Hermitage club (Haystack) assesses members 10k

[SnoBrdr]

https://www.boston.com/news/local-news/ ... t-ski-club

[SnoBrdr]

Judge orders Hermitage Club owner to pay member $2.1M

NEWFANE, Vt. (AP) A judge has ordered the owner of a foreclosed ski club in Vermont to pay about $2.1 million to a club member who is unable to sell back 20 memberships he bought in 2015.

The Brattleboro Reformer reports the judge issued his ruling on two counts of breach of contract against Hermitage Club founder Jim Barnes and Hermitage Club LLC last month.

Under the agreement, Robert Coffin, of Massachusetts, was to pay $65,000 per membership. The Hermitage would later buy them back at $75,000 each after 13 months, $85,000 each after two years or $95,000 each after three years.

Barnes and Hermitage Club now owe Coffin $1.9 million in damages and about $203,000 in interest from February 2018.

Neither Barnes nor an attorney responded to the complaint.

[twilkas]

where is the link to this?

[SnoBrdr]

where is the link to this?

Didn't post the link as that is the whole story.

https://www.wcax.com/content/news/Judge ... 07971.html

[Mister Moose]

A judge has ordered the owner of a foreclosed ski club in Vermont to pay about $2.1 million to a club member who is unable to sell back 20 memberships he bought in 2015.

The Brattleboro Reformer reports the judge issued his ruling on two counts of breach of contract against Hermitage Club founder Jim Barnes and Hermitage Club LLC last month.

Under the agreement, Robert Coffin, of Massachusetts, was to pay $65,000 per membership. The Hermitage would later buy them back at $75,000 each after 13 months, $85,000 each after two years or $95,000 each after three years.

I'd always wondered if the membership rolls were padded. This shows that was indeed the case. I also wonder how many other insider members didn't pay the full initiation and membership fees.

[rogman]

The whole thing screams criminal fraud. Sounds like a loan to the club secured with memberships. Memberships could then be used by club as basis for loans from banks. While not exactly collateral, they could be used to indicate more solvency by the club than there actually is. The question is: were the banks made aware of this backroom deal?

[freeski]

Mr. Moose is correct as usual.

Inflating the numbers to attack new business is unlawful.

The poor saps who are victims are most likely rich.

Why do the rich think they can go to Vermont and do these kind of things?

The worst fraud I saw working on an Estate was straight out of Vermont.

Life insurance Co?

"Well we'll give you the last months fees back?"

"Oh great does that include all three credit cards."

"File a paper claim and we'll let you know."

"Okay, go f yourself"