Jay Peak bombshell

[thetrailboss]

Not to sound stupid, but who is bill Stenger?

None other than Mr. Jay Peak himself.

https://vtdigger.org/?s=Bill+Stenger

https://vtdigger.org/tag/bill-stenger/

 

[urungus]

https://vtdigger.org/2020/07/10/qui...s-expects-to-plead-guilty-in-eb-5-fraud-case/

 

[BenedictGomez]

Well there's an interesting plot twist.

Not good for Stenger.

 

[jimmywilson69]

yeah especially since Stenger's camp didn't know about it...

Still hard to believe he got himself wrapped up in this mess

 

[fbrissette]

With Quiros pleading guilty, we will likely learn the details of this mess. Whether this is good (or not) for Stenger remains to be seen.

One thing is sure, Jay Peak is now in a terrible position for the upcoming winter. There is a high likelihood that border travel will be affected throughout the next ski season and Jay Peak has got to be US ski resort most dependent on Canadian business. Even if the US allow border crossings at land points in the near future, this will be moot as long as the quarantine order remains in effect on the Canadian side. And I now can't see this happening before 2021 at the best.

Looks like I might try to rent my Jay Peak condo for the upcoming season. Since I cant use my car, looks like I will have to fly into Boston, rent a truck, and drive into Jay Peak to clear my personal gear, and then go through a 14 days quarantine. This is ridiculous considering I could drive in and out without stopping anywhere (even for cheap gas).

Anybody interested in a ski in ski out seasonal rental ?

 

[BenedictGomez]

With Quiros pleading guilty, we will likely learn the details of this mess. Whether this is good (or not) for Stenger remains to be seen.

Ohhhhhhh......not. So, very, very not.

This is like reading 264 pages of a 300 page novel, and years later we're now finally going to read the last 36 pages.

 

[fbrissette]

Ohhhhhhh......not. So, very, very not.

This is like reading 264 pages of a 300 page novel, and years later we're now finally going to read the last 36 pages.

Those last pages are gonna be real good me thinks.

 

[VTKilarney]

I don’t see how this is terribly bad for Stenger. Stenger cooperated from the outset and, in all likelihood, Quiros is pleading guilty because Stenger cooperated.

Stenger will get the benefit of his cooperation when it comes time for his sentencing.

In federal criminal law it is usually a race to see who turns first. Stenger won that race.

 

[VTKilarney]

I don’t see how this is terribly bad for Stenger. Stenger cooperated from the outset and, in all likelihood, Quiros is pleading guilty because Stenger cooperated.

Stenger will get the benefit of his cooperation when it comes time for his sentencing.

In federal criminal law it is usually a race to see who turns first. Stenger won that race.

 

[dblskifanatic]

A lot depends on the deal Stegner has. Did he cooperate with a deal to be no longer prosecuted in the future? Is there new information that was not disclosed that could void any agreements? Was the laundering of money? There are a lot of questions!

I know a restaurant owner of a small restaurant that all of a sudden has been able to own two houses. Has all kinds of man toys and is living large even in the depths of COVID.

Businesses all over are handling dirty money and Jay Peak would have been perfect.


Sent from my iPhone using AlpineZone

 

[VTKilarney]

Two pieces of news:

1) Quiros has entered a guilty plea: https://vtdigger.org/2020/08/14/quiros-admits-to-federal-crimes-in-eb-5-fraud/
2) A worker is accused of embezzling $125,000: https://vtdigger.org/2020/08/13/jay...ezzling-over-125000-set-to-enter-guilty-plea/

 

[Edd]

Two pieces of news:

1) Quiros has entered a guilty plea: https://vtdigger.org/2020/08/14/quiros-admits-to-federal-crimes-in-eb-5-fraud/
2) A worker is accused of embezzling $125,000: https://vtdigger.org/2020/08/13/jay...ezzling-over-125000-set-to-enter-guilty-plea/

How about the balls on that employee? I didn’t see her position mentioned.

I wonder what Quiros has spent on legal fees.

 

[BenedictGomez]

2) A worker is accused of embezzling $125,000: https://vtdigger.org/2020/08/13/jay...ezzling-over-125000-set-to-enter-guilty-plea/

Yet another example of ski area accounting amateur hour. I'm beginning to think this entire industry has virtually no finance or accounting controls.

I wonder if she knows the woman who did this at Smuggs & got arrested a few years back. LOL

 

[thetrailboss]

Yet another example of ski area accounting amateur hour. I'm beginning to think this entire industry has virtually no finance or accounting controls.

I wonder if she knows the woman who did this at Smuggs & got arrested a few years back. LOL

I was going to mention that other case. She was just following the example of the Q. Too bad she doesn't know some political higher ups to help her out.

https://www.caledonianrecord.com/ne...cle_89465c4a-6fcd-5f1b-be33-7fc95014ca80.html

 

[thetrailboss]

How about the balls on that employee? I didn’t see her position mentioned.

According to the Cal Rec, group sales. She was diverting refunds, debit gift cards, discounts, and other funds intended for customers to herself.

I wonder what Quiros has spent on legal fees.

Paid? Relatively little. He lost one set of attorneys for failing to pay them. Billed? Probably a lot between the civil and criminal cases.

 

[VTKilarney]

Jay Peak is appealing its property tax assessment.

The article has this nugget about the efforts to sell the resort:
Eventually, Kopp said, the field narrowed to about 10, with a handful submitting credible “expressions of interest,” or nonbinding offers, ranging from $38 million to $70 million for the resort.
https://vtdigger.org/2020/08/16/jay...operty-assessment-by-half-saving-1m-in-taxes/

 

[BenedictGomez]

Paid? Relatively little. He lost one set of attorneys for failing to pay them. Billed? Probably a lot between the civil and criminal cases.

I've noticed this seems to happen an awful lot in these high-profile cases for whatever reason. I guess if you're dirtbag enough to pull off a heist like this or any other XYZ crime, then it shouldn't be shocking that you'd be the sort of person to have no qualms over stiffing your lawyer(s).

 

[thetrailboss]

I've noticed this seems to happen an awful lot in these high-profile cases for whatever reason. I guess if you're dirtbag enough to pull off a heist like this or any other XYZ crime, then it shouldn't be shocking that you'd be the sort of person to have no qualms over stiffing your lawyer(s).

Exactly.

 

[thetrailboss]

Jay Peak is appealing its property tax assessment.

The article has this nugget about the efforts to sell the resort:
Eventually, Kopp said, the field narrowed to about 10, with a handful submitting credible “expressions of interest,” or nonbinding offers, ranging from $38 million to $70 million for the resort.
https://vtdigger.org/2020/08/16/jay...operty-assessment-by-half-saving-1m-in-taxes/

If those offers are legit, those are a long ways from what the Receiver was hoping....by about half.

I imagine that the border closure is killing them.

 

[VTKilarney]

If those offers are legit, those are a long ways from what the Receiver was hoping....by about half.

I imagine that the border closure is killing them.

I am sure that the border closure is killing them, but I am also sure that those offers assumed that the border would be open soon. I doubt anyone thinks that the border will remained closed for longer than this season - and even then I suspect it will be open for at least part of this season. It just underscores how badly the investors got ripped off.