MEtoVTSkier
Active member
hmmm...
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Jay Peak bombshell
- Thread starter VTKilarney
- Start date
hmmm...
fbrissette
Well-known member
Not clear. the West Bowl mountain expansion was never going to be funded through EB5. The condos and Boutique Hotel at its base yes. The expansion and buildings may be dependent on one another however as mentioned by BG.
All I can say is wow. Just WOW. I will elaborate later. How Raymond and Moulton still have their jobs is unacceptable. Shit meet fan.
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OK, here goes...buckle up. Double post I know, but here goes.
First comment is in response to those who said back in August that skeptics like me were wrong or merely being negative guess what? That whole "Vermont approval" thing was B.S. I'm sure that these folks will be quiet now.
Second thing is that I do sincerely hope that Stenger and Company are doing things on the up and up and that this is much ado about nothing. That said, they are paying the price for what is shear incompetence and self-serving behavior by those in Vermont State Government. This whole realization that "maybe we should actually regulate" is laughable after they have been looking the other way for so long while giving investors and the public the impression that these projects were in fact legit and by the book when they might not have been.
For those who have not read that article, let me get you up to speed. Last Summer some investors at Jay got pissed. Led by Mr. Sutton (who I must say looks like he just got out of a UFO) they were angered by a change in their investment/ownership interest at Jay (actual ownership that was secured by the project to unsecured creditors who were going to get an IOU from JPR) changed without them knowing it. We know about that. Well, at around the same time, ANC Bio began having some financial issues in Korea and apparently is in deep trouble.
After the PR firestorm that occurred in August, and an inappropriate "op ed" by the head of Vermont's Agency of Commerce that defended not just her department but the very people that they should have been monitoring, apparently they had an epiphany that maybe this whole financial regulation thing was just too tough for them and maybe there was a tiny conflict of interest in pushing these programs, allowing folks to put the imprimatur of Vermont State Government on them, but yet not really looking beneath the gloss to ensure that it was going to work and that everything was done appropriately. Right.
So now the other Jay projects, other Burke projects, and the rest of the whole initiative are now being reviewed by the State Department of Financial Regulations and folks who have a clue about accounting and securities and don't have any conflict of interest. Genius really. :roll:
I think that the State should have fired Moulton immediately. It's painfully obvious that she cares more about her own paycheck than doing what is right and being accountable. This whole thing has ruined not just the credibility of Vermont State Government, but really has impacted the legitimacy of what they do. It also has left a black eye on Vermont.
The biggest losers are the regular folks in the NEK who are struggling to get by and really could use the good jobs that these projects were supposed to have spurred.
I'm very upset with my home state and their complete stupidity here.
First comment is in response to those who said back in August that skeptics like me were wrong or merely being negative guess what? That whole "Vermont approval" thing was B.S. I'm sure that these folks will be quiet now.
Second thing is that I do sincerely hope that Stenger and Company are doing things on the up and up and that this is much ado about nothing. That said, they are paying the price for what is shear incompetence and self-serving behavior by those in Vermont State Government. This whole realization that "maybe we should actually regulate" is laughable after they have been looking the other way for so long while giving investors and the public the impression that these projects were in fact legit and by the book when they might not have been.
For those who have not read that article, let me get you up to speed. Last Summer some investors at Jay got pissed. Led by Mr. Sutton (who I must say looks like he just got out of a UFO) they were angered by a change in their investment/ownership interest at Jay (actual ownership that was secured by the project to unsecured creditors who were going to get an IOU from JPR) changed without them knowing it. We know about that. Well, at around the same time, ANC Bio began having some financial issues in Korea and apparently is in deep trouble.
After the PR firestorm that occurred in August, and an inappropriate "op ed" by the head of Vermont's Agency of Commerce that defended not just her department but the very people that they should have been monitoring, apparently they had an epiphany that maybe this whole financial regulation thing was just too tough for them and maybe there was a tiny conflict of interest in pushing these programs, allowing folks to put the imprimatur of Vermont State Government on them, but yet not really looking beneath the gloss to ensure that it was going to work and that everything was done appropriately. Right.
So now the other Jay projects, other Burke projects, and the rest of the whole initiative are now being reviewed by the State Department of Financial Regulations and folks who have a clue about accounting and securities and don't have any conflict of interest. Genius really. :roll:
I think that the State should have fired Moulton immediately. It's painfully obvious that she cares more about her own paycheck than doing what is right and being accountable. This whole thing has ruined not just the credibility of Vermont State Government, but really has impacted the legitimacy of what they do. It also has left a black eye on Vermont.
The biggest losers are the regular folks in the NEK who are struggling to get by and really could use the good jobs that these projects were supposed to have spurred.
I'm very upset with my home state and their complete stupidity here.
VTKilarney
Well-known member
There is a follow-up article in Monday's Caledonian Record. The reporter apparently interviewed Stenger on Sunday.
Stenger stated that:
1) The more extensive state review will not further delay the AnC Bio project.
2) Groundbreaking for AnC Bio will occur at the end of April, even though the project currently lacks state approval.
3) Stenger is still is awaiting approval of the project’s updated market analysis and business plan that is presented to each investor.
4) The other EB-5 projects in the pipeline will continue as planned.
5) Three-quarters of the necessary AnC Bio investors are lined up and Stenger believes that it will take four months to get the rest.
