Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Court says some cases against state can be heard.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Judge pushes pause on Quiros plea deal in Jay Peak fraud
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Burke Mountain contests town’s assessed value of $18.7 million.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Quiros changes his plea to guilty. When do folks like former Governor Shumlin get charged?
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
That's a rhetorical question correct?Bubba wrote:When do folks like former Governor Shumlin get charged?
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Town rejects bid to cut Burke property tax 40%
https://vtdigger.org/2020/09/02/town-re ... ill-by-40/
https://vtdigger.org/2020/09/02/town-re ... ill-by-40/
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
This scandal, for the lawyers, is the gift that keeps on giving...
Jay Peak receiver’s bill for cleaning up EB-5 scandal now tops $9 million
https://vtdigger.org/2020/11/30/jay-pea ... -286700865
Jay Peak receiver’s bill for cleaning up EB-5 scandal now tops $9 million
https://vtdigger.org/2020/11/30/jay-pea ... -286700865
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Am I of the correct assumption that Jay and Burke are currently owned by the US government? If it doesn't sell and it is owned by the taxpayers why not make them national parks or recreation areas?
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
You are not correct. They are in Bankruptcy and managed by a trustee for the benefit of the creditors who were/are owed money. If the government wanted it for a park, they'd have to buy it like anyone else. The proceeds from the sale would then be distributed to the creditors.
The trustee's fees, incidentally, are paid from the bankruptcy estate, in this case by Jay Peak's operations. Given that they have kept the place in business, they are probably justifiable. They can also derive fees based on a percentage of assets they are able to recover from people who defrauded the company (ie Quiros).
The trustee's fees, incidentally, are paid from the bankruptcy estate, in this case by Jay Peak's operations. Given that they have kept the place in business, they are probably justifiable. They can also derive fees based on a percentage of assets they are able to recover from people who defrauded the company (ie Quiros).
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
So you are saying it is now owned by the creditors, correct?easyrider16 wrote: ↑Dec 2nd, '20, 06:01 You are not correct. They are in Bankruptcy and managed by a trustee for the benefit of the creditors who were/are owed money. If the government wanted it for a park, they'd have to buy it like anyone else. The proceeds from the sale would then be distributed to the creditors.
The trustee's fees, incidentally, are paid from the bankruptcy estate, in this case by Jay Peak's operations. Given that they have kept the place in business, they are probably justifiable. They can also derive fees based on a percentage of assets they are able to recover from people who defrauded the company (ie Quiros).
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
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Not precisely. Legal title is with the bankruptcy trustee, and he holds the property in trust for the benefit of the creditors. All the trustee's actions in disposing any of the property have to be authorized by the court and can be challenged by interested parties. So it's a bit more complicated than that. That's how we know the trustee's fees, btw, because every dime he gets has to be reviewed and approved by the bankruptcy court.
Bankruptcy is weird and has its own rules, but the alternative is a place like Jay Peak goes under and everyone gets screwed. Bankruptcy attempts to moderate things so everyone gets screwed a little less. It has its faults but it has a lot of benefits.
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Bankruptcy is weird and has its own rules, but the alternative is a place like Jay Peak goes under and everyone gets screwed. Bankruptcy attempts to moderate things so everyone gets screwed a little less. It has its faults but it has a lot of benefits.
Sent from my VS995 using Tapatalk
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Is legal title with the trustee? My understanding is the trustee has court ordered control, not title. Title will pass from borrower to buyer.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
All I wanna know is when any of these jerkoffs quiros, stenger, etc... get locked up.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
Well, bankruptcy world is weird. There are cases where a debtor can remain in possession and act as a trustee. In that case the debtor retains legal title. In other cases, like liquidations, legal title passes to the trustee.Mister Moose wrote: ↑Dec 2nd, '20, 12:34 Is legal title with the trustee? My understanding is the trustee has court ordered control, not title. Title will pass from borrower to buyer.
That said, after looking into it a little more, I was under the mistaken impression that Jay Peak filed for bankruptcy. That's not the case. The SEC sued the corporation for fraud and and the court appointed a receiver to take control of the property. It's similar to the appointment of a bankruptcy trustee, with some differences. The receiver still functions as a fiduciary holding the property for the benefit of creditors, and has the ability to try and recover assets for the benefit of the creditors. To the main question, the receiver typically holds legal title until that passes to the buyer.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
A ski resort, a dream and greed: How a $350M fraud happened in Vermont’s poorest region
https://www.yahoo.com/news/ski-resort-d ... 24160.html
https://www.yahoo.com/news/ski-resort-d ... 24160.html