Jay Peak on a clear day. Hanuman IX photo.
Michael Goldberg, the federal receiver managing Jay Peak following 2016’s EB-5 scandal, has announced that an investment bank will assist with the resort’s sale. According to the The Burlington Free Press, once that step has been taken, the resort will be on the market “within a few weeks." While the sale of ski resorts has been common in the past few years, the story behind Jay Peak’s sale is far from the norm.
In 2016, the SEC accused owner Ariel Quiros and CEO Bill Stenger of fraud related to the EB-5 Immigrant Investor Program, a program which grants green cards to foreigners investing at least $1,000,000 in a U.S. business employing at least 10 American workers. The owner and CEO were accused of misusing over $200 million raised for ski resort development and the construction of a biomedical research facility, instead using the money to fund earlier deficits and pay personal expenses. Quiros and Stenger resigned their positions, and subsequently settled the case without denying the charges, paying fines of $82.3 million and $75,000 respectively, according to the Burlington Free Press. After Quiros and Stenger's ousting, the federal government appointed Goldberg to manage the resort until it could be sold.
Skiers at Jay Peak heading down Ullr's Dream towards Beaver Pond. Robbie Sproule photo.
Under new leadership Jay Peak has thrived, more than quadrupling profits in 2017. The resort’s newfound profitability has led Steve Wright, Jay Peak’s general manager, to predict widespread interest from resort companies such as Alterra and Vail, which acquired nearby Stowe in 2017. For more information on the sale, check out this article from a local news station.
UPDATE: One skier who was recovered from the slide debris died Thursday evening in a Taos hospital. The other remains in critical condition in an Albuquerque hospital. Our thoughts are with the family and friends of the victims. An avalanche buried several skiers at New Mexico’s Taos Ski Resort Thursday morning. According to the Taos News, the slide occurred in the K3 chute off the resort’s famed Kachina Peak. Two male skiers were extracted from the debris, revived using
Thanks to an atmospheric river sitting on top of California, the Sierra received a considerable amount of new snow. Turns out lots of snow isn’t always good news, that is if you own a private jet. According to the Sacramento Bee, fresh snow piled on the back of a Cessna Citation X jet at the Truckee Tahoe Airport on Wednesday, ultimately tipping it on its tail. Well, there’s a reason why its called “Sierra Cement”. At least conditions look much better in the mountains, with resorts
A powerful storm is expected to provide 12-18 inches in the Sierra Nevada at lake level and 2-4 feet at upper elevations late Wednesday night into Thursday evening. Total snowfall will be 4-5 feet at upper elevations of the Sierra with higher amounts on the Sierra Crest Wednesday night to Friday morning. This incoming storm is the going to crush the mountains with heavy winds initially (The real McCoy). Winds are like the pessimist that just wants to crush your endorphins. Well, it's going