NewEnglandSkiIndustry.com
Connecticut
|
Maine
|
Massachusetts
|
New Hampshire
|
Vermont
SkiNewEngland.net
 
Receiver:  Jay Peak and Burke To Be Sold This Year
Receiver: Jay Peak and Burke To Be Sold This Year
The resorts are expected to be put on the market in May.
Thursday, February 15, 2018, NewEnglandSkiIndustry.com
Jay Peak

Less than two weeks after the details of a Securities and Exchange Commission settlement involving Jay Peak and Burke were made public, the government appointed receiver of the properties has announced the resorts are expected to be put on the market this spring.

According to VTDigger, receiver Michael Goldberg expects the two resorts will be sold before the start of the 2018-19 ski season. A significant roadblock was cleared earlier this month, when a settlement was announced between Ariel Quiros, Bill Stenger, and the SEC. "Without admitting or denying the allegations" of conducting a massive Ponzi-like scheme involving EB-5 immigrant investor funds, Quiros and Stenger agreed to pay fines and surrender the the resorts to the Federal government. Criminal charges have not been filed.

The market value of the resorts is not yet known.

In June 2008, Q Resorts acquired Jay Peak from Mont Saint Sauver International for $15 million plus the assumption of $8.5 million in debt. In May 2012, Quiros acquired Burke Mountain from Legacy Resort Assets for $7.26 million.


  • Jay Peak, Burke to go on the market in May - VTDigger External link


  • Related Stories on NewEnglandSkiIndustry.com
  • Sale of Jay Peak and Burke Mountain Delayed - August 14, 2018
  • Vermont Settles with Quiros, Stenger over Jay Peak, Burke Scheme - July 12, 2018
  • Federal Government Terminates Vermont EB-5 Center - July 10, 2018
  • Quiros Surrenders Jay Peak and Burke in SEC Settlement - February 2, 2018
  • Burke Employee Killed in Snowcat Accident - December 18, 2017


  • More Information
  • Burke Mountain Resort on NewEnglandSkiIndustry.com
  • Jay Peak Resort News on NewEnglandSkiIndustry.com
  • Burke Mountain Resort on NewEnglandSkiHistory.com
  • Jay Peak Resort on NewEnglandSkiHistory.com


  • comments powered by Disqus
    Have a lead for a story? Send A News Tip.
    Copyright 2014-18 NewEnglandSkiIndustry.com, All Rights Reserved