Stenger and Quiros Ousted from Management of Jay Peak and Burke

chuckstah · Aug 24, 2016

If I was the receiver I'd take the $90 mil plus from anyone and run fast! Very unlikely to get a better offer. If the payment clears hand then the keys.

thetrailboss · Aug 24, 2016

chuckstah said:
If I was the receiver I'd take th $90 mil plus from anyone and run fast! Very unlikely to get a better offer. If the payment clrars hand then the keys.

Something just smells odd about this whole thing. Including the "Pixar" reference.

LONGBOARDR · Aug 24, 2016

thetrailboss said:
Something just smells odd about this whole thing. Including the "Pixar" reference.

Jay has a kids mountain center that has a Burton riglet park. there are disney pixar characters in the park.
And yes this blind offer seems strange.
WE can all agree that some transparency of financial matters at the resort would be a good thing.

I'd love a legit offer at some point where the suitor engages the locals, employees and eb-5 individuals and says lets go ski and make the mountain even greater

steamboat1 · Aug 24, 2016

I'd think the SEC case would have to be settled first before any sale could be considered.

dlague · Aug 24, 2016

Apparently with a like address to the Q's businesses in Boca Raton there is definitely a huge connection to the Qs.

mbedle · Aug 25, 2016

There are a ton of virtual offices located on Glades Road in Boca Raton. The guy referenced in the article is a real estate lawyer with 36 years of experience and a real office in Coral Springs, FL. I would guess that the virtual company was setup by him to facilitate the purchase of the resort on behalf of Bellwether Asset Management, which solely does consulting work for Oaktree Capital Management, LP (98 billion in assets). That would also explain the 42 other companies associated with him, of which only 15 are active.

dlague · Aug 25, 2016

mbedle said:
There are a ton of virtual offices located on Glades Road in Boca Raton. The guy referenced in the article is a real estate lawyer with 36 years of experience and a real office in Coral Springs, FL. I would guess that the virtual company was setup by him to facilitate the purchase of the resort on behalf of Bellwether Asset Management, which solely does consulting work for Oaktree Capital Management, LP (98 billion in assets). That would also explain the 42 other companies associated with him, of which only 15 are active.

Wow great investigative work - where do you find the time?

VTKilarney · Aug 25, 2016

When the receiver is cleared to sell (which he is not yet), isn't his job to get the biggest check possible for the investors? If Ronald McDonald wants to buy Jay, as long as his check clears why should the receiver care? His duty is to the investors, not the customers.

mbedle · Aug 25, 2016

dlague said:
Wow great investigative work - where do you find the time?

Morning coffee before work!

fbrissette · Aug 25, 2016

VTKilarney said:
When the receiver is cleared to sell (which he is not yet), isn't his job to get the biggest check possible for the investors? If Ronald McDonald wants to buy Jay, as long as his check clears why should the receiver care? His duty is to the investors, not the customers.

Whether or not the investors get their visa may potentially be related to what the prospective buyer will do with the resort. Some investor would rather get their green card than money back so I don't think it's that simple.

steamboat1 · Aug 25, 2016

fbrissette said:
Whether or not the investors get their visa may potentially be related to what the prospective buyer will do with the resort. Some investor would rather get their green card than money back so I don't think it's that simple.

Jay already has most of it's EB-5 projects completed so those investors are covered. Same thing over at Burke. It's the investors in the Newport & airport projects, which likely will never be completed, whose green cards are in jeopardy.

DoublePlanker · Aug 25, 2016

It's pretty standard to set up separate business entities for each piece of real estate. A way to limit liability. I've even seen a general contractor set up a separate corporation for individual construction projects.

DoublePlanker · Aug 25, 2016

fwiw, this blog post mentions the jay peak tram. It's an interesting read.
https://liftblog.com/2016/08/22/will-north-america-build-a-new-tram-ever-again/

BenedictGomez · Aug 25, 2016

DoublePlanker said:
fwiw, this blog post mentions the jay peak tram. It's an interesting read.
https://liftblog.com/2016/08/22/will-north-america-build-a-new-tram-ever-again/

Very well-written article. Especially given the author is a tram-hater.

Jay Peak, Snowbird and Gatlinburg could similarly replace their tramways with more efficient and less expensive gondolas. There’s a reason 178 gondolas have been built in North America in the same time as 23 tramways between 1962 and 2016. The Jay Peak Tram will get $4.9 million in upgrades next spring that could extend its life for a few decades. The project includes new tower saddles, controls, carriages, drives and safety systems. Setting aside tradition, it’s tough to argue this makes financial or technical sense.

Preach on brother.....preach on.

thetrailboss · Aug 25, 2016

BenedictGomez said:
Very well-written article. Especially given the author is a tram-hater.

Preach on brother.....preach on.

I was going to say--didn't you write that article?

Smellytele · Aug 25, 2016

BenedictGomez said:
Very well-written article. Especially given the author is a tram-hater.

Preach on brother.....preach on.

He did miss the fact that the Cannon tram was a replacement of the original. It was mentioned and acknowledged in the comments though.

from_the_NEK · Aug 25, 2016

BenedictGomez said:
Very well-written article. Especially given the author is a tram-hater.

Preach on brother.....preach on.

That article makes no mention of the fact that Jay Peak's summit has very limited terrain and that adding the extra capacity of a gondola would be detrimental to the skiing experience. I put it in the same level as the Lone Peak tram at Big Sky.

crystalmountainskier · Aug 25, 2016

from_the_NEK said:
That article makes no mention of the fact that Jay Peak's summit has very limited terrain and that adding the extra capacity of a gondola would be detrimental to the skiing experience. I put it in the same level as the Lone Peak tram at Big Sky.

Peter from Lift Blog here. A gondola could have any capacity Jay Peak wanted. Crystal Mt. built one a few years back with only 23 cabins instead of a planned tram. Jay could put 10 gondolas on it and it still might make more sense than dumping $5 million into that tram.

deadheadskier · Aug 25, 2016

crystalmountainskier said:
Peter from Lift Blog here. A gondola could have any capacity Jay Peak wanted. Crystal Mt. built one a few years back with only 23 cabins instead of a planned tram. Jay could put 10 gondolas on it and it still might make more sense than dumping $5 million into that tram.

Sure, but I think most here arguing to have it replaced want increased capacity.

If you keep the capacity the same the only difference is paying likely$10+ million for a shiny new thing you still have to take your skis off for, but can sit down vs $5M to refurbish what you have already that you still have to take off your skis for and stand.

steamboat1 · Aug 25, 2016

from_the_NEK said:
That article makes no mention of the fact that Jay Peak's summit has very limited terrain and that adding the extra capacity of a gondola would be detrimental to the skiing experience. I put it in the same level as the Lone Peak tram at Big Sky.

Actually the long range plan (2025) is to up the capacity of the Lone Peak Tram, they haven't mentioned a number. I think the present capacity is 16. Hardly comparable to Jay's Tram.

Stenger and Quiros Ousted from Management of Jay Peak and Burke

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