The Northern Vermont resort has operated under receivership since 2016.
Wednesday, July 10, 2024, NewEnglandSkiIndustry.com
Burke Mountain could be sold by the end of the year, according to the court-appointed receiver. A similar statement was made one year ago, but did not come to fruition.
According to VTDigger, the receiver has received a bid that would be the basis for a future auction. The related Jay Peak auction process kicked into gear two years ago, with Pacific Group Resorts completing the acquisition that fall.
Located in northeastern Vermont, Burke features two high-speed quads that serve a vertical drop of 2,011 feet.
The SEC took control of Jay Peak and Burke on April 13, 2016, alleging that Ariel Quiros and Bill Stenger were running a Ponzi scheme that was defrauding EB-5 investors. A Federal program created by Senator Ted Kennedy and championed by Senator Patrick Leahy, EB-5 allows immigrants to obtain a green card in exchange for investing $500,000 in a government endorsed business that creates ten jobs. In the case of the Jay Peak program, 20% to 25% of the investment was taken by developers and agents as fees. Stenger was released from prison on May 8, 2023, while Quiros is at Pensacola FPC prison with an expected release date of December 16, 2025.
No government officials involved in the EB-5 immigrant investment scheme have been charged.
According to VTDigger, the receiver and associated consultants have collected nearly $12 million for their services thus far.
