Jay Peak bombshell - Page 39

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  1. #381
    I guess Newport never heard of requiring a developer to require a bond or some other type of security.
    Stan

  2. #382
    thetrailboss's Avatar
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    Quote Originally Posted by VTKilarney View Post
    So if they don't have enough funds to proceed their gift to the town of Newport will be a large hole downtown?
    Exactly


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  3. #383
    Quote Originally Posted by gostan View Post
    I guess Newport never heard of requiring a developer to require a bond or some other type of security.
    I'm not 100% sure I'd blame the town. I'm guessing the $$$ is just so large, and the project considered so high-risk that they couldn't get a performance bond in place.

    Honestly, if you were in charge at the insurance company or bank would you issue one? Were I in charge I'd tell my people to RUN from them.
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  4. #384
    thetrailboss's Avatar
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    Quote Originally Posted by gostan View Post
    I guess Newport never heard of requiring a developer to require a bond or some other type of security.
    They probably took Stenger at his word that things would proceed.


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  5. #385
    If you go by what is said in the Free Press back in July, they weren't even planning on submitting the first petition for the Renaissance project to the Vermont Center until this September ... http://www.burlingtonfreepress.com/s...mont/12747335/

    The plan would first have to be approved by the Vermont Center before it is then sent on to USCIS. Given that an initial petition's average processing time is somewhere north of 17 months with USCIS, and remembering that most EB-5 investors don't hand over the money until the initial proposal has USCIS approval----- it is going to be some time before the money starts flowing into that project (at least from the EB-5 sources).


  6. #386
    thetrailboss's Avatar
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    Hmmm. Interesting.

    http://vtdigger.org/2014/11/09/bill-...b-5-investors/

    I thought Bill had been quiet lately.

    So both sides have spoken. Sounds like the truth is somewhere in the middle as is normally the case.
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  7. #387
    Interesting article, for sure. On the one hand, I have much less sympathy for the investors that claimed that they do not have enough resources by not being paid back their initial investment. However, one has to wonder if Jay Peak obtained verification of assets.

    A couple of Stenger's statements made me scratch my head:
    1) That the investors are now guaranteed to get their money back in 38 months. My impression is that the IOU is not properly collateralized.
    2) He makes no mention of the massive balloon payment, and has certainly not explained how such a payment could ever be made.
    3) He doesn't explain why stripping the investors of an ownership interest was good for anyone other than Jay.
    4) His argument presumes that there is actual oversight by the state. The state itself has conceded that they were not enforcing at least one major requirement of the MOU.

    I agree that the truth is likely somewhere in between. If this was just one or two phase-one investors expressing discontent, I would be much less skeptical of Jay. But it's an extremely large percentage. At best, it's a PR disaster. Maybe Jay should send Burkie to sip cognac with the investors and to flirt with the wives.
    Last edited by VTKilarney; Nov 10, 2014 at 10:50 AM.

  8. #388
    Other than Stenger claiming the investors in question will be paid back in full withing 38 months, there's very little new info in his response. Kindof makes me wonder why he even bothered writing it as all it does is put these gnawing issues back into the public eye, even if briefly. PR 101: If the bad news has quieted down, don't bring it back up.

    As for his 38 month comment which is new, I really dont understand it or where that comes from. Did they just decide this? How will they be paid (i.e. where does that money come from, as it's significant.....probably about $10M or so)?
    President - Bicknell's Thrush Extermination Solutions (BTES), LLC



  9. #389
    I assumed that the final payment becomes due in 38 months. The final payment is the balloon payment that is in excess of $300,000 per investor.

  10. #390

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    Vermont EB-5 Regional Center Awarded

    http://caledonianrecord.com/main.asp...26&tm=32816.39

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