Federal receiver fields questions in Jay

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copyright the Chronicle March 8, 2017

 

by Joseph Gresser

 

JAY — Residents here heard from the effective owner of Jay Peak Resort before they began their Town Meeting Tuesday morning. Michael Goldberg, the receiver appointed by U.S. District Judge Darrin Gayles to oversee the businesses owned by Ariel Quiros, answered questions from voters about the ski area’s future.

The big news was that construction will soon begin on the remaining portion of what is known as the Stateside project. Mr. Quiros, who is facing civil charges of investment fraud in state and federal court, raised money from foreign investors to build a hotel, a recreation center, a medical center, and around 84 homes at the resort.

Mr. Goldberg said work will begin in the next few months on the medical and recreation centers as well as the homes. The hotel was completed and opened in 2013.

The receiver said it is important to finish all construction at the resort so as to get the best price when it goes on the market. The sale, he said, will probably take place in a year or two.

Mr. Goldberg said the area had a record winter, and has already booked 60 weddings for the coming summer.

“To book a wedding a year out, you have to have faith the place is going to be there,” Mr. Goldberg said.

A year or two more of profitable operation should make sure the resort fetches top dollar when it goes on the block, he said.

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Bill Stenger still on the payroll at Jay Peak — for now

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copyright the Chronicle August 24, 2016

by Joseph Gresser

JAY — For more than 30 years visitors to Jay Peak Resort had a hard time avoiding the ski area’s general manager, later president, Bill Stenger. They might find him parking cars, selling lift tickets, or clearing tables in one of the area’s restaurants.

One might think that would have changed since he and Jay Peak’s owner Ariel Quiros were accused of investment fraud in civil complaints filed by the federal Securities and Exchange Commission (SEC) and the state’s Department of Financial Regulation (DFR).

That would be a mistake.

Mr. Stenger is as visible as ever. He’s still working for Jay Peak, albeit in a very different role, that of assisting court-appointed receiver Michael Goldberg as he tries to keep Jay Peak and Burke Mountain resorts running while legal proceedings are underway.

He has the same office that he occupied when he was president of the resort, the same e-mail addresses, and phone numbers. He even drives the same Audi he has driven for the past six years, complete with a Jay Peak vanity plate.

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Citibank has interest in Quiros funds

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copyright the Chronicle May 4, 2016

by Joseph Gresser

After only a couple of weeks on the job, the receiver for Jay Peak, Burke Mountain, and other businesses owned by Ariel Quiros seems to have things well under control.

In a news conference on Wednesday, April 27, Michael Goldberg said he now has enough money to keep Jay Peak operating and to get the new hotel at Q Burke open.

“All we need is snow,” the Florida lawyer said, sounding exactly like the ski area owner he suddenly became when federal Judge Darrin Gayles of U.S. District Court for the Southern District of Florida appointed him.

In doing so he gave Mr. Goldberg control of assets belonging to Mr. Quiros and his companies, including his bank accounts.

Since his appointment, he has asked for further authority, including control of Burke Mountain and its associated companies, and Judge Gayles agreed.

Mr. Quiros disputes the charges against him, and will first argue his case in a hearing scheduled for…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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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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