Big Burke announcement

[VTKilarney]

More fun at Burke. "It's the state's fault" is being used yet again.

http://vtdigger.org/2015/11/05/stenger-says-refund-for-disqualified-investor-is-on-the-way/

 

[River19]

So Stenger and Q Sr have no other funds to access other than the ones the state tied up?

This thing is such a funky deal......

 

[thetrailboss]

More fun at Burke. "It's the state's fault" is being used yet again.

http://vtdigger.org/2015/11/05/stenger-says-refund-for-disqualified-investor-is-on-the-way/

The headline with this one was that an investor put in $550k, was turned down by the Feds, and Stenger and Company could not refund the money when needed and did not do so for months:

Six days later, Stenger told Fullam that there is “a funding issue” with the refund that is associated with the larger problems affecting the Q Burke construction project.

Yikes. I am getting sick. Hope that this is short-lived.

 

[thetrailboss]

Anyone else coincidentally just get an Email from Burke urging you to book your room now for the December 11th Grand Opening?


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[MEtoVTSkier]

Anyone else coincidentally just get an Email from Burke urging you to book your room now for the December 11th Grand Opening?

Yep I had gotten it. They've been coming somewhat regularly.

 

[VTKilarney]

Anyone else coincidentally just get an Email from Burke urging you to book your room now for the December 11th Grand Opening?

They need some deposits so they can refund that guy his $500,000 plus the $50,000 admin fee. :???:

 

[MEtoVTSkier]

missed a zero

 

[VTKilarney]

Fixed it!

 

[Smellytele]

Anyone else coincidentally just get an Email from Burke urging you to book your room now for the December 11th Grand Opening?


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Yup

 

[BenedictGomez]

Yikes. I am getting sick. Hope that this is short-lived.

I fear the worst is yet to come.

 

[from_the_NEK]

I fear the worst is yet to come.

Just for additional debate, say you are right about this whole thing and it completely blows up.

What happens to all of the properties?

 

[SnowDogWax]

Just for additional debate, say you are right about this whole thing and it completely blows up.

What happens to all of the properties?

Nothing

 

[Big Wave Dave]

I am very interested in the third party audit firm......imagine what its like being asked to make sure books and records are all set while under the gaze of an SEC investigation.

for those who think this reeks of ponzi... I am not so sure. if something stinks here its going to be the array of companies created and Ary Sr. grabbing a buck everywhere he can where funds pass through the chain. Too much development for it to be ponzi, the funds clearly havent dissapeared!

 

[thetrailboss]

Just for additional debate, say you are right about this whole thing and it completely blows up.

What happens to all of the properties?

The Hotel is owned by the investors. Got to think about what would happen.


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[thetrailboss]

I am very interested in the third party audit firm......imagine what its like being asked to make sure books and records are all set while under the gaze of an SEC investigation.

for those who think this reeks of ponzi... I am not so sure. if something stinks here its going to be the array of companies created and Ary Sr. grabbing a buck everywhere he can where funds pass through the chain. Too much development for it to be ponzi, the funds clearly havent dissapeared!

Yeah I agree. Hope it's all fine though. We don't need another failed regime.


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[VTKilarney]

The Hotel is owned by the investors. Got to think about what would happen.


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For now. The Tram Haus used to be owned by the investors too. Not anymore.


.

 

[thetrailboss]

For now. The Tram Haus used to be owned by the investors too. Not anymore.


.

My legal mind is taking a break. It really depends on the corporate structure of things and who owns what, etc.

 

[VTKilarney]

According to the Caledonian Record about $3.1 million has been paid leaving $900,000 unpaid. $387,000 is overdue. The contractor is still saying he "might" walk off the job.

The dispute is about whether furniture, fixtures and equipment are part of what is to be covered and paid.

 

[River19]

Yeah we joke about a ponzi, but it isn't really the deal here. Just a bunch of shell company nightmares to track things through. Accounting nightmare surrounded with the stink of the eb5 program.

 

[VTKilarney]

If the hotel opening is delayed, I wonder if the ambitious snowmaking start date will be delayed. But of course Mother Nature may have the last word anyway...