Big Burke announcement

[JoeB-Z]

That is a rippin' piece. ANC Bio will be a real nasty business. Trust me, stuff like that requires human trials that have budgets in the 100$s of millions and 10 year time scales, if they work.

Plus, the people you need have zero, and I mean zero interest in the NEK. Are they going to board their children at acceptable schools? I used to live in rural Vermont (Grand Isle) and the school was a failure factory twenty years ago. Gee, will I go to high school in Milton or Essex Junction? Milton cuz I heard those who tried did not fare well at Essex Junction.

 

[VTKilarney]

New VTDigger article about AnC Bio and Q Burke:
http://vtdigger.org/2016/04/04/newport-biotech-investors-asking-for-refunds-documents-show/

An interesting quote regarding Q Burke:
"The state wants to know why Quiros and Stenger have not shown they are making contributions of their own money in the project as stated in an agreement with investors."

 

[VTKilarney]

When it rains it pours. There is a Burlington Free Press article in today's paper:
http://www.burlingtonfreepress.com/...rs-say-millions-unaccounted-q-burke/82520068/

The article starts with the following:
"State regulators have frozen the escrow account for the Q Burke Hotel until the developers explain what became of millions of dollars taken out of the project."

 

[River19]

And here is the Digger and State asking the multi-Million Dollar Question:

"In her response dated March 25, Donegan asks Stenger to cite language in the private placement memorandum — the investor agreement — disclosing use of investor funds for pre-opening, marketing and developer fees.



State officials say the “developer proceeds” are funds developers had planned to take out of the project. Moulton and Donegan say the developers should be putting their own money into the project — not taking money out.

The state wants to know why Quiros and Stenger have not shown they are making contributions of their own money in the project as stated in an agreement with investors."

A few interesting things I took away from this article:

- What was the sum of funds transferred from ANC's pool to the "Jay Construction Company" and what exactly they were used for
- Total amount of refunds requested is still unknown.......it only takes 10 to have a $5M problem.......
- Ongoing financial reviews of all these projects......
- "Developer proceeds"......hmmmmmm

 

[River19]

When it rains it pours. There is a Burlington Free Press article in today's paper:
http://www.burlingtonfreepress.com/...rs-say-millions-unaccounted-q-burke/82520068/

The article starts with the following:
"State regulators have frozen the escrow account for the Q Burke Hotel until the developers explain what became of millions of dollars taken out of the project."

Whoa....is this a new angle we haven't encountered before? $ was taken out of the Qburke pool without a clear paper trail the state can track?

Hmmmmm......

 

[fbrissette]

Whoa....is this a new angle we haven't encountered before? $ was taken out of the Qburke pool without a clear paper trail the state can track?

Hmmmmm......

I hate to say it, but it looks like BG was right from the onset. We're steadily moving toward the land of fraud and misappropriation of funds.

 

[from_the_NEK]

I hate to say it, but it looks like BG was right from the onset. We're steadily moving toward the land of fraud and misappropriation of funds.

Damn, I think your right that BG was right. The situation just looks sooooo bad right now.

 

[BenedictGomez]

A DOL rapid response specialist suggested that workers apply for fast food service jobs as a way to quickly regain employment.

Lets see:

Option 1: Work 40 hours per week at Burger King

Option 2: Collect unemployment, relax, & receive more $ than working 40 hours per week at Burger King

But that's about the intelligence of the response I'd expect from a government employee.

 

[yeggous]

Lets see:

Option 1: Work 40 hours per week at Burger King

Option 2: Collect unemployment, relax, & receive more $ than working 40 hours per week at Burger King

But that's about the intelligence of the response I'd expect from a government employee.

I think you're missing their point. You are allowed to make limited part-time income while collecting unemployment. It's a way to supplement your income until you find a new gig.

 

[BenedictGomez]

I hate to say it, but it looks like BG was right from the onset. We're steadily moving toward the land of fraud and misappropriation of funds.

Damn, I think your right that BG was right. The situation just looks sooooo bad right now.

And I received more criticism over this issue than for about anything I've ever posted here. It all seems so simple to people. We have a bad snake problem, so just dump a bunch of free mongooses all over the place. Problem solved.

Hey, where the hell did all these rats come from?

 

[yeggous]

And I received more criticism over this issue than for about anything I've ever posted here. It all seems so simple to people. We have a bad snake problem, so just dump a bunch of free mongooses all over the place. Problem solved.

Hey, where the hell did all these rats come from?

You've abstracted the discussion too far. I am lost.


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[BenedictGomez]

That is a rippin' piece. ANC Bio will be a real nasty business. Trust me, stuff like that requires human trials that have budgets in the 100$s of millions and 10 year time scales, if they work.

Plus, the people you need have zero, and I mean zero interest in the NEK. Are they going to board their children at acceptable schools? I used to live in rural Vermont (Grand Isle) and the school was a failure factory twenty years ago. Gee, will I go to high school in Milton or Essex Junction? Milton cuz I heard those who tried did not fare well at Essex Junction.

Dont worry, that project is NEVER getting off the ground. As someone familiar with biotech, the ANC Bio aspect of all this has been, is, and forever will be, the most ridiculous aspect of this entire story, and was a massive "canary in the coalmine" for me.

 

[BenedictGomez]

But my most bold prediction made a few years ago when this was "the most wonderful thing in the world", still has not yet come to pass, which is that this will end with Federal indictments.

I'm still sticking with that prediction.

Also, at this point I wouldn't even be surprised if organized crime makes a cameo appearance before this saga is over.




EDIT: Added a video that came to mind.

 

[fbrissette]

It all seems so simple to people. We have a bad snake problem, so just dump a bunch of free mongooses all over the place.

Nobody thought is was a simple as that. Most of us underestimated the lack of adequate oversight and how easy the whole process could go down the slope of questionable ethics.

I don't think the problem is with the foreign investors concept, but how it was implemented in this case.

 

[BenedictGomez]

Bill Stenger, the developer of AnC Bio Vermont, told state regulators that investors who bought into the project several years ago have requested refunds. In the latest dispute with the state over disbursement of EB-5 investor funds, Stenger and his partner, Ariel Quiros, say they want to issue refunds from money collected from new investors in the biotech facility. That money is held in escrow under an agreement with the state.

Lastly, for those of you who perhaps aren't familiar with how a Ponzi scheme works?

The bolded above is a very succinct way to describe it in two sentences.

 

[BenedictGomez]

Nobody thought is was a simple as that. Most of us underestimated the lack of adequate oversight and how easy the whole process could go down the slope of questionable ethics.

Many people though it really was as simple as that.

I don't think the problem is with the foreign investors concept, but how it was implemented in this case.

Clearly, yes.

But there were warning signs early on. Big ones. Giant red flags waving in the worst Freezer breeze. But nobody seemed to care, because that water park sure is great, and now we get kids coming from Canada to play hockey, and well..... some jobs have surely been created. Some.

 

[VTKilarney]

Likewise, I have endured more abuse over calling out Burke management than for anything else I have posted here. And now there are over 2,700 people that have joined a Facebook group that is doing exactly what I've been doing.

I still believe that things can get worked out. But I also believe that some people on this forum ought to be looking in the mirror right now. Oddly enough, the most vocal against me had no real affiliation with Burke.

Don't assume that being critical equates to a lack of care and compassion for the mountain.

 

[xwhaler]

http://qburke.com/blog/i-stand-with-the-q/

At least it seems they now recognize there is a big public perception issue

 

[snoseek]

Yep, keep that resume polished.

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[Edd]

Yep, keep that resume polished.

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Hmmm. It would be hard to blame her.