Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Moderators: SkiDork, spanky, Bubba
-
- Site Admin
- Posts: 26349
- Joined: Nov 5th, '04, 08:42
- Location: Where the climate suits my clothes
Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Or at least that's the investors' side of the story.
http://vtdigger.org/2014/07/27/vtdigger ... investors/" onclick="window.open(this.href);return false;
http://vtdigger.org/2014/07/27/vtdigger ... investors/" onclick="window.open(this.href);return false;
"Abandon hope all ye who enter here"
Killington Zone
You can checkout any time you like,
but you can never leave
"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
F. Scott Fitzgerald
"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
Killington Zone
You can checkout any time you like,
but you can never leave
"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
F. Scott Fitzgerald
"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
A whole lot of incompetent people involved in this, politicians, lawyers and businessmen.
!!!!!!!!!! MAKE AMERICA LOVE AGAIN !!!!!!!!!!
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
It will be hard to find new investors for the EB-5 program after this. I don't claim to understand everything going on here, but it looks like the investors were taken advantage of. Maybe if the mountain is renamed Q-Jay Peak it would fix everything??
I Belong A Long Way From Here.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
If the investors actually signed up, knowing that he could pull a fast one like this, they have no one to blame but themselves.Bubba wrote:Or at least that's the investors' side of the story.
http://vtdigger.org/2014/07/27/vtdigger ... investors/" onclick="window.open(this.href);return false;
But he just looks like a big DB with this move.
Beware of fools & trolls here, they lurk everywhere.
-
- Wanted Poster
- Posts: 3041
- Joined: Feb 7th, '12, 20:37
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Shocking - the EB5 thing is a scam..............
-
- Postinator
- Posts: 6608
- Joined: Feb 23rd, '06, 17:17
- Location: Where the host of Dancing with the stars lives.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
They should of written it off in there minds, they were buying a green card. Heard lots of wealthy Canuks went for it to avoid higher inheritance taxes north of the border.
2 hours and 10-minute drive to K
2023/2024 Ski Days: 33 days for the season
Killington: 12/14, 1/4, 1/9, 1/11, 1/17, 1/23, 1/31, 2/5, 2/20, 2/26, 3/4, 3/20, 3/25, 4/2, 4/5
Loon: 11/29, 12/8, 12/21, 1/8, 1/19, 1/22,1/30, 2/7, 2/15, 3/1, 3/8, 3/22, 4/14
Sunday River: 3/12
Sugarloaf: 3/13, 3/14
Cannon:1/15, 2/22
2023/2024 Ski Days: 33 days for the season
Killington: 12/14, 1/4, 1/9, 1/11, 1/17, 1/23, 1/31, 2/5, 2/20, 2/26, 3/4, 3/20, 3/25, 4/2, 4/5
Loon: 11/29, 12/8, 12/21, 1/8, 1/19, 1/22,1/30, 2/7, 2/15, 3/1, 3/8, 3/22, 4/14
Sunday River: 3/12
Sugarloaf: 3/13, 3/14
Cannon:1/15, 2/22
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
It's been going on for years, this is the 1st I've heard of anything like this.Big Bob wrote:They should of written it off in there minds, they were buying a green card. Heard lots of wealthy Canuks went for it to avoid higher inheritance taxes north of the border.
Wonder if the EB-5 admin was in Jay's pocket.
Beware of fools & trolls here, they lurk everywhere.
- Mister Moose
- Level 10K poster
- Posts: 11646
- Joined: Jan 4th, '05, 18:23
- Location: Waiting for the next one
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
This is not an investment that banks were standing in line to make, but out of the goodness of the Government's heart they gave it to immigrants. No, this was a fast track to a green card by virtue of funding a risky venture that was supposed to bring a minimum number of jobs per dollar invested. The investors should have known of the higher risk involved. I'm surprised there is an expectation of a preplanned "Exit Strategy", and I'm surprised it was so easy to turn an investor involuntarily into an unsecured lender. If interest rates recover, the loans will vastly under perform the market from then until 2023.freeski wrote:It will be hard to find new investors for the EB-5 program after this. I don't claim to understand everything going on here, but it looks like the investors were taken advantage of. Maybe if the mountain is renamed Q-Jay Peak it would fix everything??
If Jay does well, the investors turned note holders will not share in the equity returns. If Jay stumbles, the unsecured creditors will be slightly ahead of shareholders in fighting over the remnants. It isn't certain who gets the best deal yet, but promoting this as an "investment" does seem misleading. The word "convertible" should have been in boldface type somewhere.
At the end of the day, the immigrants skipped a long line and got their green card. They shouldn't expect Wall Street returns, but they should know what they got into.
Last edited by Mister Moose on Jul 28th, '14, 21:48, edited 1 time in total.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
I can remember my mama words [when something looks too good to be true........................]
fast is cool.
Faster is cooler. bring back the dis
Faster is cooler. bring back the dis
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
I guess this program was started back in the days when you needed a green card to stay in the country if you were an immigrant. If they had just waited a couple of years the investors could have just walked across the border and gone about their lives with no investment.
After rereading the article it appears Stenger was trying to sweeten the deal for himself. The whole Jay Peak/Q-Burke mess always smelled bad and this fiasco isn't going to help their credibility. In another 10 years the indoor water park will look like the abandoned Olympic sites.
After rereading the article it appears Stenger was trying to sweeten the deal for himself. The whole Jay Peak/Q-Burke mess always smelled bad and this fiasco isn't going to help their credibility. In another 10 years the indoor water park will look like the abandoned Olympic sites.
I Belong A Long Way From Here.
-
- Post Office
- Posts: 4540
- Joined: Sep 12th, '11, 21:53
- Location: Brooklyn, NY/Pittsford,VT
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Is this what is referred to as the Jay cloud?
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Thanks..skidogg wrote:I can remember my mama words [when something looks too good to be true........................]
Now I have this tune stuck in my head..
Mama told me not to come
Mama told me not to come
She said, "That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
Where is Happy Hour ?
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
It is now.steamboat1 wrote:Is this what is referred to as the Jay cloud?
I Belong A Long Way From Here.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
You wonder if he had this in mind from the start.freeski wrote:It is now.steamboat1 wrote:Is this what is referred to as the Jay cloud?
Beware of fools & trolls here, they lurk everywhere.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
here you go rusty try this one instead" mama tried to raise me better"RustyK wrote:Thanks..skidogg wrote:I can remember my mama words [when something looks too good to be true........................]
Now I have this tune stuck in my head..
Mama told me not to come
Mama told me not to come
She said, "That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
"That ain't the way to have fun, no"
"That ain't the way to have fun, son"
fast is cool.
Faster is cooler. bring back the dis
Faster is cooler. bring back the dis