So this is what I heard from my sources. First, Stenger has had a relationship with Burke since 2000 when the BMA-related entity took over. He saw them as a means to join forces to draw more skiers and riders, hence the reciprocity deal for a long time.
Of course when they hit the EB-5 jackpot Q and him were looking for other opportunities. Burke, at that time, had just invested in the HSQ, had no real operator to run the place, and was looking for an exit strategy in 2012 after a bad ski season. Daddy Q liked the idea....and gave Bill the money. I have been told by a family friend that Bill's son was initially tapped out to be the manager of Burke. He had recently graduated from college and was "learning the ropes" at Jay. Then Daddy Q objected because Junior needed a job. Hence how we got him.
Stenger's involvement with Burke is officially quite limited. He is listed as an "advisor" to the board...the board being Daddy Q and his lawyer. However, Stenger has had to swoop in and put his image and reputation on the line to bail the Qlowns out now several times. So yes, he has something at stake...his reputation and credibility.
I've actually heard a very different angle on that
i was told by someone close to the situation that Stenger had no idea that Q was buying Burke and wasn’t happy about it at all. but he agreed to be the EB-5 face and partner on the hotel, after the fact.
I assume he agreed to this (not source backed, just makes sense to me) because of the “Admin” fee that they split for every investor brought in. i’ve read it’s $25,000 per investor. So for the goal of 216 investors in the original Burke plan, that’s $5.4 million for their little cabal to split up.
this makes more sense to me–stenger doesn’t know about the private purchase by Q, so he has no say in how it’s managed. he agrees to help with funding to keep the partnership and all the EB5 admin fees rolling in (at that time Burke, the airport, two Newport projects, anc bio, etc. were all still on the table). also the reason he continues to bail them out of jr's antics–easy to swallow pride and apologize for someone else when you sleep on a pile of cash at night.