Jay Peak bombshell

[urungus]

Deadline for competing bids was yesterday (Sept 2), should be hearing something soon.

 

[thetrailboss]

Well, we'll soon find out Jay's destiny and this thread can be mercifully buried. RIP
IMO Jay does not easily fit into a tidy box like other ski areas, thankfully. Hopefully that will help in who buys the mountain.
Over the years there has been a steady migration of skiers here to Jay that have had their fill of standard fare and want to expand their ski experience.
Many like myself wind up staying.
This site seems divided between those wanting more "stuff" and those who accept the "Jay foibles" for challenging, ungroomed steep in bounds terrain, sometimes world class powder and a genuine, authentic welcoming vibe. I say choose the path that suits you best and enjoy.

As this new chapter of Jay eventually unfolds, it is important to mention some key people who have had a role in creating and making Jay what it is, in a semi-chronological order:
The Gilpin brothers; Father St Onge; Perry Merrill, Harold Haynes; Don McNally; Walter Foeger; Bill Stenger and Steve Wright.
I'm not a buddy of Steve's but he rightfully deserves IMO outsized credit for steering Jaypeak through some mighty challenging seas.

Bring on the winter!
V/R
Longboardr

A nice tribute to some Jay legends. But you left out the real stars, former owners and the next Bond villains, Big and Little Q, seen here getting to work on their next criminal enterprise.

 

[BenedictGomez]

I'm still surprised he only got 5 years given the massive scope of the fraud & the significant damages caused. No idea when he's eligible for parole, but if it's in only 2 or 3 years & he gets out early the entire thing's a mockery.

 

[ThatGuy]

White collar criminals usually get off easy.

 

[thetrailboss]

I'm still surprised he only got 5 years given the massive scope of the fraud & the significant damages caused. No idea when he's eligible for parole, but if it's in only 2 or 3 years & he gets out early the entire thing's a mockery.

Exactly. I am pretty pissed.

The fact that Shumlin got a pass is also pretty bad.

 

[LONGBOARDR]

A nice tribute to some Jay legends. But you left out the real stars, former owners and the next Bond villains, Big and Little Q, seen here getting to work on their next criminal enterprise.



View attachment 54727

I find it deliciously ironic that Quiros senior was a prison guard in the Army, now on the other side of the bars.
Karma Baby!

 

[thetrailboss]

I find it deliciously ironic that Quiros senior was a prison guard in the Army, now on the other side of the bars.
Karma Baby!

Well, the other news is that the Receiver has had to sell some trail and feature names to raise some cash. Starting this season, we will have some great new names such as:

* The Jail Triple
* The Boondoggle Quad
* Ponzi Plunge
* Lost Green Card
* Con Am
* Bankruptcy Pond Glade
* Poor House Waterpark
* The AnC Bio First Aid Building
* The first Tram Tower will now be Trump Tower
* The Heist
* Fraudway

And many others.

 

[drjeff]

Stuart Winchester of the Storm Skiing Journal reported tonight that there are 3 groups bidding in the auction this Wednesday

 

[bigbob]

Stuart Winchester of the Storm Skiing Journal reported tonight that there are 3 groups bidding in the auction this Wednesday

Jay Peak Auction Set for Wednesday, Sept. 7 – At Least 3 Bidders Will Participate

“It's highly likely that ... we'll know a lot more about our future ownership structure after Wednesday of this week” - Jay Peak General Manager Steve Wright, in a memo to staff

www.stormskiing.com

 

[thetrailboss]

Stuart Winchester of the Storm Skiing Journal reported tonight that there are 3 groups bidding in the auction this Wednesday

Interesting. Pacific and who else? Any guesses?

 

[jimmywilson69]

who really could be in this market?

Vail
Altera
Boyne
Powder
Some Rich dude who just won the lottery?

 

[thetrailboss]

who really could be in this market?

Vail
Altera
Boyne
Powder
Some Rich dude who just won the lottery?

Well, Boyne has "previously said" that they are not interested in Jay. But that could change.

There, apparently, were a lot of investment funds that were interested in the real estate.

Vail is too big, whether they admit that or not remains to be seen. They can't operate and manage what they have.

Alterra went big at the start and are now not in a buying mood from what I see. But then again that could change. They have a lot of $$$ floating around. It makes sense for them because they own Tremblant, so another reason for the Montreal market to go IKON but, then again, it siphons off business from their Montreal Market Resort (Tremblant).

I would not wish POWDR on my worst enemy. John has his a piece of his Dad's estate, but he, too, has a lot of balls in the air.

 

[thebigo]

who really could be in this market?

Vail
Altera
Boyne
Powder
Some Rich dude who just won the lottery?

MSS? MCP? Fairbanks? Crowleys? This person? https://www.mynbc5.com/article/vermont-powerball-winner-middlebury-jolley/40526800#

Could be anyone, nobody saw Pacific coming. As someone invested in Ragged for the next decade, I just hope they dont get in a bidding war, take the seven figure breakup fee and move on.

 

[thetrailboss]

MSS? MCP? Fairbanks? Crowleys? This person? https://www.mynbc5.com/article/vermont-powerball-winner-middlebury-jolley/40526800#

Could be anyone, nobody saw Pacific coming. As someone invested in Ragged for the next decade, I just hope they dont get in a bidding war, take the seven figure breakup fee and move on.

I don't know if a break up fee would apply here as this is an auction and they submitted a bid that has yet to be really "accepted."

 

[thebigo]

I don't know if a break up fee would apply here as this is an auction and they submitted a bid that has yet to be really "accepted."

From Lift Blog:

Should another buyer prevail, Pacific Group would be paid a breakup fee of $1.25 million plus expenses from the sale proceeds.

Pacific Group Resorts Bids $58 Million for Jay Peak

The Jay Peak Receiver today filed a motion to enter a sale agreement with Pacific Group Resorts, Inc., a Park City-based operator of five North American ski areas. Importantly, the proposed sale pr…

liftblog.com

 

[Newpylong]

Count me also in for wanting them to be outbid quickly and leaving it at that.

 

[thetrailboss]

From Lift Blog:

Pacific Group Resorts Bids $58 Million for Jay Peak

The Jay Peak Receiver today filed a motion to enter a sale agreement with Pacific Group Resorts, Inc., a Park City-based operator of five North American ski areas. Importantly, the proposed sale pr…

liftblog.com

Interesting. I guess that was meant to encourage (good faith) bids.

 

[jimmywilson69]

so if they decided to pull their bid would they need to pay $1.25 Million? Its sort of odd if they lose they get paid $1.25 Million

 

[cdskier]

so if they decided to pull their bid would they need to pay $1.25 Million? Its sort of odd if they lose they get paid $1.25 Million

What would be the point of them pulling their bid? If they don't want to pay more than they originally offered, just don't put in a higher bid and walk away with the $1.25M breakup fee for being outbid.

 

[thetrailboss]

so if they decided to pull their bid would they need to pay $1.25 Million? Its sort of odd if they lose they get paid $1.25 Million

That is what Paragraph 26 of the Motion says. I think it is meant as a way to pay for the costs associated with Pacific's bid (time spent on investigating, sourcing funds, hiring lawyers and professionals to make up a deal, etc.) There are some contingencies though to get said break up fee that have to be met though.