6) AnC Bio VT bought intellectual rights to products and designs and does not have any corporate affiliation with the South Korean company.
7) The state determined that an updated business plan and offering for the Q Burke Mountain project is complete, allowing Stenger to continue construction and seek the final batch of investors. Final investor subscription is expected by the end of this year. The hotel will open on December, 2015.
8 ) The Spates Block in downtown Newport is being demolished. Stenger and Quiros are paying for this out of their own pocket. The project will be submitted to the state this summer for EB-5 approval.
9) The Jay Peak West Bowl project has "always been a 2017-2018 project" so the decision to hold off on the project was "reasonable".
Stenger stated that:
1) The more extensive state review will not further delay the AnC Bio project.
2) Groundbreaking for AnC Bio will occur at the end of April, even though the project currently lacks state approval.
3) Stenger is still is awaiting approval of the project’s updated market analysis and business plan that is presented to each investor.
4) The other EB-5 projects in the pipeline will continue as planned.
5) Three-quarters of the necessary AnC Bio investors are lined up and Stenger believes that it will take four months to get the rest.
6) AnC Bio VT bought intellectual rights to products and designs and does not have any corporate affiliation with the South Korean company.
7) The state determined that an updated business plan and offering for the Q Burke Mountain project is complete, allowing Stenger to continue construction and seek the final batch of investors. Final investor subscription is expected by the end of this year. The hotel will open on December, 2015.
8 ) The Spates Block in downtown Newport is being demolished. Stenger and Quiros are paying for this out of their own pocket. The project will be submitted to the state this summer for EB-5 approval.
9) The Jay Peak West Bowl project has "always been a 2017-2018 project" so the decision to hold off on the project was "reasonable".
fbrissette
Well-known member
Fast forward 2 years: The Jay Peak West Bowl project has "always been a 2019-2021 project" so the decision to hold off on the project was reasonable.
BenedictGomez
Well-known member
Nailed it.
The Vermont Keystone Cops phase needs to mercifully come to an end - and quickly.
The Feds need to get involved here - and quickly.
Full forensic accounting, tie each project out to the penny, independently verify both JP's figures with vendor contracts and invoicing and actual bank statements, and when (not if) they cant do that, you use that as the "you have a tail light out" to expand the investigation.
The Vermont Keystone Cops phase needs to mercifully come to an end - and quickly.
The Feds need to get involved here - and quickly.
Full forensic accounting, tie each project out to the penny, independently verify both JP's figures with vendor contracts and invoicing and actual bank statements, and when (not if) they cant do that, you use that as the "you have a tail light out" to expand the investigation.
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The funny thing is that in December 2002 I heard a Jay employee tell me on the Freezer that the West Bowl Project was "always a 2003-2004 project". It's kind of like that golf course that they were advertising in 1992 but did not open until only recently....
from_the_NEK
Active member
To be fair, in 2002 I don't think anyone was thinking about the EB-5 money that could be used for development. When Stenger and Quiros took over, it was realized that money was available, and the priority changed.
I think it will happen someday. Although, IMHO, they need to get it done ahead of the Balsams project to reduce the potential loss of intermediate Canadian skiers to that resort.
True. My point is that they have always been eager to do something but lacked the money.
In 2022 when you are on the lift and Jay is talking about the West Bowl being a 2023-2024 project and the Balsams is finally ready to open the first of the new trails for January 2024 to compete the the long awaited upgraded snowmaking at Burke Mountain you can think back and laugh at this thread.......
:lol:
BenedictGomez
Well-known member
mbedle
Well-known member
Correct me if I am wrong, but didn't the state put the delay on the west bowl expansion because of violation of their numerous NPDES permits? That happen before all the EB-5 stuff back when they got their consent order from the state.
:lol:
fbrissette
Well-known member
It is small and kinda ugly, but it is a very powerful bird.
BenedictGomez
Well-known member
LONGBOARDR
Member
When locals commented at the rapid pace at all this development was proceeding, Mr. Stenger replied "Gotta make hay while the sun shines"
Well, wet hay burns the !@@#$%$^ barn down!
Well, wet hay burns the !@@#$%$^ barn down!
BenedictGomez
Well-known member
And before the Chinese asset bubble bursts.
VTKilarney
Well-known member
Demolition is going on in downtown Newport. It's a BIG project.
The Caledonian Record had another article today about Stenger's EB-5 plans.
Highlights from the article:
- Stenger plans to have state approval for the Renaissance Block project this summer, will begin seeking investors this fall, and intends to put bids out a year from now.
- Stenger expects to receive state approval for the AnC Bio VT project and begin construction in late April or early May.
- AnC Bio will take 16 months to complete. When it is wrapping up, Stenger hopes to break ground on the Renaissance Block.
- Stenger said that the VT Digger headline and story were “incorrect, unfair and frankly abusive to the program and the community.”
The Caledonian Record had another article today about Stenger's EB-5 plans.
Highlights from the article:
- Stenger plans to have state approval for the Renaissance Block project this summer, will begin seeking investors this fall, and intends to put bids out a year from now.
- Stenger expects to receive state approval for the AnC Bio VT project and begin construction in late April or early May.
- AnC Bio will take 16 months to complete. When it is wrapping up, Stenger hopes to break ground on the Renaissance Block.
- Stenger said that the VT Digger headline and story were “incorrect, unfair and frankly abusive to the program and the community.”
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