Q Burke, Jay Peak Receiver Offers Resources To EB-5 To Creditors, Investors
The court-appointed receiver, in control of Jay Peak Resort and its related companies after state and federal lawsuits were filed, has created a hot line for creditors.
Michael I. Goldberg, an attorney from Fort Lauderdale, Fla., has already visited Jay Peak Resort, QBurke and other properties and has appointed a management company to operate the resorts.
Goldberg said in a letter to creditors that he is “charged with, among other things, the responsibility of taking control of Jay Peak’s assets and examining its business affairs to determine the best course of action to maximize the value of Jay Peak’s assets for its creditors.”
The U.S. Securities and Exchange Commission last week filed a complaint for injunctive relief against Jay Peak and its principals, Ariel Quiros and Bill Stenger. in the U.S. District Court in Florida, alleging they misused funds raised from foreign investors through the federal EB-5 program. Vermont’s attorney general filed a similar complaint. Both Quiros and Stenger deny the complaints.
The court named Goldberg as receiver and froze assets of various companies owned by Quiros. The list of companies affected is on Goldberg’s website, www.jaypeakreceivership.com.
To keep investors and potential creditors informed as to the progress of the receivership proceedings, Goldberg established a toll-free investor hot line at (800) 223-2234. They can also send general email inquiries to firstname.lastname@example.org.
Goldberg said in the letter that he has started his review of Jay Peak’s business affairs “which are numerous and complex.”
He has also sought control over the QBurke new hotel, which has not opened, and is researching the title of the razed block in downtown Newport City, owned by one of Quiros’ companies, and whether it was bought with EB-5 funds.
“As you can imagine, it will take a while for me to completely understand Jay Peak’s business affairs and as of now I do not have the answers to many of your questions as our investigation is still at an early stage.
“My staff and I are working diligently to secure assets and recover as much value as possible and will report on our efforts by filing periodic reports with the court. The reports will also be posted to the website set forth above.
“In the meantime, Jay Peak is continuing to operate under a new management company that I am overseeing” which is called Leisure Hotels and Resorts and lead by Steve Olson.
“At this time, Mr. Stenger has been cooperative in assisting me in my review of Jay Peak’s operations,” Goldberg said.
“Although my staff and I will be listening to all of your phone messages and reading your emails, personally responding to all messages would take a great deal of time. Accordingly, we will attempt to update the ‘Frequently Asked Questions’ section on the website to respond to inquiries.
Goldberg said he and his staff have worked in the recovery of assets for investors and creditors in similar matters for nearly 25 years.
“You should rest assured that we will make every effort to maximize recovery and distribution to creditors in an efficient and fair manner,” Goldberg concluded.
Goldberg is the Akerman Bankruptcy & Reorganization Practice Group chairman.
The Best Lawyers website said Goldberg has been qualified as an expert witness on Ponzi schemes and has been quoted about receiverships and Ponzi schemes in top news outlets like The New York Times, Wall Street Journal and national TV news networks.
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