Stenger and Quiros Ousted from Management of Jay Peak and Burke

[Smellytele]

Start at 2:42 and you will see what the State of Vermont is in deep $hit here....and will be no doubt sued:



Also listen at about 4:05 on where he talks about how the State of Vermont has "partnered" with him to release four new projects. The first one? AnCBio!

The video was like the one for Jurassic Park or for the Dharma Initiative.

 

[abc]

I think that view is held by a relatively small number of folks.

I hope that's a fair assessment. But often times, it's not the majority view, but the view of the most VOCAL that got heard.

So, if any of the local "power" are embarrassed by these clowns, they better not just hang their head in shame and hope it blows over. They need to speak out against these minority view that those crooks "benefited" the region!

More over, for a lot of the local who are not in business, I'm not sure they can tell the difference. After all, these guys conned the money from far away investors to 'create jobs' for the local for a few months.

 

[tnt1234]

uh oh.

http://unofficialnetworks.com/2016/04/breaking-news-jay-peak-may-have-to-shut-down-operations

 

[gladerider]

uh oh.

http://unofficialnetworks.com/2016/04/breaking-news-jay-peak-may-have-to-shut-down-operations

i'd be shocked if they actually shut down operation. i wonder how much of this is due to debt servicing. sounds like lowering of valuation, which would be favorable for the next buyer.

 

[from_the_NEK]

uh oh.

http://unofficialnetworks.com/2016/04/breaking-news-jay-peak-may-have-to-shut-down-operations

Total sensationalism.

That headline is making the rounds just as the Editor at the BFP hoped it would :angry:.

Here is the quote that the article was written around:

In a declaration filed with the court on Friday, Goldberg said the resorts have very little cash on hand, "and numerous upcoming expenses that will quickly use up available cash and, if additional money is not obtained, force the Receiver to shut down operations at Jay Peak and eliminate any possibility of Q Burke opening."

That is from the attorney's request to release funds from Quiros' holding to keep the resorts open and operational until money actually starts coming in under the Receiver's management.

He was pointing out that if the funds were not released, the resorts would have to shut down.

The funds were released.

 

[thetrailboss]

i'd be shocked if they actually shut down operation. i wonder how much of this is due to debt servicing. sounds like lowering of valuation, which would be favorable for the next buyer.

That is based on a lame BFP article today that only selectively quoted an affidavit from the Receiver to the Court asking for permission to get a $750k loan to cover expenses for both. The BFP missed the context of the affidavit and the (little) fact that the request was approved. But the truth apparently does not sell papers. Hence why the BFP's reputation and readership numbers are lower than ever before.

 

[gladerider]

That is based on a lame BFP article today that only selectively quoted an affidavit from the Receiver to the Court asking for permission to get a $750k loan to cover expenses for both. The BFP missed the context of the affidavit and the (little) fact that the request was approved. But the truth apparently does not sell papers. Hence why the BFP's reputation and readership numbers are lower than ever before.

i see. yeah. media lost integrity long time ago, unfortunately.

 

[tnt1234]

Whew.....

 

[HowieT2]

i'd be shocked if they actually shut down operation. i wonder how much of this is due to debt servicing. sounds like lowering of valuation, which would be favorable for the next buyer.

there isnt debt servicing for the projects that were built since the eb5 money is equity ownership. that's probably why they were able to operate for all this time because they didnt have to pay off any loans.

 

[HowieT2]

That is based on a lame BFP article today that only selectively quoted an affidavit from the Receiver to the Court asking for permission to get a $750k loan to cover expenses for both. The BFP missed the context of the affidavit and the (little) fact that the request was approved. But the truth apparently does not sell papers. Hence why the BFP's reputation and readership numbers are lower than ever before.

perhaps, but would you be surprised if burke doesnt open again? I can't see how they make the economics work there. Jay will get reorganized with the eb5 investors taking a significant haircut but I cant see anyone taking on burke.

 

[gladerider]

there isnt debt servicing for the projects that were built since the eb5 money is equity ownership. that's probably why they were able to operate for all this time because they didnt have to pay off any loans.

i get that there is no debt servicing on the EB-5 yet.

i am not familiar with the details but, are you saying that, jay peak:
- has no debt?
- operates at a net negative cash flow basis even without debt?
that's hard to believe.

 

[mbedle]

Total sensationalism.

That headline is making the rounds just as the Editor at the BFP hoped it would :angry:.

Here is the quote that the article was written around:



That is from the attorney's request to release funds from Quiros' holding to keep the resorts open and operational until money actually starts coming in under the Receiver's management.

He was pointing out that if the funds were not released, the resorts would have to shut down.

The funds were released.

I don't think that is correct. The loan up to 750K was obtained for the preservation of Q Burke Hotel & Conference center, not Jay Peak's operations.

 

[thetrailboss]

perhaps, but would you be surprised if burke doesnt open again? I can't see how they make the economics work there. Jay will get reorganized with the eb5 investors taking a significant haircut but I cant see anyone taking on burke.

It has two HSQ's and a new Hotel. Pretty much turn key.

 

[tumbler]

It has two HSQ's and a new Hotel. Pretty much turn key.

And a kick ass snowmaking system....

 

[thetrailboss]

And a kick ass snowmaking system....

:lol: Not really. With some more air compressor capacity, adequate....for now.

 

[HowieT2]

i get that there is no debt servicing on the EB-5 yet.

i am not familiar with the details but, are you saying that, jay peak:
- has no debt?
- operates at a net negative cash flow basis even without debt?
that's hard to believe.

I dont know what other debt Jay may or may not have to service or what its cash flow picture is. But it appears they were dipping into the eb5 money for operating funds.

 

[Abubob]

Burke (sans Q) the next Ascutney/Mittersill???

 

[VTKilarney]

The article refers to a declaration filed with the court on Friday. The motion and exhibits for the takeover of the hotel were filed before Friday. Something doesn't add up here. Has there been a subsequent filing?

 

[thetrailboss]

I dont know what other debt Jay may or may not have to service or what its cash flow picture is. But it appears they were dipping into the eb5 money for operating funds.

Yep. It is alleged that EB5 money was used for anything and everything that Q wished.

 

[mbedle]

The article refers to a declaration filed with the court on Friday. The motion and exhibits for the takeover of the hotel were filed before Friday. Something doesn't add up here. Has there been a subsequent filing?

You are correct - the declaration occurred on the 19th and was granted on Friday. I am not sure where this Goldberg quote actually comes from.