Big Burke announcement

[VTKilarney]

Well, for kicks I just called Q Burke and inquired about a hotel reservation for mid-August. I was flat out told that the hotel would not be open then. I asked when the first date I could book a reservation would be. The agent's response was, "Maybe November."

 

[oldtimer]

my only questions is when do the lawyers start? I see no scenario that does not involve some combination of bankruptcy, civil suits, & perhaps the state investigating some folks for criminal fraud? This is outside of any reasonable limits. If you cannot make the nut, throw up the "for Sale" sign and take your lumps. These clowns seem to want it both ways.

 

[VTKilarney]

If they don't open until November, it's as if they are taunting Peak CM to bring a foreclosure proceeding.

On the one hand, it seems as if they have truly thrown in the towel. But on the other hand, they are still running the ski area at a time of year when they are surely taking a loss.

There is a passholder meeting this weekend. I doubt it will be well attended, but it may be interesting.

 

[from_the_NEK]

Well, for kicks I just called Q Burke and inquired about a hotel reservation for mid-August. I was flat out told that the hotel would not be open then. I asked when the first date I could book a reservation would be. The agent's response was, "Maybe November."

Well, on the bright side, at least they aren't taking reservations only to turn around and cancel them within a month like they were doing all winter.

 

[fbrissette]

Well, for kicks I just called Q Burke and inquired about a hotel reservation for mid-August.

You've got to much time on your hands.

 

[VTKilarney]

You've got to much time on your hands.

Huh? It took me less than a minute. I thought that the 50 or seconds I spend doing it was WELL worth the information that I got in return. To each their own, I guess.

 

[thetrailboss]

This is just mind boggling on so many levels.


Sent from my iPhone using AlpineZone

 

[VTKilarney]

Well, on the bright side, at least they aren't taking reservations only to turn around and cancel them within a month like they were doing all winter.

Good point. They don't need to generate any ill will if it can be avoided. On the other hand, this represents a major shift. They are even pretending anymore that the hotel is going to open in the near future.

 

[thetrailboss]

I would think that this sluggishness to get it going would hurt their efforts to get more investors.

 

[fbrissette]

Huh? It took me less than a minute. I thought that the 50 or seconds I spend doing it was WELL worth the information that I got in return. To each their own, I guess.

Fair enough. How about: 'you are way too passionate about this'

 

[VTKilarney]

Fair enough. How about: 'you are way too passionate about this'

I'll give you that one.

 

[Smellytele]

Well, for kicks I just called Q Burke and inquired about a hotel reservation for mid-August. I was flat out told that the hotel would not be open then. I asked when the first date I could book a reservation would be. The agent's response was, "Maybe November."

Figured they would know your voice and your number by now and would have hung up on you or not answered at all.

 

[VTKilarney]

Figured they would know your voice and your number by now and would have hung up on you or not answered at all.

Believe it or not, it was the first time that I can recall telephoning.

 

[River19]

For some reason I remember reading initially that the Qhotel was "fully funded" and they were raising money for the other EB 5 funded projects like the Tennis center, the aquatic center, the hole in the ground in Newport, the sketchy biotech firm, the airplane manufacturing facility, the NEK time travel station, the Earth to Mars launch platform etc.........OK the last two I may have made up.....

Were we wrong in interpreting their BS as being fully funded?

Reason I ask is that there is one financial investment structure that is "fully funded" and can meet their obligations to pay out just as long as funds keep coming in but goes belly up as soon as outgo outweighs incoming.....just sayin'.....

 

[tumbler]

i cannot believe the contractor actually finished the job. Does anyone know the total price of the work? If it is only over 650,00ish that seems like it could possibly be the retainage (10%) or less. There is something very fishy here (duh). Usually retainage is invoiced and set aside to be paid at the end. It takes two to tango but somone has to lead- Q, but the contractor has to know also.

 

[DoublePlanker]

i cannot believe the contractor actually finished the job. Does anyone know the total price of the work? If it is only over 650,00ish that seems like it could possibly be the retainage (10%) or less. There is something very fishy here (duh). Usually retainage is invoiced and set aside to be paid at the end. It takes two to tango but somone has to lead- Q, but the contractor has to know also.

The contractor has the CO which is maximum leverage. The subs can do the liens.

 

[oldtimer]

Have I spelled "Ponzi" properly?

For some reason I remember reading initially that the Qhotel was "fully funded" and they were raising money for the other EB 5 funded projects like the Tennis center, the aquatic center, the hole in the ground in Newport, the sketchy biotech firm, the airplane manufacturing facility, the NEK time travel station, the Earth to Mars launch platform etc.........OK the last two I may have made up.....

Were we wrong in interpreting their BS as being fully funded?

Reason I ask is that there is one financial investment structure that is "fully funded" and can meet their obligations to pay out just as long as funds keep coming in but goes belly up as soon as outgo outweighs incoming.....just sayin'.....

 

[VTKilarney]

I don't recall every seeing any credible information to suggest that the hotel was fully funded. I know for a fact that when they broke ground it was not nearly fully funded.

 

[tumbler]

I don't recall every seeing any credible information to suggest that the hotel was fully funded. I know for a fact that when they broke ground it was not nearly fully funded.

That's why I cannot believe it got finished, not mention started! Quite a risk the contractor took. Yes he has the CO which is leverage but he is stuck with no money. I have to believe the subs are furious with him. He should open the hotel to try and make some money...

 

[VTKilarney]

If the media reports are to be believed, the contractor is only owed $5.5 million on a hotel that was projected to cost $55 million. So it's really not that much in the grand scheme of things. But that's why it is so mind boggling that they don't figure out a way to pay off the contractor.

Couldn't the LLC take out a loan and give the lender priority and a security interest? As risky as a ski area loan is, I wouldn't mind being first in line with a secured loan of $5.5 million on a hotel that is worth many millions more. Unless the bank thinks that there really wouldn't be any serious buyers if the hotel went up for foreclosure. In that case, that ought to tell you something about the confidence in the resort.