Sugarloaf even further away from Jersey. Better shut them down too.
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Stenger and Quiros Ousted from Management of Jay Peak and Burke
- Thread starter thetrailboss
- Start date
Sugarloaf even further away from Jersey. Better shut them down too.
BenedictGomez
Well-known member
I'm not trying to "prove" anything, I made a very simple (or so I thought), declarative statement of fact regarding Jay's numbers.
BenedictGomez
Well-known member
This post makes no sense, but that happens when people become emotional, rather than logical.
steamboat1
New member
Powdr does not own Killington, SP Land owns Killington. Powdr operates the ski area & keeps 80% of the revenue from ski area operations (including summer attractions), SP Land gets 20%. It's Powdr that has been investing in summer attractions to boost their revenue. Conversely SP Land owns the real estate (condo's/hotel) & keeps 80% of the revenue generated from those with Powdr getting 20%. If Killington were to build a village it would be SP Land that would see the bulk of revenue from those operations, not Powdr. It's SP Land that seems to not have the money to build a village, not Powdr.
fbrissette
Well-known member
You're putting two different things into one. Yes, the vast majority (including me) thought that this EB5 was a great thing. I don't recall anyone ever mentioning that Jay could make enough money to actually give it all back to the investors somewhere down the line with interests on top. I've stated very early that this would be impossible. This was always money for a green card.
Ultimately, this EB5 thing will actually turn out to be the greatest thing since sliced bread for Jay Peak. Not so much for the investors.
BenedictGomez
Well-known member
Perhaps you didn't, but there were certainly plenty who believed the entire thing would be a 100% success story.
As for the "money for a green card" thing, while yes that is true for many, we know enough to know that it's clearly not true for everyone. These are mostly well-off people, yes, but there are shades of grey to "well-off", and we know that there are plenty of people sweating right now for whom this "investment" represents a decent chunk of their net worth. Caveat emptor at the end of the day is my motto, but I do feel at least some sympathy for them. And that's probably one of the biggest aspects of the story not really talked about when people defend Stenger & Co. This charade was evil in ways that go beyond mere theft. Some of these investors might be ruined, a la Madoff.
mbedle
Well-known member
I am not doubting what he said, but the letters I read say something completely different. It clearly said that for Q Burke, they are potentially only looking to sell the GPs interests in the hotel, not the limited partners interests. For Jay Peak Hotel Suites, it is a little different, and this is what he told the investors in his letter:
"We are currently exploring the possibility of completing this project. To raise the necessary funds to complete the project, we will consider selling the General Partner's interest in the project to a new owner who will agree to construct and operate the project in accordance with the federal EB-5 program requirements so that the investors in this project may obtain their unconditional green card. Alternatively, if a suitable buyer cannot be located, we will consider obtaining a mortgage on the property to obtain the necessary funds, to the extent possible. Finally, we are hopeful that we will recover funds wrongfully diverted from this partnership and/or recover damages from third parties who may have acted wrongfully in connection with their dealings with the partnership in order to utilize such funds to complete the project as intended."
Bcbobcat22
New member
- Joined
- Jan 5, 2014
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Tram was running today, saw it from a distance. Maybe doing load testing
from_the_NEK
Active member
abc
Well-known member
So the state of Vermont allowed, or even help facilitate, a fraud to go on from the beginning!
When no one (on this board or in Vermont) EVER thought the investors will be paid back, never mind any chance of making any money (aka, as an "investment"), they nonetheless market it as such (allowed into the EB-5 pool).
Madoff's only fault was he ripped off Americans rather than foreigners.
Not Sure
Well-known member
Uh, He's dead Jim.
BenedictGomez
Well-known member
It's unclear to me why a massive lawsuit hasn't been filed against State of Vermont, but my best guess is that there's so much "there, there", that it's taking the plaintiff group's attorneys forever-and-a-day to gather their evidence and prepare.
State of Vermont lied so much that's it difficult to remember all of their lies. I'm not even sure what their possible defense could be.
because the state isn't responsible for a private actors malfeasance. Just like the sec isnt responsible for madoff, Enron, worldcom etc. etc. etc.
Sovereign immunity might create some obstacles as well...
abc
Well-known member
So what's the point of having the state be in the EB-5 program?
steamboat1
New member
Completely unrelated but the Star Trek reference made me think of this. The Captains name of the brand new Navy Zumwalt destroyer is James Kirk.
Always wanted to somehow master that neck pinch thing.
Yes, James A. Kirk.
Exactly. They are in hot water because they repeatedly advertised, promised, and told investors that they were the ONLY state-run EB-5 program that was overseeing and "auditing" the projects when they were in fact not doing so. Exhibit A:
