Tag Archives: Michael Goldberg

Update from the Free Press: “Never Mind”

Earlier today, the Burlington Free Press posted an alarming story on its homepage. It quoted Michael Goldberg, the attorney currently operating Jay Peak and Q Burke, as saying the resorts were almost out of money and might permanently close.

I saw that, had the predictable “WTF” reaction, and wrote a post immediately.

The Free Press’ story was a stub, the industry term for a short urgent item that will be updated when more facts become available. And boy, what an update.

The full story confirms that the two resorts are cash-poor — but there’s still plenty of potential for their future, and Goldberg says he will “find a way to keep Jay Peak open, and open Q Burke Hotel in the fall.” He adds that there are already two high-profile hotel chains sniffing around Q Burke.

Well, that’s kinda different.

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This would be very bad.

In case you thought the Stenger/Quiros/EB-5 mess couldn’t get any worse, take a look at this from the Burlington Free Press:

Jay Peak ski resort could shut down; Q Burke Hotel may never open.

Those are the dire conclusions reached by Michael Goldberg, the attorney who has taken over the Vermont properties as receiver…

Goldberg says the two resorts have very little cash on hand “and numerous upcoming expenses that…

… will quickly use up available cash and, if additional money is not obtained, force the Receiver to shut down operations at Jay Peak and eliminate any possibility of Q Burke opening.”

Goldberg notes, with an air of understatement, “This is a very different situation than the one claimed by Ariel Quiros in his sworn investigative testimony before the SEC.”

Dare I say, the worst possible scenario is now on the table? Dare I say also, Goldberg’s findings make Stenger and Quiros’ denials of wrongdoing seem that much less credible?

Whatever you think of ski resorts — their environmental impact or quality of jobs — this would be a severe blow to the Northeast Kingdom. It would also add a new dimension to the political fallout from this scandal.

Chances are, this won’t happen. Jay Peak in particular would be an attractive bargain-basement purchase, since it’s chock full of EB-5-funded amenities. Q Burke has a new hotel ready for occupancy. But the mere possibility of complete closure has to send shivers down the spines of everyone in the Northeast Kingdom, and everyone in Vermont politics.