Q Burke disaster

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Comments

  • obienickobienick expert
    Posts: 818
    Of the 3 you listed, Vail is the most likely by far.

    Could the Peak Pass be a way to defend against a possible Vail invasion?  Maybe their management know something we don't.
  • NELSBEERNELSBEER advanced
    Posts: 205
    The Peak Pass appears to be a straight forward means of gaining market share through offering good value. They are doing the same thing with their 3 Ohio areas as well. At the end of the day you are likely to ski only one place (or maybe 2) on a given day but appreciate the variety that is being provided without having to buy a MAX pass.

    For example, not having the less expensive pass' blackout days apply at Crotched simply reflects the fact that those days are lighter at a regional ski area than a resort. No real reason to charge a premium & happy customers may buy food, grog or 'stuff'.

    I would expect everyone is surprised about Jay/Burke, there is going to be a lot of due diligence done before anyone makes a move.

    Maybe a list is in order? Would/could this cross the barrier between Winter Sports and general Entertainment Parks?

    Vail
    Peak
    Intrawest
    AIG/Stowe
    Boyne
    Les O.
    Disney
    Six Flags
      
  • steamboat1steamboat1 advanced
    Posts: 250
    Sounds to me like the receiver already has a buyer lined up for the Burke Hotel. Didn't sound like the ski area was part of the deal. Should be interesting to see what transpires.
  • tededetedede advanced
    edited May 2016 Posts: 118
    Nelsbeer - You forgot the consumers are better off too.

    And Bernie's not a socialist, he's a "Democratic Socialist", like there's a clean end on a turd, but I digress.

  • NELSBEERNELSBEER advanced
    Posts: 205
    In any case, everyone's hands appeared slightly soiled. They all shook hands, smiled and took the photo ops. Which is what politicians do when something that appears good is going on

    At this point there is probably unanimity in their goals: 'keep the jobs' , 'no evident bailout cost to tax payers' & keep the EB-5 lenders intact if you can. 
     

     
  • joshua_segaljoshua_segal expert
    Posts: 1,661
    tedede said:

    Nelsbeer - You forgot the consumers are better off too.


    And Bernie's not a socialist, he's a "Democratic Socialist", like there's a clean end on a turd, but I digress.

    I guess you tipped your hand that you're not voting for Bernie ;))
  • NELSBEERNELSBEER advanced
    Posts: 205
    Not sure that consumers are among the highest concerns, except maybe for their tourist dollars. I assume Vermont does as well as NH in the liquor sales area. Wonder if adding gas sales to the 'Rest Stop' in Hookset, NH drew any customers away from the State Liquor Agency? {If you haven't been to these rest stops take time to visit, good food, 2 largest state liquor stores in NH, clean rest rooms, ski reports in season and now gasoline too!} 

    Option C?   ... move to Cape Bretton, is the skiing any good in the highlands there?
  • tededetedede advanced
    Posts: 118

    I guess you tipped your hand that you're not voting for Bernie ;))

    I don't think that's a surprise for anyone that's read my ramblings :)

    As for consumers, that should be everyone's highest concern, or eventually you run out money.


  • bousquet19bousquet19 advanced
    Posts: 219
    Ding-dong, the Q is gone!

    Check the websites ... the old Burke logo is back !

    Woody
  • rickbolgerrickbolger expert
    Posts: 1,011
    NELSBEER said:

    Vail
    Peak
    Intrawest
    AIG/Stowe
    Boyne
    Les O.
    Disney
    Six Flags
      
    My guess would be Vail or Boyne, I think Peak is stretched a little thin and I don't believe AIG wants to be in the business at all. Intrawest would be third in my trifecta bet.

    Other possibles? Something involving or someone involved in Burke Mountain Academy for Burke. The other would be some consortium of Quiros associates. That wouldn't surprise me at all
  • obienickobienick expert
    Posts: 818
    Since it is unlikely -- at least now -- that Quiros will face prision time,  is there any chance he can buy it off the receiver?
  • abubobabubob advanced
    Posts: 103
    Still says qburke.com
  • Posts: 1,862
    skiburke.com also works
    - Sam
  • rickbolgerrickbolger expert
    Posts: 1,011
    I once worked for a guy who was eerily and alarmingly similar to Quiros in so many ways (aside from the illegal stuff), it's just uncanny.   Every time I read one of these links it's like re-living the madness   X_X
  • JimKJimK advanced
    edited May 2016 Posts: 211
    I haven't followed this mess too closely.  It's all quite sad to me because it's a terrible set back for skiing in Northern VT.  I have to say the whole EB-5 thing sounded kind of sketchy from the beginning; somewhat mysterious foreigners buying their way past the normal green card process.  But at the same time brought needed infusion of cash to depressed areas...I guess it was too good to be true?? :(
  • lotsoskiinglotsoskiing expert
    Posts: 623
    EB-5 is a program that has worked very well for many projects. In this case, criminals got away with criminal activity, and the whole scandal exposes a woeful lack of independent oversight throughout. Sad for the people in that area, for sure, and hopefully things will rebound well.
  • steamboat1steamboat1 advanced
    Posts: 250

    Sad for the people in that area, for sure, and hopefully things will rebound well.

