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Jay Peak and Burke 2016 issues - Page 4

post #91 of 99

The much anticipated and maligned Burke Mountain Lodge opens on Sept 1st. 

 

http://skiburke.com/deals/burke-mountain-lodge/

post #92 of 99

Stenger is out of a job.  First he announced a settlement with the SEC.  Next day the receiver announced "announced that Bill Stenger is no longer working at the resort" but instead "Stenger will provide assistance to the receiver on an “as-needed” basis."

 

http://vtdigger.org/2016/09/01/stenger-settles-sec/

 

http://vtdigger.org/2016/09/02/jay-peak-receiver-says-stenger-no-longer-working-resort/

post #93 of 99
Quote:
Originally Posted by marznc View Post
 

Stenger is out of a job.  First he announced a settlement with the SEC.  Next day the receiver announced "announced that Bill Stenger is no longer working at the resort" but instead "Stenger will provide assistance to the receiver on an “as-needed” basis."

 

http://vtdigger.org/2016/09/01/stenger-settles-sec/

 

http://vtdigger.org/2016/09/02/jay-peak-receiver-says-stenger-no-longer-working-resort/

 

Otherwise known as "Bill, you're going to tell me whatever I need to know, when I need to know it."

 

On a side note, I'm really enjoying the exposure VT Digger is getting out of this story. They have been a killer independent investigative journalism outfit here in VT for a while. They deserve the credit they're getting for this, and for many other exposes. 

post #94 of 99

I've come to rely on the VT Digger for updates.  Even if other media outlets put out a report first.

 

The Governor attended the Grand Opening of the Burke Mountain Hotel.  Sounds like the goal is to find a buyer and complete a sale some time in 2017.  The receiver is trying to get contractors paid in the next few months.

 

http://vtdigger.org/2016/09/09/shumlin-opens-burke-mountain-hotel/

 

* * *

Goldberg has asked the federal court in Miami that is hearing the SEC case to consider $3.6 million in liens filed by subcontractors.

“We will get them paid, a significant portion, hopefully within the next 60 to 90 days, and then we will move thereafter as we sell other assets to get them paid,” Goldberg said Thursday. “We owe a lot of money, but we’re going to get them all paid and this will be one of the few cases that will pay 100 cents on the dollar.”

Goldberg said that while some people may blame state government or others for the financial problem, the real blame rests with Quiros.

“Stenger did not line his pockets at all with this … The bulk of the money that was diverted funneled down to Quiros’ controlled accounts,” Goldberg said. “The forensic reporting indicates that the money flowed to Quiros and not to Stenger.”

* * *

post #95 of 99

Pretty interesting interview with the GM of Jay, Steve Wright.

 

http://www.saminfo.com/special-reports/8716-special-report-jay-peak-forges-ahead-2

 

"Since April, the news about Vermont’s Jay Peak has been heavily focused on the alleged indiscretions of its two former principals and the ensuing legal situation. What many headline-readers may not realize is that Jay has been operating daily—and business is strong.

Jay employs hundreds of people year-round, who work in the multiple facilities built with dollars raised through the recently maligned EB-5 Program. To find out what the day-to-day has been like since the SEC showed up in April, we asked Jay Peak general manager Steve Wright to fill us in. . . . "

post #96 of 99

We booked Jay Peak for this coming January.  Should I be worried?  We got a really good deal at the Toronto Ski Show.

post #97 of 99
Quote:
Originally Posted by marznc View Post
 

Pretty interesting interview with the GM of Jay, Steve Wright.

 

http://www.saminfo.com/special-reports/8716-special-report-jay-peak-forges-ahead-2

 

"Since April, the news about Vermont’s Jay Peak has been heavily focused on the alleged indiscretions of its two former principals and the ensuing legal situation. What many headline-readers may not realize is that Jay has been operating daily—and business is strong.

Jay employs hundreds of people year-round, who work in the multiple facilities built with dollars raised through the recently maligned EB-5 Program. To find out what the day-to-day has been like since the SEC showed up in April, we asked Jay Peak general manager Steve Wright to fill us in. . . . "


Interesting that he says that, even though they had to take out an additional 7 million dollar loan to cover expenses incurred this summer.

post #98 of 99
Quote:
Originally Posted by soundrulz View Post
 

We booked Jay Peak for this coming January.  Should I be worried?  We got a really good deal at the Toronto Ski Show.

Worried that they will still be in business?  No, they will be operating.

 

Worried that the conditions will be decent?  Always a concern.  January in the NK can be really fracking cold so bring lots of layers.  Conversely there is almost always a January thaw at some point.

post #99 of 99
Quote:
Originally Posted by crank View Post
 
Quote:
Originally Posted by soundrulz View Post
 

We booked Jay Peak for this coming January.  Should I be worried?  We got a really good deal at the Toronto Ski Show.

Worried that they will still be in business?  No, they will be operating.

 

Worried that the conditions will be decent?  Always a concern.  January in the NK can be really fracking cold so bring lots of layers.  Conversely there is almost always a January thaw at some point.

 

It will most likely be icy, unless you get real lucky.  Due to the possibility of a January thaw the melt/freeze cycles are an unfortunate part of our lives out here.  Basically you just never know.  Could be excellent, could be a sheet of ice. 

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