mountain gives you, you will always have fun!

  8. #38
    All I'm gonna say is:

    ASC 2.0

  9. #39
    Quote Originally Posted by xlr8r View Post
    All I'm gonna say is:

    ASC 2.0
    Except that ASC's creditors had some recourse.

  10. #40
    This is not surprising. That was a lot of money and hard to understand how they were going to make it back. When I went up there last year in March they were practically paying us to stay at the tram house. I think we got 2 nights in 2br unit for $400, which included 3 days lift tickets and water park for 4 of us.

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