Stenger and Quiros Ousted from Management of Jay Peak and Burke

[steamboat1]

Meanwhile, Stenger's co-defendant, Ariel Quiros, has an attorney's bill worth more than $600,000 according to SEC documents. He wants the feds to free up his assets to pay for those attorney fees, and his legal team says he has an offer in writing from an unknown buyer to purchase Jay Peak Incorporated for $93 million.-WCAX

Calls up a friend to buy the place, he then becomes "instrumental" in the sale and getting investors their money back. Feds take it eas(ier) on him?

Goldberg already turned down the $93M offer http://vtdigger.org/2016/08/23/receiver-rebuffs-93-million-offer-jay-peak/. The court is allowing Quiros to use money from the sale of his NYC condo for living expenses ($15,000 a month from what I've read) http://www.law360.com/articles/801367/jay-peak-owner-can-sell-swanky-condo-to-pay-attys-fees. I don't understand this ruling since he allegedly bought the condo with money he outright stole from investors. I also don't know if his condo has been sold yet.

 

[thetrailboss]

http://digital.vpr.net/post/meet-lo...&mc_cid=15ec850d64&mc_eid=62e7045b13#stream/0

 

[BenedictGomez]

In Summer 2014, the investors retained a forensic accountant to inspect the Tram Haus financial records. That effort was blocked as well, he says, when Stenger insisted that the accountant sign a non-disclosure agreement before accessing the documents.

That ties up one of the loose-ends for me.

I always wondered why (and commented here a bunch of times how I thought it odd) we never heard a peep from the results of the accounting endeavor, now I know why.

 

[BenedictGomez]

In November 2014, Sutton detailed his concerns in correspondence to state officials — who, because of their limited oversight, at the time didn’t even have access to the same documentation Sutton used.

AMAZING!!!!!!

And it's not like Sutton had much info to begin with!

Where are the posters who vigorously defended State of Vermont over the years? They remain mysteriously absent.

Vermont basically set-up a "financial office" like the mafia sets-up a "pizza parlor" - complete smoke & mirrors and simply used to facilitate incoming streams of large sums of money. Actually at least the pizza parlor does in fact make some pizzas, so technically the mob's fake Italian restaurant is slightly more on the up-and-up than Vermont.

This truly begs the question, WHAT DID ALL THESE STATE EB-5 CENTER EMPLOYEES DO to earn their taxpayer paid salary for several years? Sadly, I doubt anyone is investigating that story either.

 

[River19]

BG, those are the real questions and the next axe to fall as we all hope it will.

I would like to think the state will eventually be held accountable but then again I thought Stenger, who is tits deep in this thing, would also be held accountable for his actions.

 

[thetrailboss]

AMAZING!!!!!!

And it's not like Sutton had much info to begin with!

Where are the posters who vigorously defended State of Vermont over the years? They remain mysteriously absent.

Vermont basically set-up a "financial office" like the mafia sets-up a "pizza parlor" - complete smoke & mirrors and simply used to facilitate incoming streams of large sums of money. Actually at least the pizza parlor does in fact make some pizzas, so technically the mob's fake Italian restaurant is slightly more on the up-and-up than Vermont.

This truly begs the question, WHAT DID ALL THESE STATE EB-5 CENTER EMPLOYEES DO to earn their taxpayer paid salary for several years? Sadly, I doubt anyone is investigating that story either.

They only promoted the projects with the "promise" of oversight....which apparently was "boy, that building sure does look pretty." :roll:

 

[thetrailboss]

And....wait for it....the Receiver says Stenger was duped: http://www.wcax.com/story/33052304/...esident-duped-by-quiros#.V9Hf4gRbpzA.facebook


Sent from my iPhone using AlpineZone

 

[BenedictGomez]

And....wait for it....the Receiver says Stenger was duped

So the guy who's really close with all the politicians is going to get off completely?

How positively non-shocking.

 

[River19]

So they really are going with the "Stenger is just monumentally stupid of historical proportions" defense?

Embarrassing

 

[Smellytele]

So the guy who's really close with all the politicians is going to get off completely?

How positively non-shocking.

That way the politicians don't seem like they were "monumentally stupid of historical proportions"

 

[JimG.]

Wow.

Almost makes me not want to ski in VT anymore.

