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Jay Peak bombshell
- Thread starter VTKilarney
- Start date
Smellytele
Well-known member
The owners of Breton woods would be a good choice. Marriott.
Edd
Well-known member
Looked it up but I don’t see how Omni is related to Marriott?
Smellytele
Well-known member
Oh ya Omni
jimmywilson69
Well-known member
Jays website today said they may consider running the Jet next weekend weather permitting.
mbedle
Well-known member
The AnC Bio group either got all of their money returned or re-invested in another EB-5 project. I also believe that all of the Phase I investors have gotten their 500K back.
RH29
Active member
- Joined
- Nov 23, 2021
- Messages
- 314
- Points
- 43
Jay will be closing up shop after 5/14 (Saturday). They'll have both Jet and Haynes open top to bottom, with a bit of walking likely required around the base. One of their latest closes ever, the only recorded close later than this was 5/15 in '11 (per NE Ski History). Glad to see them doing this for their passholders, and the waterpark reopens too this weekend.
Stenger's excuses. I don't think any reasonable business person couldn't have sniffed out the ANC-Bio rat. The prospectus was laughable. https://www.vpr.org/podcast/the-frequency-daily-vermont-news/2022-06-03/i-should-have-done-something
I plan on listening to that.
RH29
Active member
- Joined
- Nov 23, 2021
- Messages
- 314
- Points
- 43
Our all-knowing overlord Skiology Matt claims that Jay will be remaining an independent mountain, and that no ski companies are in the running to buy them. This should be good news for all of us, if it's actually true.
drjeff
Well-known member
Basically assures that Jay will be bought by the end of Summer then!
Now if Stuart Winchester of The Storm Skiing Podcast said that, I might give some merit to it. Heck, in his most recent podcast drop (atleast until his next one with outgoing Alterra CEO Rusty Gregory drops in 2 more days) with Snow Operating's (Big Snow and Mountain Creek) Joe Hession, you find out that Snow Operating almost bought Jay not that long ago AND that Snow Operating was almost acquired by Peak just before Vail bought Peak.
Stuart I trust. Skiology Matt, well a broken clock is right twice a day....
I have to agree. We all know about Vail's issues. Alterra has not been as bad but it has issues. I think that Jay skiers and riders would not want the dysfunction of Vail or the crowds that both companies produce.
Depends who it is whether it is really "good news". Someone that has no experience running a ski area isn't necessarily a good thing. It could be, but I'd be a little leery of that as well.
Means to me that it costs way too much with all of the real estate involved to be profitable for prospective buyers so the state of Vermont is stuck with it.Basically assures that Jay will be bought by the end of Summer then!
Now if Stuart Winchester of The Storm Skiing Podcast said that, I might give some merit to it. Heck, in his most recent podcast drop (atleast until his next one with outgoing Alterra CEO Rusty Gregory drops in 2 more days) with Snow Operating's (Big Snow and Mountain Creek) Joe Hession, you find out that Snow Operating almost bought Jay not that long ago AND that Snow Operating was almost acquired by Peak just before Vail bought Peak.
Stuart I trust. Skiology Matt, well a broken clock is right twice a day....
fbrissette
Well-known member
The general receiver's job IS to sell Jay Peak to refund EB5 investors.
Somehow, it will have to be sold, even if it is to be run as an independent resort. The status quo is not a sustainable solution.
It’s the Feds. Not the State.
Exactly. A receiver appointed by the Federal Court.
Good to know, the Fed doesn't usually hold distressed assets very long.
This is from last October but it explains the sales process the receiver is taking. The receiver's fees have mounted to $10M. Of course he has squeezed a lot of money out of the entangled other than the sale of the resorts. At some point the sale is all that is left. Even with COVID it will need to resolved sooner rather than later. The bilked EB-5 investors are entitled to whatever can be recovered as soon as possible. https://vtdigger.org/2021/10/12/sev...ivers-bill-for-eb-5-cleanup-nears-10-million/
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