Jay Peak bombshell

[thetrailboss]

Remember when Stenger told Mark Johnson that the delay in informing investors of the dissolution of the partnership was because he hadn't finished preparing documents to provide to the investors? According to this article, 9 months was apparently not enough time to get the documents done.
http://bartonchronicle.com/stenger-...mpaign=stenger-admits-investors-informed-late

Here is a great quote from the article:
Asked if any of the investors had filed legal action over the decision to dissolve the partnership, Mr. Stenger said he saw no basis for a claim.

When Mr. Raymond [VT's Regional Center coordinator] was asked if he thought one or more investors might sue, he replied, “I wouldn’t be surprised.”

Good article. Raymond is now singing a different tune than he was last week. Remember he initially was saying that Jay was in the right and now he has done an about face. Interesting.....

Mr. Raymond said he is looking into the possibility of changing the rules for EB-5 limited partnerships, perhaps giving limited partners some degree of control over the general partners’ decisions.

That could prove tricky, he said, because restricting the general partners’ freedom of action could be hazardous to the financial health of a project, or could jeopardize the ability of investors to get a green card.

He began to say Jay Peak followed standard procedures in arranging to repay investors, but stopped himself.

“Jay Peak is in the forefront” of projects that are returning investor principal, he said.

Asked if any of the investors had filed legal action over the decision to dissolve the partnership, Mr. Stenger said he saw no basis for a claim.

When Mr. Raymond was asked if he thought one or more investors might sue, he replied, “I wouldn’t be surprised.”

See what I mean? He begins with the party line and then changes course.

 

[BenedictGomez]

It could be a play to try to save the AnC Bio project

<------ Still doesn't think there ever will be an AnC Bio project.

Photo op with silver shovels in the ground? Quite possibly, if not probably.
Completed, fully functional biotech research facility in Newport? Still not buying it.

 

[thetrailboss]

<------ Still doesn't think there ever will be an AnC Bio project.

Photo op with silver shovels in the ground? Quite possibly, if not probably.
Completed, fully functional biotech research facility in Newport? Still not buying it.

Maybe I read something on here about the problem they are having convincing the employees they need to move there.

 

[VTKilarney]

VTDigger has an article about the $10,000 payments.

Here is a very interesting quote from the article:
Stenger had extended an offer of a $10,000 dividend to several of the 35 limited partners that a spokesman for the investors describes as a “side deal.” Typically, limited partnership agreements require that all investors be paid back equally, with no priority given to one over another.

Stenger told VTDigger in an email on Friday that “the dividend discussion is ongoing.” He said the payments were always intended for all investors, and that he would deal with the transaction “in the private manner it warrants.”

Why was Stenger playing favorites with the $10,000 payments? This could suggest that there were strings attached.

 

[LONGBOARDR]

Stenger told VTDigger in an email on Friday that “the dividend discussion is ongoing.” He said the payments were always intended for all investors, and that he would deal with the transaction “in the private manner it warrants.


By their actions alone, they (JP) have moved this financial transaction further into the public domain, have created public interest and thus have invited comment.

IMO, The light of day is a good disinfectant for such matters that are ultimately underwritten by the American people i.e., EB-5.

AND

While they can try to spin this as a guaranteed payout and success!, that remains to be seen at least to 2018 or when another trap door clause is exercised.

 

[thetrailboss]

Newport Conference Center Deal Falls Through

 

[VTKilarney]

I see that the Pump House water park is closed during the middle of the week until at least Thanksgiving week. Was this the case last year, or is this something new? We have season passes that are good through mid-November, so it's a bit of a bummer.

The park closed yesterday at 6:00 PM and I have never seen it more dead. I am guessing that by the last evening of a three day weekend most people were pretty well "water parked" out.

 

[AdironRider]

Well, considering it was just a three day weekend most folks were probably home by then anyways.

Actual Labor Day is pretty slow everywhere besides the beach I think. The Saturday and Sunday before though would be where you judge if it was a success.

 

[fbrissette]

I see that the Pump House water park is closed during the middle of the week until at least Thanksgiving week. Was this the case last year, or is this something new? We have season passes that are good through mid-November, so it's a bit of a bummer.

I dont think it was closed mid-week last year although it probably makes business sense. We go to the park mostly during the fall mostly because it is empty. We stay away most of winter. We don't like crowds.

