Well, sounds like VT and Q.
Vermont is best to resolve everything and get this in the rear mirror ASAP. What a shit show.
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Jay Peak bombshell
- Thread starter VTKilarney
- Start date
Well, sounds like VT and Q.
Vermont is best to resolve everything and get this in the rear mirror ASAP. What a shit show.
BenedictGomez
Well-known member
I view it quite the opposite. I think it's dumb of State of Vermont to keep bringing this up and keeping it alive, given State of Vermont is so clearly in the wrong. What if some intelligent team of lawyers actually starts digging and requesting state records? Does Vermont just keep stonewalling and refusing to turn anything useful over?
Yep. Vermont just was on the wrong end of a decision by a judge ordering them to pay $60,000 in legal fees for a party seeking public records. Vermont has a habit of not turning over public records.
As to the general public, they just don't understand the magnitude of the issues.
mbedle
Well-known member
Looks like state settled for 2 million on Quiros and 100K on Stenger.
VTKilarney
Well-known member
Less than I would have guessed.
I wonder if, when this is all over, Quiros will still come out ahead. I haven't been following it closely enough to have any sort of idea.
mbedle
Well-known member
I think they mentioned that he might have 8 million left after the SEC settlement. So, yes he is still ahead, but its not over for him. I would guess that a criminal case and any other civil cases he may face will drain the rest of that. Does actually suck for his wife, who may not have known what was going on.
Smellytele
Well-known member
But it benefited her for a few years. She had no right to have any of this benefit her. I do not feel sorry for her.
Nope. The VT AG said he is not bringing any criminal action.
Complete weak sauce.
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MEtoVTSkier
Active member
Probably because it will expose all the VT government failings/blame and open them up to more lawsuits.
He claimed that ethically he could not do it. The only thing I could think of is that they got incriminating evidence from working with both Q and Stenger on a civil settlement. But methinks it is more along the lines of what you said. The AG "claimed" that they settled the case so that the documents could be turned over to the auditor of accounts to review and complete is investigation. I am not holding my breath on that report.
VTKilarney
Well-known member
Saw that they may have to do "more" construction at Burke before sale. Not sure what that entails.
And as for this:
Is that so they can help others commit fraud? The state needs to get out of this NOW.
fbrissette
Well-known member
While I wish for Burke to succeed, as a Jay peak skier, I am pleased with this news. I was afraid that the Burke sale would be tied into Jay Peak's and that the former would act as an anchor to potential mountain improvements, as revenues would be diverted to keep Burke afloat.
Looks like he is thinking that it is better to separate them and to focus on making each other the best that they can be. Very interesting that he thinks that investing more in Burke is better for it. Depends on what he is going to build.
slatham
Well-known member
Jay PEak makes money so much easier sell, and way easier to sell them separately. Burke has suffered losses and he is obviously analyzing whether the planned but not completed improvements would help get Burke to a profit.
VTKilarney
Well-known member
He may simply be reacting to the market - a market that wants to purchase Jay Peak without Burke.
He doesn't necessarily think that. He was quite clear that his goal is to create enough jobs so the investors can get their green cards. His duty is first and foremost to the investors, and not to the mountain itself. Mind you, he is walking a fine line because he needs to preserve the asset inasmuch as that is in the investors' best interest.
from_the_NEK
Active member
The winter season sounds to be the big loser for Burke right now. It would be interesting to hear what the summer revenue is. It seems to me that the mountain has been quite busy this summer thanks to MTBers and some large conferences. Additionally summer expenses are lower (no heating, snowmaking. etc)
If something else gets built, My guess is that it will be something winter weather resistant. I went to the water park at Jay this winter during the cold snap. I would venture a guess that a lot of other families did as well instead of skiing in -10 degree and below temps. That likely kept Jay's bottom line from looking even worse for the period of super cold followed by rain.
BenedictGomez
Well-known member
So that pretty much went down exactly as I predicted; that they'd try to sell Jay Peak & Burke as a "package deal", and most likely fail, forcing them to sell Jay Peak alone. Burke either ends up an R.P.T. or the consequences appear dire.
mbedle
Well-known member
Did I miss something? When did they try to sell Jay & Burke together and fail? What does R.P.T. mean?
Pretty sure they were not listed. But I imagine he had unofficial discussions.
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