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Stenger and Quiros Ousted from Management of Jay Peak and Burke

thetrailboss

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Steve Wright, new Jay GM, made a nice post on the Friends of Burke page.


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tnt1234

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Why would it continue to run? The investors want their money back and all of Jay Peak's assets are tainted.

Obviously, the best way to get all your money back is through an orderly sale or continued operation of the resorts, but no guarantee they will wait around for that to happen.

I'm not sure the ski operation is the same as the entity the foreign investors invested in.
 

bdfreetuna

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What I've been saying recently has come to light. Not surprised at all. Bad timing as I'm going there tomorrow with my wife and father for our spring skiing last hurrah.

The whole attitude of Jay has taken a downward spin since the new management. Now it's like a place I have to go to just to ski because they have more snow, even though I'd rather support ANY other area knowing how they do.

I have fingers and feelers outside just the ski industry up in the NEK and believe me the impact has been completely negative, they're ready for a change as well.

Let's hope Jay revives itself, humbles itself, and gets back to the roots of getting snow on the trails and opening up terrain for a long season. JPR is lucky, compared to Saddleback, an equally awesome mountain with financial troubles doing it the right way.

Long live Jay Peak and every other ski mountain plus more. But Screw the Q, I'll be up there tomorrow skiing his terrain. I'm sure he could care less of my opinion, still.
 
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...
Let's hope Jay revives itself, humbles itself, and gets back to the roots of getting snow on the trails and opening up terrain for a long season. JPR is lucky, compared to Saddleback, an equally awesome mountain with financial troubles doing it the right way.

Long live Jay Peak and every other ski mountain plus more. But Screw the Q, I'll be up there tomorrow skiing his terrain. I'm sure he could care less of my opinion, still.

Hear, hear. Well said. Have a great time At jay. I hope you are staying for the tailgate party on Saturday, that will be one for the record books, I reckon.
 

HowieT2

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I am really not all that shocked with today's announcement. What I am surprised at is that no government agency heads have rolled yet? Here is a list of things that leave me wondering.

1) Is EB-5 considered state and or federal money, if so how did PeakCM get all of these no bid contracts?
2) Is PeakCM in bed with Quiros or Stenger and then had a falling out?
3) How did the state let this go on for 8 years? Heck the purchase ($625,000) and sale ($7m) of the land in Newport (I think it was Newport). How did that not raise any red flags? This was well known for a few years.
4) How did the state not even attempt to follow the money or better yet, why wasn't the state paying the bills when needed vs. paying Quiros/Stenger and leaving them to toss the money around?
5) Will Peter Slumin' and others be forced to release their emails? I am really curious to see how far this scam went?

It is a private investment. The only connection to the govt., is that the investors get a visa. There is no govt. guarantee and in fact, in order to qualify, the investment has to be "at risk".
 
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Let's hope Jay revives itself, humbles itself, and gets back to the roots of getting snow on the trails and opening up terrain for a long season. JPR is lucky, compared to Saddleback, an equally awesome mountain with financial troubles doing it the right way.

Long live Jay Peak and every other ski mountain plus more. But Screw the Q, I'll be up there tomorrow skiing his terrain. I'm sure he could care less of my opinion, still.

Hear, hear. Well said. Have a great time At Jay. I hope you are staying for the tailgate party on Saturday, that will be one for the record books, I reckon.
 

benski

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It is a private investment. The only connection to the govt., is that the investors get a visa. There is no govt. guarantee and in fact, in order to qualify, the investment has to be "at risk".
I think UVSHTSTRM is suggesting governor Shumlin helped conceal the fraud.
 

VTKilarney

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What I've been saying recently has come to light.
Huh????? All you have said in the past year is that you didn't like management because of poor customer service. Is there a poor customer service problem in addition to the EB-5 problems? Because you sure as heck said nothing about EB-5.

FYI, this is what you said:
I have more stories about bad customer service at Jay than all other places combined, but I still go there to ski. Not a fan of the management.