    Sad for the people of Newport who not only have a big hole in the center of town but won't be seeing the new jobs hoped for from a bio plant, conference center/hotel & window factory. Not so sad for the people of Jay Peak & Burke where the infrastructure is built & construction close to being complete. That infrastructure is not going anywhere & will continue to generate jobs while drawing more tourism to the area.
  • MissDaEastMissDaEast intermediate
    edited May 2016 Posts: 56
    On a different note...there's a guy out of Provo, Utah, who is trying to buy up a lot of land in the townships of Tunbridge, Royalton, Sharon, and Strafford, VT, in order to build some sort of "visionary" ecocity.  No one down there want his vision of a city of 20,000 people planted atop their farm land and forests.  http://digital.vpr.net/…/utah-man-acquire-500-more-acres-ve…

    It might work in Newport.  Someone should tell him to take his billions of dollars and park it there.
  • rickbolgerrickbolger expert
    Posts: 1,011

    On a different note...there's a guy out of Provo, Utah, who is trying to buy up a lot of land in the townships of Tunbridge, Royalton, Sharon, and Strafford, VT, in order to build some sort of "visionary" ecocity.  No one down there want his vision of a city of 20,000 people planted atop their farm land and forests.  http://digital.vpr.net/…/utah-man-acquire-500-more-acres-ve…


    It might work in Newport.  Someone should tell him to take his billions of dollars and park it there.
    Ack! That's where I used to live.  He's obviously zeroed in on this for the Joseph Smith connection, and there's a thriving LDS community there.  Terrain is quite hilly where he's buying, going to need a lot of those terraces
  • mapnutmapnut expert
    Posts: 766

    Sounds like he doesn't have billions - says he's buying land year by year as funds become available. Hey - EB5!

    Tyler Mt., right in Sharon off I-89, could support a decent ski area of 900 vertical feet.

  • MissDaEastMissDaEast intermediate
    edited May 2016 Posts: 56
    He does have billions. The thing is, he is also doing the same thing in  Provo, Utah, to a neighborhood that abuts BYU.  The residents there are none too happy about it.  He sold his drilling company to Novatek in 2014, and is planning on creating more than one of these communities.  He employs 120 engineers who are working on the project. NewVistas Foundation


    P.S.  Sorry to have highjacked the thread.  





    ^#(^ 
  • obienickobienick expert
    Posts: 818
    What the heck kind of cable package does he get for $865/month?!?
  • lotsoskiinglotsoskiing expert
    Posts: 623
    Wow, my yacht club fee is way higher than his....maybe I should ask his 'adult daughter' for some of her allowance so I can pay it.


    :)>-
  • obienickobienick expert
    Posts: 818
    Looking through the complaint I found an amazing footnote:

    1 In no way did Quiros address the 800 pound gorilla in the room – how he can afford nearly $100,000 a
    month for so called “reasonable” living expenses and more than $300,000 a month for attorney and
    accountant fees, when he does not have enough liquid frozen assets to cover one month of his proposed
    “reasonable” living expenses and professional fees? Simply put, Quiros does not have enough frozen
    liquid assets to pay for the amount he has requested for lavish, outrageously high living expenses and
    professional fees.
  • LiftGuyLiftGuy advanced
    Posts: 125
    obienick said:

    What the heck kind of cable package does he get for $865/month?!?

    Also covers parking for his NY Luxury Condo- probably the bulk of that $$$.
    I picked up on the fact that his 'adult children' need to find jobs!
  • bubblecufferbubblecuffer advanced
    Posts: 253
    Too bad for them "adult children" it was all just a dream.  Reality time!!!

    "Q Jerk".
  • TomWhiteTomWhite advanced
    Posts: 399


    Receiver may borrow money for Jay
    Peak project



    LISA RATHKE and CURT ANDERSON, Associated Press 6:30 p.m.
    EDT May 13, 2016



    MONTPELIER - A receiver appointed
    to oversee developments around a Vermont ski resort amid allegations of massive
    fraud says he may borrow money to finish one of the projects that has left a
    path for foreign investors seeking U.S. residency in limbo.



    Michael Goldberg said in a Miami
    court this week that he needs $17.5 million to finish the Jay Peak Hotel Suites
    Stateside project, plus $2.1 million owed to the contractor. The hotel is built
    but other projects, including a recreation center and a medical center, are
    not.



    The Securities and Exchange
    Commission and the state of Vermont have accused Jay Peak owner Ariel Quiros
    and resort president Bill Stenger of misusing about $200 million raised from
    foreign investors through a special visa program. The EB-5 program offers
    foreign investors a chance at U.S. residency for investments in projects that
    create jobs.



    Quiros also is accused in the
    civil complaints of diverting about $50 million for his personal use, including
    to buy the Jay Peak and Burke Mountain ski resorts and a Trump Place luxury
    condo in New York and to pay personal income taxes. Quiros' lawyer said this
    week that Quiros did not violate any securities laws and that investors were
    told money paid to one of his entities could essentially be used for any
    purpose Quiros wanted. Stenger has said he will be cleared of wrongdoing.



    The SEC has frozen most
    of Quiros' assets and is seeking an injunction barring him from operating
    companies related to the Jay Peak projects.



    "What I inherited was
    nothing more than a disaster," Goldberg said. "To put the companies
    back in the hands of the individuals who created this mess would be a
    mistake."



    Goldberg said he may get a loan
    to finish Stateside, pay the contractor, fix a tram and buy snowmaking
    equipment.



    "It looks bleak right now.
    We may have to borrow money from a third party so the investors can retain
    their EB-5 status," he said.



    Another project, a biomedical
    research facility, is more of a challenge, he said. About $83 million was
    raised from 166 investors but nothing has been built and $17.8 million is left
    in an account.



  • MissDaEastMissDaEast intermediate
    edited May 2016 Posts: 56
    Here's some positive Burke news:  Burke Academy is going to build a 2.8 million dollar athletic facility... construction to begin this summer, according to VTdigger
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