Stenger and Quiros Ousted from Management of Jay Peak and Burke

[fbrissette]

They say on the website that they will accept canadian at par in cash so the exchange rate is not a problem.

However, with the new pricing, they are now more expensive than any Quebec resort, with the exception of Tremblant. But only idiots pay full rate at Tremblant. You can now get a card for up to 7 non-consecutive days (no black outs) at an average price of 57$ per day whereas there are no such options at Jay. Combine the exchange rate (which you pay for food and beer), the border crossing and the more expensive lift tickets, there is less incentive for Quebecers to drive to Jay.

 

[BenedictGomez]

Ouch... They will be pricing themselves out of the Quebec market, even with the 'at par' rate. This may also be one reason not to drive that far up north for a lot of people. I'm skeptical, but I sure don't mind less skiers if it's the end result.

Do you really think it will be so dramatic from the Canadian perspective? Obviously price increases dont help any, but it will interesting to see the impact, as a large portion of the clientele are Canadian.

To my eye, the most dramatic negative impact may occur in the Vermont market, as $67 is IMO going to seem like a lot of money for many people from Vermont.

 

[dlague]

Do you really think it will be so dramatic from the Canadian perspective? Obviously price increases dont help any, but it will interesting to see the impact, as a large portion of the clientele are Canadian.

To my eye, the most dramatic negative impact may occur in the Vermont market, as $67 is IMO going to seem like a lot of money for many people from Vermont.

Who pays full price at Jay Peak. You can ski there 2 for 1 Sunday - Friday with The Ride and Ski Card. Mountain Sports Club too IIRC. The Ride and Ski tour stop also gets a 2 for 1 Saturday as well.

Liftopia has mid season lift tickets for $65 on Saturday and others in the 30s 40s and 50s on other days of the week.

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[56fish]

Do you really think it will be so dramatic from the Canadian perspective? Obviously price increases dont help any, but it will interesting to see the impact, as a large portion of the clientele are Canadian.

To my eye, the most dramatic negative impact may occur in the Vermont market, as $67 is IMO going to seem like a lot of money for many people from Vermont.

Owning a small shop on the US side of the border I can attest to BG's insight. Locals go to Owl's Head....on select weekdays, w/exchange rate - pretty close to $50 for a family of 4.

 

[VTKilarney]

Orford has some incredible mid-week deals as well.

 

[Smellytele]

Who pays full price at Jay Peak. You can ski there 2 for 1 Sunday - Friday with The Ride and Ski Card. Mountain Sports Club too IIRC. The Ride and Ski tour stop also gets a 2 for 1 Saturday as well.

Liftopia has mid season lift tickets for $65 on Saturday and others in the 30s 40s and 50s on other days of the week.

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Also most Sundays you can get the Highgate deal - http://highgatefamilyski.webs.com/ for $35

 

[MG Skier]

Also most Sundays you can get the Highgate deal - http://highgatefamilyski.webs.com/ for $35

Thanks Smellytele!

I always do Liftopia when I know I am going up there. Wasn't aware of those other options. I have a buddy with a seasons pass, that has helped too when he buys my ticket.

 

[Edd]

A story on the state of EB-5 was on PBS Newshour last night. Jay Peak is touched upon a few minutes in. Good piece.

http://www.pbs.org/newshour/bb/visa-program-leaving-hopeful-immigrants-empty-handed/

 

[thetrailboss]

A story on the state of EB-5 was on PBS Newshour last night. Jay Peak is touched upon a few minutes in. Good piece.

http://www.pbs.org/newshour/bb/visa-program-leaving-hopeful-immigrants-empty-handed/

How touching. Two Pakistani refugees save up money, including their food allowance money from their employers, and give it to Daddy Q who probably used it to by Baby Q his Range Rover and the Suite at Trump Tower. Now they are SOL. :evil: :angry: #winning. Makes Vermont look REALLY great.

Paul Solman has done a great job on this topic. I just wonder how many folks are listening.

 

[BenedictGomez]

To bad they didn't bother speaking to anyone with a shred of biotech experience before placing their "investment", as anyone could have told them how completely ludicrous that entire "plan" was from the start. Elon Musk has a better chance at colonizing Mars.

 

[Jully]

To bad they didn't bother speaking to anyone with a shred of biotech experience before placing their "investment", as anyone could have told them how completely ludicrous that entire "plan" was from the start. Elon Musk has a better chance at colonizing Mars.

I think the notion was that if it was 'approved' by the U.S. government it had to be legit. Little did they know...

 

[BenedictGomez]

I think the notion was that if it was 'approved' by the U.S. government it had to be legit. Little did they know...

At the very least, they should have dug a little deeper to see that the project "approved" by the U.S. government was for products that are not "approved" by the U.S. government.

 

[thetrailboss]

I think the notion was that if it was 'approved' by the U.S. government it had to be legit. Little did they know...

And "regulated" by the State of Vermont.


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[VTKilarney]

Property taxes, if I recall correctly, are now overdue in Jay, Burke, and Newport. The receiver claims that they will be paid out of the Citibank settlement proceeds, which are scheduled to arrive any day now. While I have every reason to believe that they will be paid this year, I'm nervous that Quiros will drag this out and that funds are going to be very tight next year. The receiver can't rely on Citibank settlements forever.

I wonder to what extent Quiros can drag this out. Hopefully not too long, but we all know how slow the courts can be.

 

[River19]

It will all come down to how well they can fund the working capital accounts so they can operate the business in a manner that brings in paying customers. If they can do that effectively they have a good chance of making things work.

The snow the past 24hrs has given people hope

 

[BenedictGomez]

The snow the past 24hrs has given people hope

This could be a banner year for l.e.s. I'm especially very hopeful for the Catskills.

 

[mbedle]

They filed the preliminary injunction against him and denied his motion to dismiss yesterday. Not sure how that helps with moving things along.

 

[River19]

They filed the preliminary injunction against him and denied his motion to dismiss yesterday. Not sure how that helps with moving things along.

It certainly helps Karma move along.....

 

[JoeB-Z]

They filed the preliminary injunction against him and denied his motion to dismiss yesterday. Not sure how that helps with moving things along.

Actually the judge ruled against Quiros in the preliminary injunction. That can be found on the Jay Peak Receiver website. It was a smackdown and I wonder how long Quiros' attorneys will hang around with no prospect of getting paid.

Also receiver interview: http://www.vermontbiz.com/news/november/qa-michael-goldberg-jay-peak-receiver

 

[mbedle]

So, based on the receiver interview, once the preliminary injection was issued, the two resorts can go up for sale or at least start the sale process. Should be interesting to see how fast that happens.

And - Stenger is still working for the receiver on a independent contractor basis, as needed.