Big Burke announcement

[DoublePlanker]

Right, but the fact that the project managers did not have sufficient funds to complete the project and represented to investors that they did, and had no contingency plan, is not one of these "risks" that investors are expected to assume.

I'm sure the prospectus does not have Qclause for Qcompetence.

 

[thetrailboss]

I'm sure the prospectus does not have Qclause for Qcompetence.

You're right though that the Prospectus is key. I'd imagine that they made no guarantee for return of investment principal, but again, that normally is in cases where they build the damn thing and get it going but cannot turn a return.

 

[burski]

You're right though that the Prospectus is key. I'd imagine that they made no guarantee for return of investment principal, but again, that normally is in cases where they build the damn thing and get it going but cannot turn a return.

At this point return on investment is not the question in my mind, that ship has likely sailed. The issue is if they even get their green cards... many have indicated (unrealistically in my view) that the investors don't care about the money but only want the green cards, while this scenario may give them neither....

 

[thetrailboss]

At this point return on investment is not the question in my mind, that ship has likely sailed. The issue is if they even get their green cards... many have indicated (unrealistically in my view) that the investors don't care about the money but only want the green cards, while this scenario may give them neither....

Exactly.

 

[zeke]

How could an investor prove that their investment created 10 jobs if the hotel is lost thru a bankruptcy filing? They would lose their collateral but Q Burke General Partners could keep their $50K buy-in fee. Depending on the number of investors that would be a tidy sum.

In addition to the exorbitant price they charged their investors / "partners" for the land to put the oversized and underfunded hotel on

 

[thetrailboss]

In addition to the exorbitant price they charged their investors / "partners" for the land to put the oversized and underfunded hotel on

Do you know what they sold the land to the investors for?

 

[zeke]

Do you know what they sold the land to the investors for?

if i understand this correctly:

https://eb5projects.com/system/proj...original/Q_Burke_Business_Plan.pdf?1395475107

they valued the land at 3.8 million and the investors share of that was 2.4, the q and co share was the actual land, valued at 1.4. how you can say we're kicking in 1.4 million dollars worth of land to the cause, but it's actually worth 3.8 million confuses me, but i'm no lawyer.

that's just the hotel land, the land for the other projects (aquatic center, tennis and bike park) would all be leased from q and co. (for 10% of revenue) and all projects would be managed by q and co (for 40-50% of revenue).

 

[thetrailboss]

if i understand this correctly:

https://eb5projects.com/system/proj...original/Q_Burke_Business_Plan.pdf?1395475107

they valued the land at 3.8 million and the investors share of that was 2.4, the q and co share was the actual land, valued at 1.4. how you can say we're kicking in 1.4 million dollars worth of land to the cause, but it's actually worth 3.8 million confuses me, but i'm no lawyer.

that's just the hotel land, the land for the other projects (aquatic center, tennis and bike park) would all be leased from q and co. (for 10% of revenue) and all projects would be managed by q and co (for 40-50% of revenue).

Very good find. I'm going to review that. Thanks,

 

[River19]

So I just read on an MTB forum that Qhotel just canceled reservations for NEMBAFest weekend.....June 17-19........saying they won't be open.

So........to recap......missed all ski season........canceled all weddings.......won't be open for the largest summer event in the area.......in Mid June.......so yeah, I don't think they are opening under this ownership......I just don't see it.

So there is that......

Anyone know how our condo salesman is doing? I really do worry about him on some level.......

 

[VTKilarney]

It look like their reservation system is not accepting anything at all for this summer. If so, this is a very bad sign. Very bad.

 

[River19]

Open your door.......I heard the lady warming up to sing.........she looks big from here......

 

[MEtoVTSkier]

The possibility of that "short sale" is starting to look more and more likely.

 

[MEtoVTSkier]

Honestly, absolutely nothing that happens at Burke from here on out will surprise me.

 

[the original trailboss]

Honestly, absolutely nothing that happens at Burke from here on out will surprise me.

Agreed !

 

[halfpintvt]

I heard from someone who is still doing finish work at the hotel that the Mountain will close at the end of March and the hotel will not open until November 2016. Have also heard that Peak CM has not paid subcontractors and Peak has sent out a letter to these subs suggesting that they file liens against Burke 2000 LLC (dba Q Burke). Liens totaling over $650,000 have been recorded in the Burke Town Office. I'm sure there will be more coming. Maybe Jerry Davis is trying to force the State to release all of the money he is owed by generating more bad publicity for the Q's and EB-5. Didn't "Little A" (Ary) once say that the reason they put the "Q" in front of Burke was because Burke Mountain had a lot of bad press when a google search was done but "Q-Burke" had no such problem. Go figure!

 

[thetrailboss]

I heard from someone who is still doing finish work at the hotel that the Mountain will close at the end of March and the hotel will not open until November 2016. Have also heard that Peak CM has not paid subcontractors and Peak has sent out a letter to these subs suggesting that they file liens against Burke 2000 LLC (dba Q Burke). Liens totaling over $650,000 have been recorded in the Burke Town Office. I'm sure there will be more coming. Maybe Jerry Davis is trying to force the State to release all of the money he is owed by generating more bad publicity for the Q's and EB-5. Didn't "Little A" (Ary) once say that the reason they put the "Q" in front of Burke was because Burke Mountain had a lot of bad press when a google search was done but "Q-Burke" had no such problem. Go figure!

Again, the State claims the escrow account is empty. Q et al didn't raise enough money.

I am still shocked that they have not either provided a bridge loan from themselves or simply shifted a few of the other investors from other projects over in order to fill the short fall. Something seems really wrong here.


Sent from my iPhone using AlpineZone

 

[VTKilarney]

Why would they give up on the summer? And why should we believe that the problem will be rectified by November?

What a mess.

 

[the original trailboss]

Ary and Daddy should be most proud of their accomplishments over the past 3 years, and, the support and goodwill they have generated in the community and beyond.

 

[River19]

While the Qhotel may not open until November, which in itself is the most epic of fails......that would be one year behind schedule.....I assume they will still open the bike park and operate the lift? Anyone hear anything about summer mountain ops? That could be telling depending on the situation.

 

[from_the_NEK]

While the Qhotel may not open until November, which in itself is the most epic of fails......that would be one year behind schedule.....I assume they will still open the bike park and operate the lift? Anyone hear anything about summer mountain ops? That could be telling depending on the situation.

Half of the Bike Park is going to be closed this summer while they install the lights for night skiing.
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I'm kidding. And I hope that isn't actually a plan. But like MEtoVTSkier said

Honestly, absolutely nothing that happens at Burke from here on out will surprise me.