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  1. #1
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    Jay Peak assets frozen....

    Always wondered how this was going to play out

    https://newsfilecorp.wordpress.com/2...b-5-offerings/
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  2. #2
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    Dec 2007
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    Well, That's one way to get the "Q" out of Burke and JP. Shitty situation for investors and workers.
    Quote Originally Posted by Hohes View Post
    I couldn't give a fuck, but today I am procrastinating so TGR is my filler.
    Quote Originally Posted by skifishbum View Post
    faceshots are a powerful currency
    get paid

  3. #3
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    Nov 2004
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    Up in ya face!
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    3,823
    So bad.

  4. #4
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    Mar 2006
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    SKIS not far behind.

  5. #5
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    Aug 2007
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    As posted in the ECRC...

    Let's play "track the money"!



    Aim for the chopping block. If you aim for the wood, you will have nothing. Aim past the wood, aim through the wood.
    http://tim-kirchoff.pixels.com/

  6. #6
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    Jan 2006
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    the ex-Motor City
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    I thought this thread was gonna be about getting stuck on the flyer...
    "Those 1%ers are not an avaricious "them" but in reality the most entrepreneurial of "us". If we had more of them and fewer grandstanding politicians, we would all be better off."
    - Bradley Schiller, Prof. of Economics, Univ. Nevada - Reno.

  7. #7
    Join Date
    Jan 2011
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    387
    At least something is frozen right now in N. Vt.

  8. #8
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    Dec 2007
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    the Can-Utardia / LMCC VT
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    Quote Originally Posted by 4matic View Post
    SKIS not far behind.
    Trying to find info on this. Link?

    Eta: ah, I see, peaks resorts: ASCv2.0
    Over-leverage for a bunch of crappy EC resorts. Go IPO. Profit. (For a few)
    Quote Originally Posted by Hohes View Post
    I couldn't give a fuck, but today I am procrastinating so TGR is my filler.
    Quote Originally Posted by skifishbum View Post
    faceshots are a powerful currency
    get paid

  9. #9
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    Feb 2008
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    here and there
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  10. #10
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    If the allegations are true, I think this goes beyond the ASC magical thinking shenanigans to outright fraud...
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  11. #11
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    Quote Originally Posted by robgoose View Post
    If the allegations are true, I think this goes beyond the ASC magical thinking shenanigans to outright fraud...
    For sure.

    I was only talking about 4matic's refrence to Peak resorts Inc.

    Q is alleged to have used eb-5 funds for a Trump condo in nyny(which says a lot, doesn't it?), Miami luxury condo, pay personal income taxes, and put money into capital improvement into Burke and JP.

    A similar situation that comes to mind would be Adelphia communications, who's owners used investors capital as a personal slush fund....Pretty sure he went to jail for a long time
    Quote Originally Posted by Hohes View Post
    I couldn't give a fuck, but today I am procrastinating so TGR is my filler.
    Quote Originally Posted by skifishbum View Post
    faceshots are a powerful currency
    get paid

  12. #12
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    Jul 2005
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    3,230
    Quote Originally Posted by Adrider83 View Post
    At least something is frozen right now in N. Vt.
    Winning!!!

  13. #13
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    Oct 2003
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    Looking down
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    Quote Originally Posted by robgoose View Post
    If the allegations are true, I think this goes beyond the ASC magical thinking shenanigans to outright fraud...

    ASC was fraud. They just didn't get caught or charged.

    Most victims of a grift are too embarressed to admit it and fight it.

  14. #14
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    Feb 2007
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    ASC was certainly overleveraged and untenable (I'm no fan of Mr. Otten) and many people lost their investments, but inability to service debt does not rise to the level of the willful diversion of investor funds suggested in the Jay Peak SEC complaint. This is a whole new level of malfeasance.

    https://www.sec.gov/litigation/compl...-pr2016-69.pdf
    Last edited by robgoose; 04-14-2016 at 05:33 PM.
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  15. #15
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    Quote Originally Posted by My Pet Powder Goat View Post
    For sure.

    I was only talking about 4matic's refrence to Peak resorts Inc.