 

[BenedictGomez]

So they really are going with the "Stenger is just monumentally stupid of historical proportions" defense?

Embarrassing

Yup.

It's all very tidy.

 

[River19]

I could see it now......Shummy, et al sitting around trying to figure out the official spin and how to put some distance between his administration and the fraudsters.....


"Well, Bill is the one who has all the political ties to us and Bernie etc. and he is the savior of the NEK as we have marketed him, he's the one we can't really separate our history with since the ties run too deep."

"Yes, but what if we begin laying the foundation for the fact that Bill Stenger is just one of the biggest dumbasses to ever learn to use a spoon?"

"Well, in order for people to buy that he would honestly have to struggle to use a spoon to be dumb enough to not know what was going on."

"Any other ideas?"

Silence.

"OK, from now on Quiros, despite his rambling barely coherent testimony needs to be promoted as the cunning mastermind with a keen mind for high finance. And Bill, well, Bill will just have to go down in history as a monumentally ignorant man who just loved the NEK so much it blinded him."

"call WCAX......"

 

[thetrailboss]

Wow.

Almost makes me not want to ski in VT anymore.

What about INVESTING in Vermont or a Vermont business? That's what the administration FAILS to understand.

 

[JimG.]

What about INVESTING in Vermont or a Vermont business? That's what the administration FAILS to understand.

All part of my attitude towards coddling frauds who steal honest investors' money.

I have been considering places to buy a second home/vacation home/retirement home. Vermont was on top of my list. But between this fiasco and finding out that VT charges very high property and school taxes on second homes, I'm looking else where.

So you are correct, investment in VT will suffer greatly. The only vote that counts in this country is the vote you make with your dollars.

 

[cdskier]

I have been considering places to buy a second home/vacation home/retirement home. Vermont was on top of my list. But between this fiasco and finding out that VT charges very high property and school taxes on second homes, I'm looking else where.

I do agree that it is a bit ridiculous that non-residents pay a higher school tax than residents. We're not using the schools...yet can't do anything about it because we don't vote in VT! Maybe this is common practice in other states too though...I only have experience as a non-resident property owner in VT.

 

[JimG.]

I do agree that it is a bit ridiculous that non-residents pay a higher school tax than residents. We're not using the schools...yet can't do anything about it because we don't vote in VT! Maybe this is common practice in other states too though...I only have experience as a non-resident property owner in VT.

I admit I don't know about other states, but I think the tax laws regarding paying high school taxes on second/vacation homes is unique to VT at least in the NE.

 

[deadheadskier]

On the one hand it sucks second home owners get stiffed with higher tax bills. My folks experienced this as second home owners in VT for 15 years and saw the initial big hikes when controversial Act 60 was first passed.

On the other hand, VT typically ranks as having one of the best state education systems in the country, which is tough to do with such little commercial activity / tax revenue to support it.

So, I'm not sure how I feel about it. On the one hand it's commendable that they place such a high value on having great schools state wide. On the other hand their approach in achieving those goals is a little unjust.

 

[LONGBOARDR]

I admit I don't know about other states, but I think the tax laws regarding paying high school taxes on second/vacation homes is unique to VT at least in the NE.

the problem IMO is not so much the homestead vs the non resident tax rate.
it is really the centralization of the education tax, state wide vs local levies.
this year the ed tax is largely unchanged due to the upcoming election for governor.
Take home message is don't buy in VT, find a town in NH whwere local taxes are not influenced to a large extent by local ed taxes. good luck
BTW I'm not a native vermonter, but its the ones who come here either for school or afterwards want to build their version of a potemkin village beyond Burlington.

e.g, shap smith , sue Minter, dave Zuckerman, kesha Ram and so on

 

[56fish]

All part of my attitude towards coddling frauds who steal honest investors' money.

I have been considering places to buy a second home/vacation home/retirement home. Vermont was on top of my list. But between this fiasco and finding out that VT charges very high property and school taxes on second homes, I'm looking else where.

So you are correct, investment in VT will suffer greatly. The only vote that counts in this country is the vote you make with your dollars.

Non-residential tax rates are fixed. Not necessarily higher than residential.
Final Education tax rates are set by the town, mine below:
Town Homestead Nonresidential
Westfield 1.5636 1.5338