The group has ties to Burke Mountain Academy and Berkshire East.
Wednesday, April 2, 2025, NewEnglandSkiIndustry.com
Bear Den Partners LLC has been identified by the Caledonian Record as being the group in final negotiations to purchase Burke Mountain Resort. Though the business entity has not yet been registered with the Vermont Secretary of State, VTDigger states the group "includes members of the Graham family, who have previously invested heavily in the mountain, as well as Willy Booker, head of Burke Mountain Academy."
According to VTDigger, Jon Schaefer would oversee operations for the group. The Schaefer family owns Berkshire East, Catamount in Massachusetts and New York, and Big Red Cats in Canada. The family also operates Bousquet in Massachusetts and briefly managed Haystack in Vermont.
The prospective buyers reportedly plan to upgrade snowmaking, widen trails, and relocate the Willoughby chairlift.
In February 2025, Burke Mountain receiver Michael Goldberg disclosed plans to provide a "significant update" on the sale within 60 days. In March, Goldberg stated that the prospective buyer had plans to invest "many millions of dollars into snowmaking and other improvements that will greatly improve the skiing experience at Burke."
Located in northeastern Vermont, Burke features two high-speed quads that serve a vertical drop of 2,011 feet.
The SEC took control of Jay Peak and Burke on April 13, 2016, alleging that Ariel Quiros and Bill Stenger were running a Ponzi scheme that was defrauding EB-5 investors. A Federal program created by Senator Ted Kennedy and championed by Senator Patrick Leahy, EB-5 allows immigrants to obtain a green card in exchange for investing $500,000 in a government endorsed business that creates ten jobs. In the case of the Jay Peak program, 20% to 25% of the investment was taken by developers and agents as fees. Stenger was released from prison on May 8, 2023, while Quiros is at Pensacola FPC prison with an expected release date of December 16, 2025.
No government officials involved in the EB-5 immigrant investment scheme have been charged.
According to VTDigger, the receiver and associated consultants have collected nearly $12 million for their services thus far.
