The resorts are expected to be put on the market in May.
Thursday, February 15, 2018, NewEnglandSkiIndustry.com
Less than two weeks after the details of a Securities and Exchange Commission settlement involving Jay Peak and Burke were made public, the government appointed receiver of the properties has announced the resorts are expected to be put on the market this spring.
According to VTDigger, receiver Michael Goldberg expects the two resorts will be sold before the start of the 2018-19 ski season. A significant roadblock was cleared earlier this month, when a settlement was announced between Ariel Quiros, Bill Stenger, and the SEC. "Without admitting or denying the allegations" of conducting a massive Ponzi-like scheme involving EB-5 immigrant investor funds, Quiros and Stenger agreed to pay fines and surrender the the resorts to the Federal government. Criminal charges have not been filed.
The market value of the resorts is not yet known.
In June 2008, Q Resorts acquired Jay Peak from Mont Saint Sauver International for $15 million plus the assumption of $8.5 million in debt. In May 2012, Quiros acquired Burke Mountain from Legacy Resort Assets for $7.26 million.
