Stenger and Quiros Ousted from Management of Jay Peak and Burke

[fbrissette]

Heck it looks like Jay Peak with all its fancy hotels and water parks and skier visits and hockey tournies etc. still can't get into the black let alone turn even a 1% ROI on the funds invested in that joint.

The way all investments were comingled, I'm afraid it is impossible at this point to know if Jay Peak is making or losing money, let alone know by how much. And I'm quite sure Jay Peak does not know either at this point.

The receiver will have to figure it out prior to the sale.

 

[BenedictGomez]

Think Madoff's kids could have stayed around in the investment business if they weren't implicated (may they rest in peace)?

There's a great song called "Devil's Son", about Madoff's kid's suicide. Really catchy violin ornamentation / rolls.

The Cal-Rec had been supporting Stenger-Quiros right through this late winter even when things looked like the projects were turning sour.

Every time someone posts an article from that paper, I read it, and come to the same conclusion that the people who put that rag out are complete morons.

Stenger put the investor funds in separate accounts in People’s Bank and then transferred the money to accounts at Raymond James. Quiros then put pooled investor money in U.S. Treasury Bills and used it as collateral for margin loans.

This guy's not even an evil genius, he's an evil idiot.

 

[amf]

Reminds me of the structuring of a very large nursery near me that ultimately went under some years ago. They had at least a dozen separate companies - one owned land, one owned machinery, one actually bought stock from another. It appeared successful until it was sold, when it was obvious it was just churning the same $$ around. Unfortunately, it appears to be the way much of the corporate world is structured theses days.

 

[DoublePlanker]

It's pretty common to have separate business entities especially with real estate. This spreads liability and risk around. There is nothing illegal about that.

Why is it unfortunate?

 

[VTKilarney]

The Caledonian Record is reporting that liens have been filed up at Jay Peak, including by Mike's Electric.

 

[burski]

The Caledonian Record is reporting that liens have been filed up at Jay Peak, including by Mike's Electric.

Since Mike's is probably partially owned by Q, one could argue Q is still looking for ways to get money out of that place....

 

[River19]

Since Mike's is probably partially owned by Q, one could argue Q is still looking for ways to get money out of that place....

Yeah, $50M doesn't go as far as it used to ......

 

[River19]

I finally finished that mess of a Quiros deposition.....I feel like I just watched "12 Monkeys" or "The Matrix" again......you read it and you go....."WTF is this guy talking about....."


Does anyone know if there is a similar deposition file available for Bill Kelly or "George"? If so is there a linky?

 

[VTKilarney]

The Caledonian Record reported that the state of Vermont posted Stenger's depositions on the Department of Financial Regulation's website. I haven't found it, though. If you find it post a link.

 

[mbedle]

Its exhibit 40, plus there are all the depositions. Its under Media/Public - Press Releases and Related Documents

http://www.dfr.vermont.gov/jay-peak-eb-5-lawsuit

Sorry - that was wrong. its 37

 

[mbedle]

Looks like Ary did have his hands in this. Apparently he's an officer or director at the ANC Bio LLC.

 

[VTKilarney]

Of all the EB-5 companies, that's allegedly by far the most shady.


.

 

[River19]

I poked around their website but I haven't found any links to the depositions....I read the SEC Quiros one obviously and the one from the previous CFO at Jay but I would love to read what Stenger, George et al also testified...

 

[mbedle]

I poked around their website but I haven't found any links to the depositions....I read the SEC Quiros one obviously and the one from the previous CFO at Jay but I would love to read what Stenger, George et al also testified...

http://www.dfr.vermont.gov/jay-peak-eb-5-lawsuit

Go to this website and click on Media / Public - Press Release and Related Documents. Its under that link, exhibit 37.

 

[SIKSKIER]

I dont see anywhere about exhibit any number.I did find this link to testimonies.http://www.sec.gov/news/testimony

 

[mbedle]

I dont see anywhere about exhibit any number.I did find this link to testimonies.http://www.sec.gov/news/testimony

Sorry - click on legal documents and than the bottom link.

 

[River19]

Thanks guys......

 

[SIKSKIER]

Sorry - click on legal documents and than the bottom link.

Got it now.

 

[MEtoVTSkier]

Looks like Ary did have his hands in this. Apparently he's an officer or director at the ANC Bio LLC.

So how long before the Receiver finally declares "conflict of interest" and shows him the door?

 

[DoublePlanker]

So how long before the Receiver finally declares "conflict of interest" and shows him the door?

My guess is once the motion is granted to take control of all of the Burke entities including the ski area.