A Utah-based resort firm that owns a number of ski areas has made a bid to purchase Jay Peak, the Vermont ski resort that was rocked by an enormous fraud case involving its former proprietor and president
A Utah-based resort firm that owns a number of ski areas has made a bid to purchase Jay Peak Resort, the Vermont ski resort that was rocked by an enormous fraud case involving its former proprietor and president.
The courtroom appointed receiver who has been overseeing Jay Peak for greater than six years is looking for courtroom approval to promote it for $58 million to Pacific Group Resorts, Inc., which owns Ragged Mountain Resort in New Hampshire, Powderhorn Mountain Resort in Colorado, and Mount Washington Alpine Resort in Vancouver Island, British Columbia.
Receiver Michael Goldberg needs to have the ability to proceed to market Jay Peak, and if there are certified bids, an public sale can be held “with the intention to guarantee the best and greatest supply,” based on Monday’s courtroom submitting.
“The time has come for the Receiver to promote Jay Peak Resort,” Goldberg wrote, including that when he took over Jay Peak in April 2016 it was on the breaking point however now’s “considerably extra worthwhile and a whole lot of jobs have been saved.”
The previous Jay Peak proprietor, former president and an adviser had been sentenced this spring to federal jail for his or her roles in a failed plan to construct a biotechnology plant utilizing tens of thousands and thousands of {dollars} in international buyers’ cash raised by way of a particular visa program.
The U.S. Securities and Trade Fee and the state of Vermont additionally alleged in 2016 that the then-owner and then-president took half in a “huge eight-year fraudulent scheme” that concerned misusing greater than $200 million of about $400 million raised from international buyers for varied ski space developments by way of the identical visa program.
They settled civil costs with the SEC, with former proprietor Ariel Quiros surrendering greater than $80 million in property, together with Jay Peak and Burke Mountain ski resorts.