    Q is alleged to have used eb-5 funds for a Trump condo in nyny(which says a lot, doesn't it?), Miami luxury condo, pay personal income taxes, and put money into capital improvement into Burke and JP.

    A similar situation that comes to mind would be Adelphia communications, who's owners used investors capital as a personal slush fund....Pretty sure he went to jail for a long time
    I too am interested to see how peaks plays out
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  16. #16
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    Oct 2009
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    Southern NH
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    Holy shit what a bummer. Not surprised by Q from Burke but kinda shocked about BS from Jay and his involment. Sad news for Vermont, the good people up in the NEK and the New England ski community. Wow.
    The Passion is in the Risk

  17. #17
    Join Date
    Jul 2009
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    Jackson
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    I am following this story with popcorn in hand unable to turn away. On one hand I am glad these guys are being called on the shady practices. On the other hand I this is not good for the people of the area. Having grown up in the NEK, the area benefits from the infusion of jobs. The program had good intentions, but some people will be greedy and take advantage of a situation. I am not sure I can see the connection between the politicians and the greasy business. I do not think any of the politicians ever intended for the program to hurt the area. They were probably looking at the benefit to their constituents. Oh and the program goes back to republican governor Douglas also besides the democratic politicians mentioned. So more than I see red or blue, i see greedy business men at fault here.

  18. #18
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    Dec 2003
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    Seattle
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    Quote Originally Posted by robgoose View Post
    Always wondered how this was going to play out

    https://newsfilecorp.wordpress.com/2...b-5-offerings/
    Not good. I skied Jay Peak (along with several other eastern areas) on a media fam trip (a yearly conference for a ski media group) back in 1992. Bill Stenger treated me very well. Picked me and a pro troller up after we skiied Big Jay to the road.... nice hill, pow was as good as advertised when I was there. A highlight was meeting the hot and super nice Lisa Feinberg Densmore, ex pro racer, maybe World Cup also. dont recall. We skied to a dead heat in a media race. A few years later, she skied some steep and deep pow lines for my camera at another meeting at Mammoth.
    Lisa

  19. #19
    Join Date
    Mar 2011
    Posts
    19
    No shocker here. It's amazing that it took this long for fraud to surface.

    From 2010 on, how many of us wondered, "This development makes absolutely no sense. There's no way Jay will turn profit. Their heating expenses alone won't be covered. And what's up with the pushing eb5 on their website?"

    Fry em'

    Unfortunately, the ones that will ultimately hurt from this are the locals of the kingdom.
    Last edited by Homerocks; 04-14-2016 at 10:31 PM.

  20. #20
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    Dec 2007
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    base of the Bush
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    I read the whole SEC complaint and it is mind boggling that this shit started before Quirios even purchased Jay from MSSI. How they ever thought this was going work questions their sanity. Based on the page 79 "Disgorement" "disgorgement of all ill gotten-gains" excludes Stenger maybe he was squeezed by the SEC and the VT AG to reveal the fraud.
    This is terrible for so many involved and an entire area that will likely suffer for years to come. Honest investors who lose their money and for hundreds their green card as well. Newport with its hole in the ground flattened block and the promise of thousands of jobs down the toilet. They have obviously known the jig was up since last summer when the state of VT took over the Burke EB5 funds and probably hid some dough somewhere.

    Hopefully when the criminal charges drop Quirios spends considerable time in a box.
    www.apriliaforum.com

    "If the road You followed brought you to this,of what use was the road"?

    "I have no idea what I am talking about but would be happy to share my biased opinions as fact on the matter. "
    Ottime

  21. #21
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    Mar 2005
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    Hopefully Steve Wright was not involved. I like that guy. If he's clean, maybe he gets a promotion!

    Bill Stenger always seemed like a combination of Dick Cheney and the other Lebowski (Bunny's father) from the Big Lebowski

    . . .

  22. #22
    Join Date
    Nov 2013
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    On Stilts
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    119
    Steve Wright is the new GM. I also like him, and think he'll be great for JP.

