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Huge Mess at Jay Peak & Burke in VT

vanhoskier

Angel Diva
It doesn't sound like Mount Snow is part of the same mess, but that the debacle up north has slowed down the EB-5 process for other projects, including Mt Snow.

What's interesting is that these big projects are reliant on EB-5 investments, but what do I know.
 

Jilly

Moderator
Staff member
That would be a worst case scenario. I don't think Jay would close, but they may have to scale back to what they once were.
 

bounceswoosh

Ski Diva Extraordinaire
Oh, man. Just now reading this. But this sentence fragment alone has me ... puzzled:
to construct ski resort facilities and a biomedical research facility in Vermont

These things ... go together?
 

ski diva

Administrator
Staff member
Yes. The same guy who bought Burke and Jay had also committed to constructing a biomedical research facility in Newport, VT, a small town in the Northeast Kingdom, which is what we call the northeast part of the state. It's a very rural, economically depressed area and this was supposed to bring in a lot of jobs. So what this guy did was demolish a good part of the town before the whole scheme collapsed. Now Newport has a big hole in its center and nothing to show for it. I mean, a closed ski resort is bad, but I think this is even worse.
 

bounceswoosh

Ski Diva Extraordinaire
Yes. The same guy who bought Burke and Jay had also committed to constructing a biomedical research facility in Newport, VT, a small town in the Northeast Kingdom, which is what we call the northeast part of the state. It's a very rural, economically depressed area and this was supposed to bring in a lot of jobs. So what this guy did was demolish a good part of the town before the whole scheme collapsed. Now Newport has a big hole in its center and nothing to show for it. I mean, a closed ski resort is bad, but I think this is even worse.

=/
 

ski diva

Administrator
Staff member
Here is an excellent piece by TGR with updates on everything that's going on and where things stand now. And no, they say Jay and Burke will not close in the near future; that story was actually revised after it initially came out today in the Burlington Free Press.
 

ski diva

Administrator
Staff member
So now the guy who raped Jay, Burke, and the EB-5 investors has asked the SEC to unfreeze $400,000 in assets. As Stephen Colbert would say, what huevos rancheros this guy has!

Take a look at what he counts as necessary monthly living expenses. These include:
• Adult Son’s Living Expenses: $5,000/month
• Lease for one of Several Luxury Automobiles: $3,295/month
• Yacht Club Fee: $147/month
• Military Jeep Collection Storage, Upkeep: $3,000/month

More at the link.
 
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Wow and here i thought i was getting on pretty well with getting my biweekly mani and pedicures, hair coloring appointments, eating out on weekends, ski purchases, ski trips and all off season travel.

Apparently i am at the poverty level
 

Jenny

Angel Diva
The comment about how many Qs there are in the hotel gave me a mental picture of Henry VIII and changing the monograms (not quite the right word, but you get the idea) he had carved everywhere when he was besotted with Anne Boleyn.
 
Phew. I plan to get back up there this season.
 

ski diva

Administrator
Staff member
An excellent and very clearly written piece about this whole mess just appeared in the Boston Globe Magazine. If you're interested, go here.
 

ski diva

Administrator
Staff member
The saga continues: Today federal charges were brought against Jay Peak developers Bill Stenger and Ariel Quiros, as well as two of their other business partners. It's a 14-count indictment
that alleges the four committed criminal fraud in the development of a proposed biomedical facility in Newport, Vermont.

You can read about it here.
 
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Jenny

Angel Diva
The saga continues: Today federal charges were brought against Jay Peak developers Bill Stenger and Ariel Quiros, as well as two of their other business partners. It's a 14-count indictment
that alleges the four committed criminal fraud in the development of a proposed biomedical facility in Newport, Vermont.

You can read about it here.
Can you check the link - I got an error. Said something like URL can’t be shown.
 

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