Jay Peak is alarmingly short of money

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copyright the Chronicle April 27, 2016

by Joseph Gresser

Jay Peak may not have enough money to keep going through the summer, said Michael Goldberg, the Florida lawyer put in charge of overseeing the collection of EB-5 projects centered around the ski resort.

“I have learned that the Receivership Entities are in dire financial position and in danger of not having sufficient funds to continue operating beyond the very immediate future,” he wrote in a declaration directed to the U.S. District Court for Southern Florida.

Mr. Goldberg was given control of Jay Peak and the other assets of its owner, Ariel Quiros, by federal judge Darrin Gayles on April 13.  As the court-appointed receiver he has been investigation the finances of a network of companies connected with Jay Peak’s EB-5 project as well as those of the ski resort itself.

The SEC has alleged that Bill Stenger and Mr. Quiros misused about $200-million of…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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EB-5: Suspicions arose in 2010

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copyright the Chronicle April 27, 2016

by Tena Starr

A suspicious Securities and Exchange Commission (SEC) started questioning Bill Stenger and Ariel Quiros, owner of Jay Peak and Q Burke, back in May of 2014.  But they weren’t the only ones who were suspicious, and they certainly were not the first.

Four years earlier, in 2010, John Carpenter, who was then controller at the ski area, told Mr. Stenger he believed something was awry, according to SEC documents.  For one thing, he could not get access to the accounts at financial services company Raymond James, held by Mr. Quiros, which he’d repeatedly asked for, he told the SEC in a so-called “declaration.”

Mr. Carpenter’s quotes here come from that document.

The SEC is alleging that the Northeast Kingdom EB-5 projects were actually a giant Ponzi-like scheme, in which $200-million of…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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DUI formula too simplistic

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copyright the Chronicle April 27, 2016

by Joseph Gresser

NEWPORT – State forensic experts will have to rewrite their manuals if the Vermont Supreme Court upholds a decision issued by Judge Howard VanBenthuysen Monday.

The judge, sitting in the Criminal Division of Orleans County Superior Court, said in a written opinion that state experts do not take enough individual factors into consideration when calculating what a person’s blood alcohol level was more than two hours earlier.

The decision concerns what the judge calls “relation-back testimony,” meaning calculations intended to show how quickly a person’s system rids itself of alcohol, and hence what that person’s blood alcohol level was at some time before…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Barton Village Trustees: Proposed solar project would benefit village

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copyright the Chronicle April 27, 2016

by Elizabeth Trail

BARTON VILLAGE – A pair of young solar developers appeared before the Barton Village Trustees at their meeting Monday with a proposal to make the village a beneficiary of a 335-kilowatt solar project.

The village would be able to use about 10 percent of the net metered power produced by the project to offset electric bills for the school and municipal buildings.

Although final numbers will replace the computer model as time goes on, the arrangement could potentially save the village as much as …To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Lawsuits claim massive fraud

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copyright the Chronicle April 20, 2016

by Chris Braithwaite

The fix was in from the beginning.

That grim conclusion emerges from a reading of the civil lawsuits state and federal officials have filed against Bill Stenger, Ariel Quiros, Jay Peak, Inc., Q Resorts, Inc., and a host of the corporations and partnerships the two men have established over the past eight years.

Ever since he announced that he was a part owner of Jay Peak in 2008, Mr. Stenger has presided over a stunning series of expansion programs aimed at converting the ski area to a year-round resort. All were funded by foreign investors seeking immigrant status under the EB-5 visa program, which rewards half-million-dollar job-creating investments with a green card.

And, as Mr. Stenger never tired of telling skeptical critics, five of the six major expansions he’s undertaken at Jay have been finished as promised; they’re up and running.

But the state and federal complaints allege…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Stenger pled ignorance to SEC in 2014

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copyright the Chronicle April 20, 2016

by Chris Braithwaite

When investigators with the U.S. Securities and Exchange Commission asked Bill Stenger whether his partner had bought Jay Peak resort with money misappropriated from foreign investors, Mr. Stenger said he didn’t know.

That was the gist of Mr. Stenger’s answers in May 2014, when he was summoned to Miami, Florida, to answer questions about how Ariel Quiros became the owner of Jay Peak in June 2008.

In the lawsuit it filed last week, the SEC charged that Mr. Quiros’ diversion of the investors’ funds to buy the ski area was the beginning of a “massive eight-year fraudulent scheme” that led them to seize both Jay Peak and Q Burke Mountain last week.

When asked if he knew if any of the funds Mr. Quiros used to buy Jay Peak were investor’s funds that had been transferred to a Miami brokerage house, Mr. Stenger’s reply was vague:

“I don’t know if they were or not,” he said according to a transcript of his deposition. “They might have been. I don’t know.”

Mr. Stenger’s alleged role…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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State approves consolidation plan for OCSU

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copyright the Chronicle April 20, 2016

by Elizabeth Trail

BARTON — The State Board of Education on Tuesday unanimously approved the Orleans Central Supervisory Union’s (OCSU) plan for a consolidated school district.

Meanwhile the committee that has been working on that plan is holding informational meetings in the OCSU towns that will vote on consolidation in June.

Only three members of the public showed up at the meeting at the Barton Graded School on Saturday norming.

The meeting covered the articles of agreement that the state had to approve before the school district merger vote on June 7.

“You should have more people here,” said Grace Mason, a resident of Barton and former town clerk. “I made it clear to all my friends that they should come to this meeting, but as you can see, they didn’t.”

“There is a lot of misinformation out there,” said Amy Leroux…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Irasburg Select Board: Fecher resigns from board

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copyright the Chronicle April 20, 2016

by Elizabeth Trail 

IRASBURG — Brian Fecher, the chair of the Irasburg Select Board, submitted a letter of resignation from the board at a special meeting called for Thursday night.  But he’s still on the board for now.

“Recently I accepted a position that takes me over an hour away at least four days a week,” Mr. Fecher’s letter says.

“I’m away 40-50 hours a week,” he said at the meeting. “I don’t know that I can keep up with the responsibilities of being on the select board.”

“Yesterday we received word that a buyer is seriously interested in the purchase of our house,” the letter says. “As a result, our plans have changed and a timetable moved up.”

Mr. Fecher said his new job responsibilities and the time he spends commuting is eating into time he previously spent working on town business.

However, he was worried about the effect that his resignation would have on the board and its workload…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Stenger and state spar over finances

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copyright the Chronicle April 13, 2016

by Joseph Gresser

EAST BURKE – A long-running disagreement between the sponsors of two EB-5-funded projects and state regulators has been thrown into sharp relief through an exchange of letters between the owners of Q Burke Resort and the commissioner of the Department of Financial Regulation (DFR).

On March 25, Commissioner Susan Donegan of the DFR sent a letter to Bill Stenger, one of the Q Burke partners and co-owner of Jay Peak Resort, in which she accused him of failing “to engage in best business practices.”

That failure, Ms. Donegan maintained, made it impossible for her to give the Q Burke partners complete access to investors’ money now held.…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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Viens won’t seek re-election, Monette, Klar will run

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copyright the Chronicle April 13, 2016

by Tena Starr

The Orleans County political playing field shuffled around this week.

State Senator John Rodgers of Glover won’t run for lieutenant governor after all.  Representative Gary Viens of Newport won’t run for a state Senate seat, and his wife, Carol, won’t run for his House seat.  Instead, the Viens won’t run for anything.

Irasburg farmer John Klar and Newport Mayor Paul Monette will run for House, both as Republicans, setting up a Primary Election race between those two and.…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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