Ironically, customer service was something I thought that they did very well when I was up this year.
 

thetrailboss

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It is a private investment. The only connection to the govt., is that the investors get a visa. There is no govt. guarantee and in fact, in order to qualify, the investment has to be "at risk".

Oh God, not again :roll: As you and I discussed in the past, that is not correct.

That is not the point. The WHOLE reason for today's action was that this is alleged to be fraud. The GOVERNMENT has agencies and laws to prevent this kind of scam from happening in the first place.
 

deadheadskier

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According to the government presentation today they will not face "jail time" only civil penalties.

If true, this is total Bull Shit!

Without consequences, what's to prevent the next slimy jerk from doing the exact same thing.

As far as I'm concerned, if they are guilty, Stenger and Quiros are no different in my eyes than junkies who hold up a convenience store to support their habit. The only difference is one is addicted to money to buy luxury and the other is addicted to money to buy drugs.
 

amf

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Ironically, customer service was something I thought that they did very well when I was up this year.
Wow. Not to go off topic, but that's not the mountain I was at this year. Used to go about every year for a week before the big buildout. Went back for the first time since then and customer service was borderline appalling. Nuff said. They have plenty of dirty laundry to get aired out; hope the management change gets them back on track.
 

VTKilarney

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Wow. Not to go off topic, but that's not the mountain I was at this year. Used to go about every year for a week before the big buildout. Went back for the first time since then and customer service was borderline appalling. Nuff said. They have plenty of dirty laundry to get aired out; hope the management change gets them back on track.
I've also had a bad experience in the past, so I may have just been lucky.
 

VTKilarney

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If true, this is total Bull Shit!

Without consequences, what's to prevent the next slimy jerk from doing the exact same thing.

As far as I'm concerned, if they are guilty, Stenger and Quiros are no different in my eyes than junkies who hold up a convenience store to support their habit. The only difference is one is addicted to money to buy luxury and the other is addicted to money to buy drugs.
It's not true.

Here is what is true: They will not face jail time as a result of THIS civil legal action.

The United States Attorney is still free to pursue criminal charges against them.

Think of it this way... the SEC is about protecting investments. The US Attorney is about prosecution. The SEC made the first move, that's all.

IMHO, it is very likely that we will see criminal charges.
 

freeski

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If money was being moved within the EB-5 projects maybe there would be no jail. However, paying personal taxes and the Trump condo it's theft and because of the amount of money it's a felony. The "Q" needs to be dropped now that the mountains are in receivership.
 

zizou

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Longtime luker here ...

The big red flag was 4 years ago when that visa broker cut ties with Stenger. That guy was making many millions of dollars off of Jay Peak, but wasn't comfortable continuing the gravy train because he didn't like what he saw. He then outed Jay Peak by sending out emails dissing them.

The State of Vermont "looked into it" and said everything was fine. They were in way over their heads. It took the feds to investigate and shut the whole thing down.

I think Stenger is a slime, but I won't be surprised if he avoids jail. The feds want him to testify against Q. Q is a criminal, and I think he will do some jail time.
 

thetrailboss

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Yeah.....no..... trust me, Papa Quiros is going to jail, and for a long time.

Right. One shoe has dropped with the civil complaint. The other will soon drop with criminal indictments. Both State and Federal.

Perhaps we now know why Ary had a real problem with Stenger. I always said that Stenger married the devil to accomplish his dreams. Now it's all gone.
 

zizou

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Today's complaint is mostly about freezing assets and gaining control through receivership. There is one line about "civil penalties" but there will be much more to come.
 

from_the_NEK

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I think UVSHTSTRM is suggesting governor Shumlin helped conceal the fraud.

I think Shumlin purposely looked the other way as he hoped his "faith" in Stenger would bring A LOT of $ into the poorest part of the state and make his legacy as governor look better historically. Once the mounting red flags got to be too much to claim ignorance (and the SEC getting involved), Shumlin probably decided it was time to cover his ass and get the state to actually start looking into these projects the way they should have been from the start.
 
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