FREE Sign upLogin
Expenses could force Jay Peak to close, receiver says

Expenses could force Jay Peak to close, receiver says

EB-5 Visa, EB5 Visa, EB-5 Investment

A federal receiver appointed to oversee the Jay Peak and Q Burke ski resorts amid allegations of massive fraud said Jay Peak could close and Q Burke may not open if additional funding is not obtained.

Receiver Michael Goldberg said if more money is not obtained, he could be forced to shut down operations at Jay and eliminate any possibility of Q Burke opening, according to court paperwork filed in Miami.

"Moreover, as of the date of this filing, there may be no investor funds available to satisfy the outstanding contract lien, obtain a Certificate of Occupancy and open the finished hotel that is a part of the Q Burke Entities. Nor are there funds available to cover the day-to-day operating expenses of the property," court papers said.

"Because the facility is located in Northern Vermont, where weather conditions are often unfavorable, any shutdown of the systems necessary to maintain the property can impair long-term use of the property. It is vital to the preservation and beneficial long-term use of the property that the receivership be expanded so that the Receiver can administer the Q Burke Entities."

Jay Peak owner Ariel Quiros and President Bill Stenger are accused in what the Securities and Exchange Commission calls a "massive eight-year fraud scheme" involving developments in northern Vermont.


Source: http://www.wptz.com/news/expenses-could-force-jay-peak-to-close-receiver-says/39208846

Mentions

Litigation Cases

States

  • Vermont


Subscribe for News

Site Digest

Categories

Free eb5 consultation

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.