Come May– resort groups, millionaires, billionaires, and perhaps a few private equity groups will have the chance to purchase Jay Peak Resort and Burke Mountain.
Whoever forks over the necessary cash will without a doubt have two of New England’s best ski areas in their possession. The new owners, if they happen to be Alterra or Vail, will be tasked with uniting Vermont under a single pass. Whether that’s Stowe, Burke, and Jay (Vail) or Stratton, Burke, and Jay (Alterra), the future purchase has the ski industry’s attention.
A recent article by VTdigger.com indicates that the court appointed receiver, Michael Goldberg has since given defrauded investors their appropriate ownership stakes. Those new owners will likely receive a liquidation option as a result of any potential sale, something that would not have happened under former EB-5 investment agreements.
EB-5 investors defrauded in a massive Northeast Kingdom redevelopment scheme will likely get most of their money back with the sale of Jay Peak and Burke Mountainhttps://t.co/rzmlyQ0pTZ
— VTDigger (@vtdigger) February 16, 2018
Goldberg has since said that he plans to market the resorts together. He did not completely dispell the possibility of a split sale. Ariel Quiros, the alleged proponent of the supposed ponzi scheme that forced him to forfeit his ownership, has since settled with the Securities and Exchange Commission to the tune of $84 million. He is expected to avoid prison time.
Find the entire VTdigger.com article here: Jay Peak, Burke to go on the market in May