Stenger and Quiros Ousted from Management of Jay Peak and Burke

[LONGBOARDR]

Just amazes me that they have not had any issues to date because of this issue.

Solid Swiss engineering and construction, huge margins of safety built in. Run another 50 years easy

 

[JimG.]

Solid Swiss engineering and construction, huge margins of safety built in. Run another 50 years easy

Agreed; I think that tram is solid as is.

 

[MEtoVTSkier]

“Our forensic analysis indicates that Bill Stenger never diverted or otherwise personally transferred investor money to himself other than his salary,” Goldberg wrote to the investor. “He is also not a wealthy man as his home is mortgaged and the funds were used to pay his children’s and grandchildren’s education. This is much different from Quiros who wrongfully diverted investor money for his personal benefit.”

http://vtdigger.org/2016/06/29/sec-...il&utm_term=0_dc3c5486db-75f616e0bf-405602665

 

[thetrailboss]

http://vtdigger.org/2016/06/29/sec-...il&utm_term=0_dc3c5486db-75f616e0bf-405602665

Not surprising. Q was clearly that target.

 

[mbedle]

Looks like Raymond James has already settled with the state for 5.95 million. Drop in the bucket for them.

 

[mbedle]

You should read the Motion filed by Quiros to remove some of the complaints. Interesting to see his take on all this and what he is trying to do to get some of this thrown out.

 

[mbedle]

Looks like Quiros is trying to get complaints 1-29 thrown out and also remove the receivership on some of the earlier project, including the Jay Peak resort.

 

[thetrailboss]

Looks like Raymond James has already settled with the state for 5.95 million. Drop in the bucket for them.

Wow, that was all? :blink:

 

[LONGBOARDR]

Wow, that was all? :blink:

Yeah that seems like a bargain when you figure they enabled this whole scam to start and function

What has me and others upset is that Andy Stenger got a nice big promotion, hope he can do the job.

Jake Webster was there ~25 years and basically got the resort built up to what it is today, awesome and nicest guy you would ever want to meet. They let him and others go in Jan 16.

HE SHOULD HAVE GOTTEN THAT JOB, fresh bad karma.

Hope this is not indicative of the LHR management style.

I thought this whole rescue was about investors and employees, seems like Stengers are covered

 

[steamboat1]

Looks like Raymond James has already settled with the state for 5.95 million. Drop in the bucket for them.

Settlement with the SEC will likely be much more significant.

 

[thetrailboss]

Yeah that seems like a bargain when you figure they enabled this whole scam to start and function

What has me and others upset is that Andy Stenger got a nice big promotion, hope he can do the job.

Jake Webster was there ~25 years and basically got the resort built up to what it is today, awesome and nicest guy you would ever want to meet. They let him and others go in Jan 16.

HE SHOULD HAVE GOTTEN THAT JOB, fresh bad karma.

Hope this is not indicative of the LHR management style.

I thought this whole rescue was about investors and employees, seems like Stengers are covered

Wow. Really? Why was we let go?


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[mbedle]

Settlement with the SEC will likely be much more significant.

I wasn't aware that the SEC had a case against Raymond James.

 

[bigbog]

Yeah that seems like a bargain when you figure they enabled this whole scam to start and function

What has me and others upset is that Andy Stenger got a nice big promotion, hope he can do the job.

Jake Webster was there ~25 years and basically got the resort built up to what it is today, awesome and nicest guy you would ever want to meet. They let him and others go in Jan 16.

HE SHOULD HAVE GOTTEN THAT JOB, fresh bad karma.

Hope this is not indicative of the LHR management style.

I thought this whole rescue was about investors and employees, seems like Stengers are covered

Sounds like they came from the firms that designed the financial games that led up to 2008's tumble...or maybe they were Stenger and Quiros's heroes....

 

[steamboat1]

I wasn't aware that the SEC had a case against Raymond James.

The SEC appointed receiver is suing Raymond James.

 

[Abubob]

Looks like Quiros is trying to get complaints 1-29 thrown out and also remove the receivership on some of the earlier project, including the Jay Peak resort.

Sound like he's just trying to mitigate damage.


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[mbedle]

Sound like he's just trying to mitigate damage.


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More sounds like he is trying to get back control of Jay Peak. And if you find it odd that Stenger is getting 100K (prorated) for working at Jay Peak, Quiros is getting 180K from Jay Peak for living expenses.

 

[Abubob]

More sounds like he is trying to get back control of Jay Peak. And if you find it odd that Stenger is getting 100K (prorated) for working at Jay Peak, Quiros is getting 180K from Jay Peak for living expenses.

I don't doubt it.

 

[steamboat1]

http://vtdigger.org/2016/07/11/quir...il&utm_term=0_85838110bc-af6ff8f6b7-286323177

 

[BenedictGomez]

http://vtdigger.org/2016/07/11/quir...il&utm_term=0_85838110bc-af6ff8f6b7-286323177

^ That's an entertaining read. lol

 

[chuckstah]

From a 30 second google it looks like the Stat of Limitations for civil fraud in VT is 6 years. He may very well get some of this dropped. But I'm no lawyer.