Big Burke announcement

[VTKilarney]

There can't possible be more conflicting information out there regarding this project. The recent VT digger article states that 4.3 million of the 5.5 million owed to Peak CM has been approved for payment to Peak CM. But older articles stated that the state only had roughly 1.5 million available in the escrow account. The VT digger articles goes on to say that the remaining 1.28 million owned to Peak CM will not be paid out of the escrow account, since it includes late fees, travel and delay charges/interest. It seems odd to me that the state is not going to pay late fees and interest charges. They are probably the ones the caused those charges to accrue by making late payments to Peak CM because of their invoice reviews.

The state has alleged that the delay is attributable to the project's management. Specifically, they have alleged that there was a delay of months and months to get documentation that they had requested. (At least six months, IIRC.)

But let's assume that you are correct and that the state is the reason for the delay and late fees. If EB-5 rules do not allow investor money to be used for these purposes, then it really doesn't matter. I don't know what the EB-5 rules are, but if the money is intended to create jobs, it would not be surprising that the money can't be used for late fees, travel fees, etc.

 

[mbedle]

I wasn't sure on the timing of the issues with payment. I know that back before July 2015, Q Burke apparently was tardy in getting the documents the state requested before allowing Q Burke to go look for additional investors. But we are talking about invoice payments from November onward. If they made payments before November to Peak CM, not sure what other documents they would need to make payments after November 2015.

As far as the interest and fees, you are probably right about it not being allowed under the EB-5 program. If that is the case, than it wouldn't be necessary for Q Burke to be out looking for money to pay Peak CM with additional EB-5 investors. In other words, if that state is saying that those charges can not be paid with the escrow account, than the 1.28 million is going to have to come from Q Burke's own pocket. Very confusion and difficult to really understand what is going on with a deficient of information. Most likely won't know until all the information is released from the state under a FOIA request.

 

[from_the_NEK]

Who the hell knows at this point. I think all of the parties involved have their own part to play in this shit sandwich. Let's hope it gets worked out.

 

[Edd]

I'd like to see a national news show cover this to put some extra pressure on all parties and see what pops up. Too bad it's not a topic of widespread interest.

 

[yeggous]

I'd like to see a national news show cover this to put some extra pressure on all parties and see what pops up. Too bad it's not a topic of widespread interest.

Correct, nobody cares. This issue impacts a very small group of people. There are much better stories out there.

 

[thetrailboss]

A lot to work through here....some conflicting statements and facts....but one thing that jumped out at me was that in this article Davis pointed the finger more at Stenger and Q than the State. In the Cal Rec article he blamed the State. Same with the LSC and BFP stories. Interesting.

 

[SIKSKIER]

And they will close this pitifull year this weekend.

 

[Big Wave Dave]

I forgot to mention that there was a Masskier sighting at the meeting! I guess he was able to pull himself away from all of the potential customers at the Bear Path open house to attend the meeting.

this is just rude. the man has committed capital and taken risks and should be applauded for it, not derided.

interesting take in the Digger today. They seemed to have dropped their muckraking tone in favor of just reporting what this situation seems to be, a giant mess. The more we know, the less we know.

 

[thetrailboss]

this is just rude. the man has committed capital and taken risks and should be applauded for it, not derided.

I don't think any of us are critical of his investments, but I don't think you have a long enough history with AZ to understand that Masskier is notorious for coming on here and stating things about the mountain that are plain wrong or slanted because of his interests. What I am saying is that his credibility has been called into question many times. That's why folks pick on him.

 

[from_the_NEK]

I don't think any of us are critical of his investments, but I don't think you have a long enough history with AZ to understand that Masskier is notorious for coming on here and stating things about the mountain that are plain wrong or slanted because of his interests. What I am saying is that his credibility has been called into question many times. That's why folks pick on him.

He only knows what he has been told like all the rest of us. Of course he has historically had a positive spin on most subjects. I'm sure he has A LOT of money tied up in the condos he has built and why would he want to take a negative path.

Personally, I've tried to stay positive throughout this compounded debacle of hotel not opening and Q Jr ineptness; hoping that it would all work out in the end. Since I don't have my work so closely tied to the Q's, I have more freedom to talk critically without completely torching any remaining bridges.

However, now we are all here wallowing in this mess as the situation seems to be ever sliding closer toward a worst case scenario. The Negative Nellies ended up being right and now they can rub the starry eyed hopeful's noses in it. But what good does that do for anyone other than make yourselves feel better for being able to say "I told you so!".

So like BWD said "the man has committed capital and taken risks and should be applauded for it, not derided." Masskier has WAY more invested in this situation than just his feelings. He should have a lot more slack than many of you are giving him.

 

[River19]

I was actually glad to have the note about the Masskier sighting as I was truly beginning to worry about him.

As much as I have given him some crap along the way for the sometimes wildly rosy picture he painted, I don't think anyone really wishes him any ill will.

I can only speak for myself when I say that I don't want to rub anyone's nose in anything except maybe Jr.....as the epic fail of Q is not a good thing for the region. Watching Q hack away at what community support was left at the end of Ginn years was painful to watch as many of us knew they were digging a large hole even if their plans for build out came to fruition.

And now it seems that Sr. Jr. and Stenger can't even get on a conference call to get on the same page to present a united front to the media.

 

[thetrailboss]

He only knows what he has been told like all the rest of us. Of course he has historically had a positive spin on most subjects. I'm sure he has A LOT of money tied up in the condos he has built and why would he want to take a negative path.

Personally, I've tried to stay positive throughout this compounded debacle of hotel not opening and Q Jr ineptness; hoping that it would all work out in the end. Since I don't have my work so closely tied to the Q's, I have more freedom to talk critically without completely torching any remaining bridges.

However, now we are all here wallowing in this mess as the situation seems to be ever sliding closer toward a worst case scenario. The Negative Nellies ended up being right and now they can rub the starry eyed hopeful's noses in it. But what good does that do for anyone other than make yourselves feel better for being able to say "I told you so!".

So like BWD said "the man has committed capital and taken risks and should be applauded for it, not derided." Masskier has WAY more invested in this situation than just his feelings. He should have a lot more slack than many of you are giving him.

To each his own, FTN. As to Masskier nobody is taking away anything about what he has done. They are reacting to him and what he says. When one says things that are not true and treats folks with condescension there are consequences. I know for a fact that besides the things he has said here that I know he has rubbed a lot of folks the wrong way.

Even then the original post was not THAT bad. It just said that Masskier (who outed himself here several years ago) was seen. Big deal.

 

[VTKilarney]

I made the comment because people had been wondering where Masskier had gone to. Masskier has been very insistent that condo sales at Q Burke are very healthy. I just echoed what he has been saying to us. Nothing more.

I agree that if Masskier had said otherwise it could be seen as being rude. But that is not at all what Masskier has been saying.

 

[from_the_NEK]

Even then the original post was not THAT bad. It just said that Masskier (who outed himself here several years ago) was seen. Big deal.

The part about him being "seen" was not that bad. The part that was bad was

I guess he was able to pull himself away from all of the potential customers at the Bear Path open house to attend the meeting.

That is a low blow. It is almost celebratory that, due to a situation completely out of his control, Masskier is likely struggling to sell condos that he has invested heavily in building. That was completely unnecessary. VTKilarny might as well have just walked up to him at the meeting and kicked him in the balls, pointed at him a given him a

.

 

[from_the_NEK]

I agree that if Masskier had said otherwise it could be seen as being rude. But that is not at all what Masskier has been saying.

The last time he said ANYTHING about condo sales being okay was almost a year ago. The fact that he isn't on here publicly lamenting the shit sandwich that has come to pass at Burke doesn't mean you have to keep poking him in the eye.

 

[VTKilarney]

I honestly have no reason to believe that condo sales have been impacted in the last year or so. I will be the first to admit that I was ribbing him, but again, I was careful not to do anything too annoying which is why I was careful to merely echo his own comments. (I really did give it some thought.) But your point is well taken. I certainly don't wish any ill will whatsoever toward him.

 

[thetrailboss]

It's going to be a long summer........

:roll:

 

[River19]

All joking and BS aside; how is the condo market on the mountain at this point?

How has this mess impacted that aspect of things?

Initially we were speculating that rental demand would drop with the hotel, but then we had the worst ski season most can remember so hotel or no hotel demand was going to be soft.

How silly an idea would it be to sell the suites in one wing of the hotel off as condos or time shares or some other model vs. straight up hotel?

Just some random thoughts bouncing in my head.......evidently there is plenty of space in my head for them....

 

[thetrailboss]

A

How silly an idea would it be to sell the suites in one wing of the hotel off as condos or time shares or some other model vs. straight up hotel?

Just some random thoughts bouncing in my head.......evidently there is plenty of space in my head for them....

I think that is clearly the plan for the "Exit Plan" and to pay off the investors.

 

[from_the_NEK]

It's going to be a long summer........

:roll:

Well winter was the shortest we've ever seen so a long summer is going to be inevitable :wink:

In a not at all surprising note: The Joe's Pond Assoc has had to come out with a contingency plan in case the ice goes out before the April 1st deadline to buy tickets.