Stenger and Quiros Ousted from Management of Jay Peak and Burke

[BenedictGomez]

The governor tried to scrub records

Ummmm.......

Sarah London, the governor’s lawyer, made the request April 8 to delete former staff emails, less than a week before Thursday’s unsealing of the federal lawsuit alleging the Jay Peak developers had perpetrated a “Ponzi-like” scheme that started in 2008. London did not respond to a request for comment Friday. The Shumlin administration became aware April 7 that the Securities and Exchange Commission would be submitting a court filing this week.

These people are dumber than a shoebox filled with rocks.

And Shumlin's a Democrat to boot, he should have consulted with Hillary Clinton for the proper way to erase incriminating emails.

 

[gladerider]

2008 was the bottom of the real estate market, River is probably correct. 10% cap rate is good but based on inflated value. Most ski resorts do not make a lot of money, if any. This included Jay.

the economics have changed. yes $25MM is a lot of money but Jay had so much more potential than arguably any other mountain in the east. it gets dumped. the pump house is a huge plus. Hunter is a day trip mountain. it is not a resort. Jay is a legit resort destination for many families now. i don't think they over paid. Jay still can be built up even more. i bet someone buys within 12 months.

also someone mentioned why would any montrealers come to Jay? seems like someone who hasn't been to NEK or mountains in Quebec.

 

[VTKilarney]

From WCAX:

"Typically these things can last as short as six months or as long as three years, so no way to tell. It's all dependent on court at this point and the outcome. We are here as long as they need us. Stay until that's settled," said Steve Olson, the president of Leisure Group.

 

[tumbler]

the economics have changed. yes $25MM is a lot of money but Jay had so much more potential than arguably any other mountain in the east. it gets dumped. the pump house is a huge plus. Hunter is a day trip mountain. it is not a resort. Jay is a legit resort destination for many families now. i don't think they over paid. Jay still can be built up even more. i bet someone buys within 12 months.

also someone mentioned why would any montrealers come to Jay? seems like someone who hasn't been to NEK or mountains in Quebec.

Location, location, location. Jay is far away and not the easiest place to get to for the casual skier. The economics have massively changed from 2008. You buy on value not potential. Hunter sees way more skier visits than Jay and doesn't need hotel, water park. Those cost a lot to run and maintain which eats at the profit.

If Q built a 25 story office building in the hole in downtown Newport he would sell it to Q Office Space for what a 30 story building in nyc is worth, but in reality on the open market it would be worth what a 3 story building is worth. The sale of Jay in 2008 for 25M when the market was in the crapper was just another rung on the Ponzi ladder. No one was buying anything in 2008, especially ski resorts in the NEK.

 

[gladerider]

So you think ski mountains or resorts sustain their operation selling lift tickets to casual day trippers? You obviously didn't understand what I meant by 'changing economics'.

Nowadays you need skiers with families visiting for 1+ days to run resorts.

My trip to hunter cost me a couple of hundred at the most. For my trip to Jay, I sink a few thousand easy. I spend a few hundred just at the pump house alone.

Sent from my SM-G920T using Tapatalk

 

[ScottySkis]

Maybe it becomes P Burke from potential buyer

Sent from my XT1080 using Tapatalk

 

[Cannonball]

Location, location, location. Jay is far away and not the easiest place to get to for the casual skier.

It may be far from you, but it's only 1:45 from 1.6 million people in Montreal. And for everyone else they've built themselves to be a destination not a day-trip.

 

[catsup948]

Govt officials deleting emails days before This all happens. I feel this is becoming bigger than Stenger and Q.

 

[VTKilarney]

Jay Peak developers gave $72k to Vermont Democrats:
http://vtdigger.org/2016/04/16/jay-peak-developers-gave-72400-to-vt-democrats-from-2011-to-2014/

 

[VTKilarney]

It's hard to believe that this guy wanted emails to be scrubbed.




.

 

[thetrailboss]

Jay Peak developers gave $72k to Vermont Democrats:
http://vtdigger.org/2016/04/16/jay-peak-developers-gave-72400-to-vt-democrats-from-2011-to-2014/

Round III of this mess.

Now the fun begins.

 

[freeski]

Govt officials deleting emails days before This all happens. I feel this is becoming bigger than Stenger and Q.

YES, if they deleted emails right before this broke they need to GO! Thank you to VT Digger for staying on this story.

 

[thetrailboss]

Govt officials deleting emails days before This all happens. I feel this is becoming bigger than Stenger and Q.

Yep, Round II!

http://vtdigger.org/2016/04/15/governors-office-asks-that-old-emails-be-destroyed/

 

[VTKilarney]

Some of the donations were made through GSI. The only source of income that I've seen for GSI, according to news reports, is crooked land deals and pilfered EB-5 money.

 

[BenedictGomez]

yes $25MM is a lot of money but Jay had so much more potential than arguably any other mountain in the east. it gets dumped. the pump house is a huge plus. Hunter is a day trip mountain. it is not a resort. Jay is a legit resort destination for many families now.

Hunter Mountain was worth way more than Jay Peak prior to millions of dollars of "free money" parachuted into JP. Frankly, I'm not even confident Jay Peak should be valued > Hunter Mountain even today, post millions of dollars of "free money" parachuted into it.

Jay Peak developers gave $72k to Vermont Democrats:

I did a political contributions search and posted this info regarding Quiros' political donations in this thread months ago, but it was deleted by a mod who's name shall not be mentioned, who didn't like my pointing out the likely political collusion with the Vermont State Democratic party. Of which, I might add, I'm vindicated on this point too now.

 

[thetrailboss]

It will be very interesting to see what the fallout is for those in elected office that were tied to this in some way.

 

[LONGBOARDR]

On a bright note, the skiing here at Jay today is awesome, corn snow and sun, empty.

Grill gonna get lite in an hour, then me.

Mood is upbeat, you can buy a mountain but you don't own it

 

[thetrailboss]

Very interesting watch.

 

[thetrailboss]

Interesting article in the Cal Rec about Newport. How sad. Yet, I don't understand why the Caledonian Wrecker feels the need to write things like this:

Paul Dreher, the city’s former zoning administrator, helped create the zoning laws that facilitated the future construction of the Renaissance Block. He also lives in a newly renovated historic apartment building nearby and now listens to birds signing in trees near the hole rather than watching drug deals in the shadows of the old buildings now gone.

http://www.caledonianrecord.com/new...cle_42881c1d-aff5-5e6b-b78c-866e62d55bbd.html

 

[MEtoVTSkier]

It's hard to believe that this guy wanted emails to be scrubbed.

View attachment 19989


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http://www.broadsides.org/vermont-politics-alex-maclean-edition.htm