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Jay Peak EB-5 Problems?

post #1 of 8
Thread Starter 

 

 

Anybody know about this?  I couldn't find a thread on it.  Looks like trouble.

 

http://vtdigger.org/2014/07/27/vtdigger-exclusive-jay-peak-loses-trust-first-eb-5-investors/

post #2 of 8

I'm no lawyer, so maybe it's not as bad as it sounds, but it does seem pretty shady. They had problems earlier in the year too when Redstone group pulled out of the Newport Hotel development deal. Maybe with retrospect Redstone knew about this and wanted to distance themselves.

post #3 of 8

slippery character takes advantage of not so astute investors, same as it ever was

post #4 of 8
There is a several pages article about this eb5 stuff on fortune which they called "citzenship for sale" and say it's not acually creating job but financing developments that would be financed by other means anyway...

now where are all the jobs this project was supposed to create?!?
post #5 of 8

Everything you need to know over at Alpine Zone: http://forums.alpinezone.com/showthread.php/131349-Jay-Peak-bombshell

 

I've skied Jay every year for about 18 years, the Tram House is a great place to stay and I hope the resort doesn't suffer any long term effects. One thing you can say about Bill Stenger is that he is very visible to the staff and guests. I'll leave the rock throwing to others.

 

Also one of the very first things I learned about the EB-5 program when I first read about it was that by law Jay Peak could not guarantee that any of the foreign investments would be payed back. Even accounting for the language / culture differences it's hard to believe that the investors are saying otherwise. It sure seemed to me that the 500k bought you US citizenship and not too much else. Moral and ethical considerations aside, it beats the problems we are having to our south.

post #6 of 8
Thread Starter 
Quote:
Originally Posted by Fuller View Post

Everything you need to know over at Alpine Zone: http://forums.alpinezone.com/showthread.php/131349-Jay-Peak-bombshell

I've skied Jay every year for about 18 years, the Tram House is a great place to stay and I hope the resort doesn't suffer any long term effects. One thing you can say about Bill Stenger is that he is very visible to the staff and guests. I'll leave the rock throwing to others.

Also one of the very first things I learned about the EB-5 program when I first read about it was that by law Jay Peak could not guarantee that any of the foreign investments would be payed back. Even accounting for the language / culture differences it's hard to believe that the investors are saying otherwise. It sure seemed to me that the 500k bought you US citizenship and not too much else. Moral and ethical considerations aside, it beats the problems we are having to our south.

Hm. Well, leaving aside the problems we may have to the south (or not), I wasn't aware that the money was meant to be an investment with some kind of return expected, never having read the EB5 language. A lot of those people would have access to excellent legal advice, though, so it's hard to believe that a linguistic misunderstanding would be at the root of it. I've skied Jay, stayed at The Hotel Jay, and even splashed about in the water park, and it was great, but I can't say whether it's a viable business model.
post #7 of 8

I envision Bill Stenger addressing the investor meeting in a Darth Vader costume:  "I am altering the deal, pray that I do not alter it further"

post #8 of 8
Maybe Boba Fett's can wrangle up more EB-5s for him.
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