Jay Peak bombshell

[BenedictGomez]

I don't believe that Vermont's citizens are more prone to or that the occurrence of embezzlement is any greater than any other state.

It's not the "citizens" you have to worry about, it's the government employees, plus the backwoods laissez-faire 1920s-style financial controls (term used loosely here) that are in place.

 

[Zand]

https://vtdigger.org/2019/08/30/barre-man-accused-of-embezzling-funds-from-vtrans/

Just saw that pop up and thought of this thread lol.

 

[BenedictGomez]

https://vtdigger.org/2019/08/30/barre-man-accused-of-embezzling-funds-from-vtrans/

Just saw that pop up and thought of this thread lol.

Absolutely amazing timing.

 

[mbedle]

Absolutely amazing timing.

So True. lol

Edit - lets be honest, it was only $1,000....

 

[thetrailboss]

So True. lol

Edit - lets be honest, it was only $1,000....

It's still wrong. And still demonstrates my point [regrettably ]

 

[thetrailboss]

And therein lies the problem. The old one bad apple spoils the whole bunch.

There are a hell of a lot of bad apples.

 

[Not Sure]

So True. lol

Edit - lets be honest, it was only $1,000....

Not really.

"The investigation found Johnson had made other purchases outside of the ones he is being charged with, but due to the statute of limitations, is not being criminally charged for those purchases."

Seems he's been doing this for a while and nobody noticed!

 

[cdskier]

Yes, I can acknowledge that the cases listed did indeed occur in Vermont. My point was to state that I don't believe that Vermont's citizens are more prone to or that the occurrence of embezzlement is any greater than any other state. Its all good and I love a good discussion no matter what the outcome may be.

Fair point, but to me I still think it is fair to say that Vermont has a problem. Whether that problem is worse than other states or not isn't that important (to me at least). Best analogy I can come up with would be something like this: If 1 house in my neighborhood is broken into, ok, isolated incident. Two houses could be a coincidence. Three or more and now to me there's a problem. That rate still may be far below neighborhoods of Newark, but that doesn't mean I should not worry about it. I can still take proactive actions now to address what is happening in my area (lock my doors, install an alarm system, etc) and shouldn't wait until some statistics somewhere say that it is worse than other areas.

 

[thetrailboss]

Unreal.

https://vtdigger.org/2019/09/03/new...il&utm_term=0_dc3c5486db-1667f4611e-405558657

 

[BenedictGomez]

Unreal.

https://vtdigger.org/2019/09/03/new...il&utm_term=0_dc3c5486db-1667f4611e-405558657

Not shocking. Senator Leahy is elbow-deep in this saga & now pleads ignorance. This bit's great:

there are no Leahy communications provided by the AG’s office after 2014, when investors began pressuring the state to take action against the developers.

Must be in the same place as Hillary Clinton's hard drive!

But of course you know I'm partial to the bit relating to Brett Raymond, my favorite character in this entire mess.

“The VT Digger article is reverberating in China,” Raymond wrote to the Leahy staffers in his email. “Competing RCs {regional centers} are using it against us and our projects.”

Literally the exact OPPOSITE of his job.

I've said it 101 times on this board, but how Brett Raymond hasn't been investigated in all this is completely beyond me. It's the sole remaining, "Keystone Cops" unanswered part of this puzzle for me. The State of Vermont EB-5 Center is the glue that held the entire scam together, and for the life of me I dont understand why nobody seems to understand this!

 

[VTKilarney]

Vail is not interested in Jay, but Alterra and these others are:

https://vtdigger.org/2019/09/05/vai...tors-eye-jay-peak-as-sale-process-presses-on/

It looks like Jay will take a massive tax hit. From the article: The town of Jay has the resort assessed on the grand list at $124 million. The U.S. Securities and Exchange Commission, during a May 2016 court hearing, valued Jay Peak at $42 million, based on average profits.

 

[machski]

Vail is not interested in Jay, but Alterra and these others are:

https://vtdigger.org/2019/09/05/vai...tors-eye-jay-peak-as-sale-process-presses-on/

It looks like Jay will take a massive tax hit. From the article: The town of Jay has the resort assessed on the grand list at $124 million. The U.S. Securities and Exchange Commission, during a May 2016 court hearing, valued Jay Peak at $42 million, based on average profits.

Given the pending Peaks buy, Vail will own outright 7 resorts in New England alone. They not having interest in Jay does not surprise me. Another buy, especially in VT, would increase any Anti-Trust scrutiny. From a selfish side, would love to see Alterra buy them and add to Ikon with a second unlimited area in NE.

Sent from my Pixel 3 using AlpineZone mobile app

 

[urungus]

Vail is not interested in Jay, but Alterra and these others are:

https://vtdigger.org/2019/09/05/vai...tors-eye-jay-peak-as-sale-process-presses-on/

It looks like Jay will take a massive tax hit. From the article: The town of Jay has the resort assessed on the grand list at $124 million. The U.S. Securities and Exchange Commission, during a May 2016 court hearing, valued Jay Peak at $42 million, based on average profits.

LOL ... The article says that “Vale” is not interested, but “Ultara” might be

 

[thetrailboss]

Vail is not interested in Jay, but Alterra and these others are:

https://vtdigger.org/2019/09/05/vai...tors-eye-jay-peak-as-sale-process-presses-on/

It looks like Jay will take a massive tax hit. From the article: The town of Jay has the resort assessed on the grand list at $124 million. The U.S. Securities and Exchange Commission, during a May 2016 court hearing, valued Jay Peak at $42 million, based on average profits.

The difference in value is likely due to one valuation of the property and real estate (the higher number) and the other being the going interest value (the business itself).

 

[BenedictGomez]

The difference in value is likely due to one valuation of the property and real estate (the higher number) and the other being the going interest value (the business itself).

Any way you slice it, a $124M valuation for Jay Peak, wherever that came from, was absolutely bat**** crazy versus what we know about their annual revenue of somewhere between $2M & $9M.

 

[BenedictGomez]

So here's the list of Jay Peak tire-kickers from VTDigger:

Alterra
A Communist Chinese oligarch
Pacific Group
Och-Ziff
AWH Partners


I still think Alterra is the most logical choice for a whole host of reasons.

 

[thetrailboss]

Any way you slice it, a $124M valuation for Jay Peak, wherever that came from, was absolutely bat**** crazy versus what we know about their annual revenue of somewhere between $2M & $9M.

Yes, true. "Grand List" is the value of the real property in the town. Remember that over the years Stenger and Company created many different partnerships and entities for each of their "projects" at Jay, so technically I bet that there are several different entities that own real estate up there, while the ski area itself is a separate operation.

 

[AdironRider]

Any way you slice it, a $124M valuation for Jay Peak, wherever that came from, was absolutely bat**** crazy versus what we know about their annual revenue of somewhere between $2M & $9M.

No way Jay only does 9 million in revenue, let alone 2.

Its isn't worth 124 million though.

 

[BenedictGomez]

No way Jay only does 9 million in revenue, let alone 2.

Its isn't worth 124 million though.

Correct, I meant profit, not revenue. I dont recall if revenue is public knowledge, but on < $10M in profits, lets say it's $30M - $40M in top-line revenue, there's no way you can get anywhere near a $124M value.

 

[thetrailboss]

So here's the list of Jay Peak tire-kickers from VTDigger:

Alterra
A Communist Chinese oligarch
Pacific Group
Och-Ziff
AWH Partners


I still think Alterra is the most logical choice for a whole host of reasons.

Good summary of the interested parties. :lol: