The Northern Vermont resort has operated under receivership since 2016.
Saturday, March 8, 2025, NewEnglandSkiIndustry.com
After being under a receivership for nine years, the prospective sale of Burke has turned to a public war of words.
In May 2023, court-appointed receiver Michael Goldberg announced plans to conclude the sale of Burke by the end of that year. A similar statement was made in the summer of 2024, but once again no sale was consummated by the end of the year. Goldberg later told North Star Monthly that the first sale fell through due to a last minute renegotiation attempt, while the second failed due to lack of financing. In February, Goldberg told the publication that a buyer had been found and there would be a "significant update" within 60 days.
Meanwhile, Todd Firestone and Mark Greenberg of Green Mountain Ski Partners are alleging that Goldberg is ignoring their bid for the area. Firestone is associated with Wisconsin Resorts Inc., which owns Alpine Valley Resort, Michigan, Alpine Valley Resort, Wisconsin, Bittersweet Ski Area, Michigan, Mount Holly Ski Area, Michigan, Pine Knob Ski Area, Michigan, and Searchmont Resort, Ontario.
On March 5, Michael Goldberg issued a statement saying that he had negotiated with Firestone for nine months, but the deal had fallen apart due to a bad faith renegotiation. Firestone and Greenberg subsequently held a community forum yesterday where they disclosed plans to convert the Burke Mountain Hotel into condominiums and use the proceeds to make snowmaking and terrain improvements.
According to Goldberg, the prospective buyer he is now working with is "more credible and financially capable" than the Firestone group. Goldberg has stated that the prospective buyer has offered more money for the property and has plans to invest "many millions of dollars into snowmaking and other improvements that will greatly improve the skiing experience at Burke."
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.
