Stenger and Quiros Ousted from Management of Jay Peak and Burke - Page 11

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  1. #101
    thetrailboss's Avatar
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    Quote Originally Posted by from_the_NEK View Post
    My guess with the shut down is that the EB5 cash flow had become too regulated for them to use it to make a big upcoming payment (aka Ponzi payment) that was upcoming to the Tram House Lodge investors. By shutting down the mountain and laying off everyone during the slowest month of the year, they could take all of the money that would have gone to employees and put it into the investor payment. Thereby keeping everyone generally quiet for another year.
    I think they were starting to get desperate when their cash cow began to dry up.
    Exactly. Can't grab money from over here, so we just try and grab it from over there.

    Live, Ski, or Die!


  2. #102
    I guess this is why I'm not a crook, but who could sleep at night after building this house of cards?

    More incredible, who could steal 50M from the house of cards and think everything would be ok? How could you sleep a single night in that manhattan 2.5M apartment (or whatever it cost), knowing your whole lifestyle was based on fraud?

    Incredible.

    And even more upsetting, I mean, really upsetting....who could stand the thought of fucking up a great mountain? Jesus christ.

    I mean, I really like the new Jay....I think they struck a good balance between maintaining an old school vibe, but keeping pace with the times, and providing the amenities that are simply needed to financially survive in the tough entertainment industry. But it was all bullshit. It was all a crock of lies, built on stolen money.

    Well, OK, maybe I'm looking at this wrong - I guess I should be happy that at least the crooks used the stolen money to forge a good identity that some future non-crook owner can build on....

  3. #103
    So, the other thing I noticed this year, first time I saw the stateside lodge - the thing is WAY cheaper that the tram side stuff....

    I know it's billed as the budget hotel, the cheaper side of the mountain, but the bar and lobby and stuff.....way more spartan than the tram bars and restaurants. They totally cheaped out on the later project. I guess they knew they were running out of cash.

  4. #104
    Quote Originally Posted by thetrailboss View Post
    I know that Shumlin has spun this as, "my team is so awesome we found this," but let's be honest here, Vermont's business reputation for EB-5 investments is now complete toast. addiction. I don't even recognize my home state.
    Tells you how stupid they think the average Vermont resident is.

    The most flabbergasting part of yesterday's press conference was when the women (missed her name and position due to crappy BFP buffering) said (Paraphrased), "Vermont is the safest EB-5 program in America because it has government oversight". AMAZING!!! The gall to even THINK to say this anymore, let alone yesterday.

    I STILL remain in a complete state of wilder as to exactly WHAT the employees of Vermont's EB-5 Regional Board do?

    It's obvious they were more active participants, lobbyists, and cheerleaders for EB-5 rather than a legitimate oversight board, and we know they didnt do the financial analysis that was a major part of their job. So what exactly is it that these employees do here? My suspicion which I believe is highly likely correct, is they're nothing more than overpaid government workers, making government salaries well in excess of what most hard-working Vermonters could ever dream of making, all for spending most of their day twiddling their thumbs, and filing an occasional EB-5 document.



    Quote Originally Posted by LONGBOARDR View Post
    I can't wrap my head around what Bill was thinking
    $$$$$
    President - Bicknell's Thrush Extermination Solutions (BTES), LLC



  5. #105
    Quote Originally Posted by LONGBOARDR View Post
    So many locals already hurting... there was a rumor that Jay would shut down for a month following ski season. hopefully the dust will settle and we can all move ahead and focus on what we love
    I have confirmed this from talking to Jay employees.

    All non essential employees are scheduled to take a five week furlough at the end of the season. This was in place before all this eb5 stuff erupted.

  6. #106
    Quote Originally Posted by LONGBOARDR View Post
    There is also an issue with the tram apparently. It sounds like it needs well upwards of a million in upgrades to meet state standards to run next season. I would hope money goes towards that
    The Tram is in need of a 4 million dollar upgrade to its electrical systems. This has already been paid for and scheduled and should happen at the end of the fall before the season starts.

    This was all in place weeks ago.

  7. #107
    Quote Originally Posted by JPTracker View Post
    I have confirmed this from talking to Jay employees.

    All non essential employees are scheduled to take a five week furlough at the end of the season. This was in place before all this eb5 stuff erupted.
    Does this mean that the waterpark will shut down? My family's summer pass begins on May 1st. If so, at least it's a loss that is easily absorbed.

  8. #108
    Quote Originally Posted by JPTracker View Post
    The Tram is in need of a 4 million dollar upgrade to its electrical systems. This has already been paid for and scheduled and should happen at the end of the fall before the season starts.

    This was all in place weeks ago.
    Direct line to the wind towers on Lowell Mtn?
    You can see my photos here - http://tim-kirchoff.pixels.com/

  9. #109
    Quote Originally Posted by VTKilarney View Post
    Does this mean that the waterpark will shut down? My family's summer pass begins on May 1st. If so, at least it's a loss that is easily absorbed.
    Web site announcement says no change in day to day operations for golf, water park, hotels etc....

  10. #110
    Quote Originally Posted by tnt1234 View Post
    Web site announcement says no change in day to day operations for golf, water park, hotels etc....
    Excellent news for me and for Jay Peak. Thanks for posting that.

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