  23. #23
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    Aug 2007
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    Quote Originally Posted by Core Shot View Post
    Hopefully Steve Wright was not involved. I like that guy. If he's clean, maybe he gets a promotion!
    Steve is pretty much running Jay Peak now with the support of the receiver Resort Management Company (Leisure Hotels and Resorts).
    From Jay's Facebook page:

    Sorry we took a few extra minutes reaching out folks. As you may have heard, we here at Jay Peak will be working with Leisure Hotels and Resorts (LHR) to continue managing Jay Peak same as it ever was. Current ownership is working with state and federal officials surrounding their ongoing investigation relative to the EB5 Foreign Investment Program. That process is distinct and not connected to the day to day operations of the mountain, indoor waterpark, golf course, lodging or any of our amenities that continue to be available on a daily basis here. Our longtime CMO Steve Wright has recently been named General Manager and he, along with LHR will be responsible for the day to day operations of the resort.
    We are anticipating our busiest summer on record with music, conferences, almost 70 weddings and a host of other business segments and we look forward to keeping on. It is an awkward time for us on the ground as well and we appreciate you giving us some room to figure all of this out. We will absolutely keep you in the loop as this takes more shape and appreciate your support as we move toward a much more sustainable future. We will be operating for skiing and riding this week and through the weekend with Ski School reopening for Sat. April 16th and have decided to continue operations through next week, weather permitting on both sides of the mountain, through the 24th. We’ll take a look at conditions thereafter and make a call about going for May.
    Again, thanks so much- we appreciate your support more than you know.
    Unfortunately there is no one in a similar position at Burke that can step in and take over. Qasshat Jr is technically still CEO there but I'm sure the Leisure Hotels and Resorts management are keeping him marginalized and hopefully plan to do everything exactly the opposite way Ary was running the place. I figure he won't be "employed" there for more than a week (if he isn't gone already).
    Aim for the chopping block. If you aim for the wood, you will have nothing. Aim past the wood, aim through the wood.
    http://tim-kirchoff.pixels.com/

  24. #24
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    Aug 2007
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    Post from Steve to the Friends of Burke Facebook page.

    I'm not sure I have much of a footing to say anything in this world as I'm really not sure what's happening at Burke but will say that on behalf of all of the employees at Jay Peak, to the extent you're willing, we hope you stick with us. Internally we are troubled by all of it, more than you can possibly know, but we are equally committed to running the resort (for skiing, likely through the end of April) and across what appears to be the busiest summer we've ever seen. I'm not entirely sure what I can say, legally, but felt like I had to say something. While I know many of you (and worked with many more) there are many more still that I do not. I hope I get the opportunity to.--Steve Wright.
    Aim for the chopping block. If you aim for the wood, you will have nothing. Aim past the wood, aim through the wood.
    http://tim-kirchoff.pixels.com/

  25. #25
    Join Date
    Dec 2011
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    Timbers of Fennario
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    Quote Originally Posted by Vt-Freeheel View Post
    I read the whole SEC complaint and it is mind boggling that this shit started before Quirios even purchased Jay from MSSI. How they ever thought this was going work questions their sanity. Based on the page 79 "Disgorement" "disgorgement of all ill gotten-gains" excludes Stenger maybe he was squeezed by the SEC and the VT AG to reveal the fraud.
    This is terrible for so many involved and an entire area that will likely suffer for years to come. Honest investors who lose their money and for hundreds their green card as well. Newport with its hole in the ground flattened block and the promise of thousands of jobs down the toilet. They have obviously known the jig was up since last summer when the state of VT took over the Burke EB5 funds and probably hid some dough somewhere.

    Hopefully when the criminal charges drop Quirios spends considerable time in a box.
    If I had to guess, wire fraud is how they will get him and potentially BS. Reading through the complaint quickly, I would agree he probably saw the writing on the wall and stepped forward knowing the feds were coming in soon. The transfer of any "ill gotten" corporate funds to an outside account or other non related entity deemed by Uncle Sam for personal use, is almost always how they nail people in these situations. Other charges always seem to take time to suss out and are harder to track and convict on but wire fraud is tough to beat. A former owner of a company I worked for years ago is in the Fed pen for much less than is being discussed here.

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