Stenger and Quiros Ousted from Management of Jay Peak and Burke

[thetrailboss]

Tells you how stupid they think the average Vermont resident is.

The most flabbergasting part of yesterday's press conference was when the women (missed her name and position due to crappy BFP buffering) said (Paraphrased), "Vermont is the safest EB-5 program in America because it has government oversight". AMAZING!!! The gall to even THINK to say this anymore, let alone yesterday.

As I said, Vermont EB-5 projects are now toast. Vermont will now be, in EB-5 news, what Chicago is. What is particularly sad is how Shumlin just shrugged about what happened. Not only because he is a lame duck, but he just DOESN'T CARE about the NEK. If it were Chittenden County it would be another Irene. Where is Sanders on this? Welch? Leahy? You all smiled for the camera with this Qrook.

 

[JimG.]

A true gallery of thieves.

Old Bern likes to talk out of both sides of his mouth I guess.

"The powerful few".

 

[BenedictGomez]

a hope of forcing the new Jay owner to take Burke.

I have no idea how this goes down, because there are too many variables, too much we still don't know, and 1001 possibilities, but I feel confident that the opening move will involve an attempt to make the purchase of Jay Peak conditional on the successful bidder/buyer taking Burke as well.

You can marry my hot daughter, but only if you find my ugly daughter a fiancee.

 

[JimG.]

So Burke becomes the new Pico.

Lovely prospect for Burke skiers.

 

[thetrailboss]

A true gallery of thieves.

Old Bern likes to talk out of both sides of his mouth I guess.

"The powerful few".

Don't get me started on Bernie. The guy who yells about how unfair it is that folks get golden parachutes...until his wife needs one and it almost bankrupts the private college she was leading. It's all about him and a paycheck for him.

 

[DoublePlanker]

I'm guessing it will take a long time to sell these assets. So how does the new management company operate Burke profitably? They probably can't.

 

[Domeskier]

Don't get me started on Bernie. The guy who yells about how unfair it is that folks get golden parachutes...until his wife needs one and it almost bankrupts the private college she was leading. It's all about him and a paycheck for him.

They're just helping to tear down the system they deplore - one golden parachute payment at a time!!

 

[thetrailboss]

I'm guessing it will take a long time to sell these assets. So how does the new management company operate Burke profitably? They probably can't.

It will probably be like when ASC dissolved--they pair up resorts for sale to bidders. In this case, one has to buy Burke with Jay.

 

[from_the_NEK]

So... about that Jay Peak expansion...

That plan is soooo 12 years ago...

This was the last "plan:

 

[Sick Bird Rider]

Yesterday, there was a link to EB-5 information on the Jay Peak website (it was top-level in the left-hand menu bar). Today it is gone. You can find old cached pages if you search, but the one I found was stripped of information. Damage control is in full effect.

Someone asked earlier why EB-5 money wasn't used to pay for the Tram upgrade. I recall from discussions way back that EB-5 funds could not be used for on-hill improvements (eg. building new lifts, fixing the Tram) because there was no associated permanent job creation. It would be the same lifties that you know and love from the Bonnie loading you on the six-pack.

Not to spam for my own blog, but, in light of current events, you might find it interesting and nostalgic to read the story of my meeting with Steve Wright back in 2010. Ahh, the optimism of those days:
[h=3] Jay Peak: a marketing guy's dream, or nightmare?
[/h]

 

[Sick Bird Rider]

That plan is soooo 12 years ago...

NEK, I much preferred the plan you drew up for the new "JFK Bowl" chair back in the Jay Peak Development thread. We must remember to share that idea with the new ownership.

Why does the word Intrawest keep popping into my head?

 

[VTKilarney]

Why does the word Intrawest keep popping into my head?

They would be a perfect fit. A combination Jay Peak and Tremblant pass would be a HUGE opportunity for the Montreal market.

 

[from_the_NEK]

They would be a perfect fit. A combination Jay Peak and Tremblant pass would be a HUGE opportunity for the Montreal market.

I wonder if MSS would be interested in re-owning Jay?

 

[from_the_NEK]

Starting around 2:00 (embedded Livestream)-

http://www.burlingtonfreepress.com/...h-leahy-asked-eb5-fraud-allegations/83085004/

The Free Press really needs to figure out how to get better audio with their LiveStreams. :???:

 

[BenedictGomez]

The Free Press really needs to figure out how to get better audio with their LiveStreams.

Vermont Pravda probably cant afford the IT.

 

[Sons of Thunder]

They would be a perfect fit. A combination Jay Peak and Tremblant pass would be a HUGE opportunity for the Montreal market.

Even with Canadian guests able to pay for lift tickets/lodging in CAD, why would someone from MTL cross the border instead of going to Tremblant or any of the MSSI mountains? Genuine question since I don't see the benefit.

As for Jay/Burke being sold, couldn't the receivership sell the resorts since they were purchased with misappropriated funds, and then splits the proceeds among the EB-5 investors? They would still be taking a huge loss but getting 200k back is better than zero?

 

[oldtimer]

The question about selling seems to be one of who can legally convey title. This is clear when you know who owns the entity. BUT in this case, we all assume that Q does not since it was bought with ill gotten gain. But that has not been proved. Not my area of expertise, but it seems unlikely that a judge would authorize a sale before ownership is established.

 

[VTKilarney]

The question about selling seems to be one of who can legally convey title. This is clear when you know who owns the entity. BUT in this case, we all assume that Q does not since it was bought with ill gotten gain. But that has not been proved. Not my area of expertise, but it seems unlikely that a judge would authorize a sale before ownership is established.

They will need court approval for a sale. That might take a long time.

I wouldn't put it past Quiros to do everything in his power to drag things out just to see Burke languish. IMHO this guy's ego knows no bounds.

 

[VTKilarney]

Even with Canadian guests able to pay for lift tickets/lodging in CAD, why would someone from MTL cross the border instead of going to Tremblant or any of the MSSI mountains? Genuine question since I don't see the benefit.

As for Jay/Burke being sold, couldn't the receivership sell the resorts since they were purchased with misappropriated funds, and then splits the proceeds among the EB-5 investors? They would still be taking a huge loss but getting 200k back is better than zero?

Lots of Canadians ski at Jay. It's a very different vibe than Tremblant. Mont Ste. Saveur is no Jay.

 

[Sons of Thunder]

Lots of Canadians ski at Jay. It's a very different vibe than Tremblant. Mont Ste. Saveur is no Jay.

Ah OK. I've never been up there before so I wasn't sure. Is Jay more of a big mountain experience? I'll be in the area at the end of April and depending on what's open I'm going to swing by Sauveur, Jay or Sugarbush for a couple days.