 

[VTKilarney]

We've enjoyed the water park in the summer - and our passes have been well worth it. We usually combine it with biking or some other activity earlier in the day. What's been nice is that we have been able to sit and enjoy the outside pool and enjoy the summer weather while our children enjoy the indoor attractions. The crowds have been MUCH lower in the summer, which has been great.

We also avoid the water park in the winter. There aren't nearly enough seats and the locker rooms are laughably small. I've always felt that they should add lounge chair seating on the upstairs deck and make the bar a lot smaller. The locker rooms... Well... that's not as easy to fix. In the winter they look like a Goodwill store with coats and boots thrown everywhere.

 

[fbrissette]

We've enjoyed the water park in the summer - and our passes have been well worth it. We usually combine it with biking or some other activity earlier in the day. What's been nice is that we have been able to sit and enjoy the outside pool and enjoy the summer weather while our children enjoy the indoor attractions. The crowds have been MUCH lower in the summer, which has been great.

We also avoid the water park in the winter. There aren't nearly enough seats and the locker rooms are laughably small. I've always felt that they should add lounge chair seating on the upstairs deck and make the bar a lot smaller. The locker rooms... Well... that's not as easy to fix. In the winter they look like a Goodwill store with coats and boots thrown everywhere.

We've also taken the pass. An excellent deal for us. I fully agree with your assessment.

 

[Steve@jpr]

The overlay of assessment and reality

Waterpark visits up +/- 4% for the period May-September 1. Remember, weekends aren't the only (nor the best) barometer for park attendance-especially during the shoulder period when just about all available marketing assets are driving people to midweek visits (which are up double digit percents). The park operating schedule, this year, is identical to last year.

We've also taken the pass. An excellent deal for us. I fully agree with your assessment.

 

[VTKilarney]

I have no doubt that visits were up during the summer. The summer season passes were marketed quite aggressively - and this was the first year that they were offered. The real question is whether or not water park revenues were up since so many guests were using a season pass. Warm bodies don't keep a water park open. The cash that they spend does.

Revenues very well may be up. As good a deal as our passes have proven to be, I doubt we would have spent as much at the water park had the passes not been offered.

 

[Steve@jpr]

Those numbers represent day traffic and do not incl pass related visitation. Revenue is up by a higher factor but a girl has to own at least a few secrets.

I have no doubt that visits were up during the summer. The summer season passes were marketed quite aggressively - and this was the first year that they were offered. The real question is whether or not water park revenues were up since so many guests were using a season pass. Warm bodies don't keep a water park open. The cash that they spend does.

Revenues very well may be up. As good a deal as our passes have proven to be, I doubt we would have spent as much at the water park had the passes not been offered.

 

[VTKilarney]

That's great news. We are looking forward to renewing our passes for next summer!

 

[VTKilarney]

While you are here Steve, any comment on the rumor that there is a new GM (or will soon be a new GM) at Burke?

 

[fbrissette]

The summer season passes were marketed quite aggressively - and this was the first year that they were offered. The real question is whether or not water park revenues were up since so many guests were using a season pass.

In our case, I would venture that we ended up giving more money to Jay because of the Pass. Instead of going 3-4 times during the Summer-Period (which is roughly the same as the cost of the season pass for our family of three with homeowner discount), we instead went more often but for shorter periods of time. Suddenly, going to the park for 1 or 2 hours after Mountain biking made sense. With these additional visits you end up buying Pizza and the occasional beer and dinner at the Forge.

We got a lot more park-hours with the pass (which we would not have paid for with the old system) and Jay ends up with more money. Everybody is happy. I know next to nothing about marketing but I would assume that this was Jay Peak's goal to begin with. Same with ski passes. Pass holder will come on a shitty day when no one buys a day ticket, and hopefully they will spend some money at the resort.

Park passes would not make sense in winter time, but for the rest of the year I think it is smart marketing.

 

[dlague]

Those numbers represent day traffic and do not incl pass related visitation. Revenue is up by a higher factor but a girl has to own at least a few secrets.

We have been up several times this summer (in August) and we were pleasantly surprised to see the parking lot so full.


Sent from my iPad using AlpineZone

 

[Domeskier]

We have been up several times this summer (in August) and we pleasantly surprised to see the parking lot so full.

That has to be a first! ;-)

 

[fbrissette]

That has to be a first! ;-)

Agreed. Full parking is OK in the summer. Not so much in the winter.