Stenger and Quiros Ousted from Management of Jay Peak and Burke

[VTKilarney]

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.

If that's true that is fantastic news.

 

[the original trailboss]

That must be why he was at Burke today in a Volvo with Jay Peak 3 on the plates ....

 

[VTKilarney]

The Citibank settlement isn't able to cover the bills. From VTDigger:
“I should be able to get contractors between 30 and 40 percent immediately, paid,” Goldberg said Wednesday. “Will try to get them more.”

 

[thetrailboss]

The latest.....with a key quote:

Investors interviewed by VTDigger believed that the investments in the Jay Peak projects were safe because Gov. Peter Shumlin and the state’s congressional delegation touted the developments in the Northeast Kingdom. Investors were told that the state was overseeing the financials for the projects, which turned out not to be true.

Alexandra Castillo, a real estate agent from Mexico, says she never would have put money up for the Stateside condos if Shumlin hadn’t promoted the project with Stenger at a 2011 seminar she attended in Miami. Castillo says the governor worked to persuade the investors at the seminar. “We felt like he was there as governor and it wasn’t a scam,” Castillo said.

Castillo and her family wanted to escape from the drug culture in Mexico. “We have a living in Mexico, but we wanted to to move to the states and we liked Vermont because we thought it was an honest place,” Castillo said. “You’re all the time told that government works as it should in the United States — that there’s no corruption and suddenly you learn you were wrong.

[....]

Sheryr and Noreen Iqbar from Pakistan are also caught in a bind. They spent more than a decade saving money from their jobs as flight attendants to find a way to come to the United States. The Iqbars invested in AnC Bio Vermont in 2014, believing the project was a safe bet because they had seen a video in which Gov. Peter Shumlin said the developments were audited. When they found out that the SEC was investigating the Jay Peak developers they decided to pull out. In December 2015, the Iqbars asked to withdraw their application for citizenship and in just four days, USCIS accepted their request. At the same time, they asked Bill Stenger for their money back. The Jay Peak president delayed repayment for months and the Iqbars were still out their $500,000 in April 2016 when the SEC brought charges.

This is NOT going away for Vermont.

https://vtdigger.org/2016/12/31/one-investors-story-little-maybe-late/

 

[BenedictGomez]

Many lives ruined, buy hey, there's a hockey rink to appeal to Canadian families.

 

[dlague]

Many lives ruined, buy hey, there's a hockey rink to appeal to Canadian families.

And a water park for non skiers too!

Sent from my SM-G930P using AlpineZone mobile app

 

[tnt1234]

What a drag.

It does taint the experience a little bit for me too. Last year, went to the new stateside bar after skiing, and found myself thinking 'yeah, this was done on the cheap....not as nice as tram side....must have been cutting corners on this side because the end was near....' and other negative thoughts.

Where as a few years ago, went with the family and stayed at Hotel Jay, and was all like 'Man, they are really doing a great job here! Upgrading but keeping a kind of tough edge to everything! Well done Jay....'

Feel terrible for the folks that lost money. Hopefully things get transferred to a new owner and the facilities don't start to fall into disrepair. Such a great ski mountain.

 

[BenedictGomez]

Such a great ski mountain.

As it was when you parked on gravel and bought lift tickets from a little Fotomat-sized hut, minus the crooked politicians and criminal activity of course.

 

[dlague]

As it was when you parked on gravel and bought lift tickets from a little Fotomat-sized hut, minus the crooked politicians and criminal activity of course.

Yup liked the old Jay Peak!

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[machski]

Yup liked the old Jay Peak!

Sent from my SM-G930P using AlpineZone mobile app

While things went crooked up there, there is an argument to be made that had they just stuck to the old Jay Peak, there may not be a ski area there any longer. Great mountain and Gnar factor only goes so far in this day and age. Especially with another Gnar factor area going all posh just a bit South.

 

[JimG.]

Gonna get up there next storm cycle now that most of the holiday shit show is over.

 

[VTKilarney]

While things went crooked up there, there is an argument to be made that had they just stuck to the old Jay Peak, there may not be a ski area there any longer. Great mountain and Gnar factor only goes so far in this day and age. Especially with another Gnar factor area going all posh just a bit South.

It will be interesting to see how it plays out. While the ski area no doubt makes a lot more money in the winter, their off-season overhead is massively higher. If I recall correctly, the shortfall over the off-season is measured in the millions of dollars. Presumably they need to make that much extra during the winter to cover their losses during the off-season.

 

[Tin]

Gonna get up there next storm cycle now that most of the holiday shit show is over.

Planning on Tuesday for Jay. Thinking the Jay cloud makes an appearance Mon-Tues, some pretty saturated air and a decent wind direction. Not a ton but enough to make it fun, especially with 100% of terrain open with a big base.

 

[JimG.]

Planning on Tuesday for Jay. Thinking the Jay cloud makes an appearance Mon-Tues, some pretty saturated air and a decent wind direction. Not a ton but enough to make it fun, especially with 100% of terrain open with a big base.

Also thinking next mid week; 6 hour drive so I'd be skiing 2 days with a stay over.

 

[Tin]

Also thinking next mid week; 6 hour drive so I'd be skiing 2 days with a stay over.

Hope for a southern shift (that has been happening with most cutters a week out) because Wed-Thurs looks like a washout.

 

[JimG.]

Hope for a southern shift (that has been happening with most cutters a week out) because Wed-Thurs looks like a washout.

Good to know; I'm a last second traveler so I can wait until the last second to decide.

Mon-Tues may be the ticket.

 

[Tin]

Good to know; I'm a last second traveler so I can wait until the last second to decide.

Mon-Tues may be the ticket.

Already trending better for mid week!

 

[JimG.]

Already trending better for mid week!

I will keep watch on this thread and decide by tomorrow night.

Are you a definite for Tuesday? Would love to hookup for a few runs if we both wind up there.

 

[BenedictGomez]

Even if Jay Cloud produces, doesn't look like it would get there until mid-day Tuesday. Then sadly, models for Wednesday through Friday look ominous (and not in the good way) with warm temps, followed by a cold weekend post that rain. So hopefully this changes as much as possible over the next 48 hours.

 

[thetrailboss]

Drip, drip, drip......

https://vtdigger.org/2017/02/15/sco...il&utm_term=0_dc3c5486db-9b047b2eff-405570937