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SEC Settles Lawsuit with Quiros / Jay Peak & Burke up for Sale

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http://www.burlingtonfreepress.com/story/news/2018/02/02/quiros-reaches-82-million-settlement-jay-peak-fraud-case/301137002/

 

"The U.S. Securities and Exchange Commission has reached a settlement with Jay Peak owner Ariel Quiros in the Jay Peak fraud case, holding him liable for paying back $81.3 million and fining him an additional $1 million."

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You forgot the important part

" The SEC's final judgment against Quiros orders 17 properties, including the Jay Peak and Burke Mountain ski resorts and two New York City condominiums, and about $417,000 in frozen cash to be turned over to federal receiver Michael Goldberg to satisfy the $81.3 million Quiros owes, according to papers filed Friday in federal court in Miami. "

 

So just a real estate deal plus 1mil

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The biggest question in this is who is going to buy Jay and Burke and what is going to happen to them once they are sold. If the new owners were smart, hotel pricing would come down to bring more people to the area. 

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17 hours ago, lsrocket26 said:

The biggest question in this is who is going to buy Jay and Burke and what is going to happen to them once they are sold. If the new owners were smart, hotel pricing would come down to bring more people to the area. 

Vail might be in for that, but they're the last folks I'd want to have it. I wonder if Win might get into Burke or Jay- though they've been doing some serious real estate investment into the Bush and that has probably tied up free capital. 

I'd like to see Peaks get a northern VT mountain, that'd be stellar. 

Though, Burke could become a private club the same way Hermitage is or a cooperative fund like MRG since they're so locals oriented. A good deal of indrustry folks come out of the local college and the World Cup training academy is there. 

Edited by frapcap

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43 minutes ago, kdaffy said:

wonder if BMA's board and trustees will make a bid for burke...

Its been done before. I bet bma would prefer for Vail to not own Burke. Then again, pretty sure Vail would prefer that Vail not own Burke haha.

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Jay and Burke are finally on the market. This makes me very hesitant to commit to any season pass this spring until I know how this will shake out.

There are no shortage of bidders that come to find:

  • Vail
  • Alterra
  • Peak Resorts
  • Powdr
  • Boyne
  • Omni
  • Aspen

I could see BMA making a play for Burke. I imagine most of the large ski area operators would have little interest in it, and I could imagine BMA doing very well with the property. I could see the receiver seeing splitting the properties to be the best way to maximize value of the sale.

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Jay and Burke are finally on the market. This makes me very hesitant to commit to any season pass this spring until I know how this will shake out.
There are no shortage of bidders that come to find:
  • Vail
  • Alterra
  • Peak Resorts
  • Powdr
  • Boyne
  • Omni
  • Aspen
I could see BMA making a play for Burke. I imagine most of the large ski area operators would have little interest in it, and I could imagine BMA doing very well with the property. I could see the receiver seeing splitting the properties to be the best way to maximize value of the sale.
I have a hard time figuring out how Jay would fit into the Vail portfolio, especially given the stowe acquisition.

Peaks to me seems like an outlier as it seems to me they are more ski hill operators rather than full on resort owner/operator. Ditto for boyne

Alterra/aspen is an interesting idea given the newness of the organization and their stated big ambitions.

Not sure about powdr/omni

NMS GoFundMe to buy Jay? Anyone?
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2 hours ago, kdaffy said:

I have a hard time figuring out how Jay would fit into the Vail portfolio, especially given the stowe acquisition.

 

Well they own all of Summit county. Well a lot of it. so having ski areas in the same area isn't an issue.

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Pure uninformed speculation but it always suprised me that polar has not added a destination resort to their holdings. One would think they could steer a large number of passholders to a northern vt/me mountain with an onsite hotel if the wawa pass was valid. 

Edited by thebigo

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1 hour ago, thebigo said:

Pure uninformed speculation but it always suprised me that polar has not added a destination resort to their holdings. One would think they could steer a large number of passholders to a northern vt/me mountain with an onsite hotel if the wawa pass was valid. 

Who are polar?

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Crowley's want nothing to do with owning any other resorts, at least as far as I have ever heard. They've owned Wachusett for forever with many ski areas with less baggage than Jay coming on the market for great prices and made no moves. Now they are older and Jay is quite the second mountain to own for a Boston Metro hill.

Omni is a very interesting proposition. I have no idea if they are looking for another resort, but BW + Jay would be an interesting offering.

Having Jay would actually make Vail look way better, IMO. The two hills being close together is a strength, especially with Alterra owning Tremblant. Boyne, Peak, and Powdr I don't see doing anything, though I'd love them to for the sake of potential passes.

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Please , No Peak Resorts, They do not have the $$$ or the vision to buy any more ski areas. I am already wearing out my pants  praying they sell Attitash/ Wildcat. 

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14 hours ago, Brad J said:

Please , No Peak Resorts, They do not have the $$$ or the vision to buy any more ski areas. I am already wearing out my pants  praying they sell Attitash/ Wildcat. 

Double edge sword. cheap passes would be gone but upkeep and operations might be better.

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3 hours ago, Smellytele said:

Double edge sword. cheap passes would be gone but upkeep and operations might be better.

I worry about how a new operator would handle Wildcat. Attitash would almost certainly be run better/different.

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My Ideal for Wildcat is a CO OP like MRG, there is so few ski ares left that hasn't been ruined by the lets make it for everyone philosophy , and there is a large core group of skiers there that would make it possible to go that route, Mother nature is making it a difficult place to ski right now but in a big snow year there is few better.

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My Ideal for Wildcat is a CO OP like MRG, there is so few ski ares left that hasn't been ruined by the lets make it for everyone philosophy , and there is a large core group of skiers there that would make it possible to go that route, Mother nature is making it a difficult place to ski right now but in a big snow year there is few better.
Agree with concept. But as far as impossible fantasies go I'm more likely to be a golden retriever puppy in a Victoria's Secret photo shoot!

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On 2/17/2018 at 8:32 PM, Brad J said:

Please , No Peak Resorts, They do not have the $$$ or the vision to buy any more ski areas. I am already wearing out my pants  praying they sell Attitash/ Wildcat. 

Who knows what will happen but Peak has been at least looking into Burke from what I've heard but Jay was out of the question due to price. Though one article recently said the receiver wants to sell them together so it may not even matter that they are interested in Burke since they can't afford both atm. It's going to be hard buying a pass for next season without knowing who's going for them. Pray whoever does overhauls Jays snowmaking /grooming system at the very least. 

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13 minutes ago, MimersG said:

Who knows what will happen but Peak has been at least looking into Burke from what I've heard but Jay was out of the question due to price. Though one article recently said the receiver wants to sell them together so it may not even matter that they are interested in Burke since they can't afford both atm. It's going to be hard buying a pass for next season without knowing who's going for them. Pray whoever does overhauls Jays snowmaking /grooming system at the very least. 

Wow, where did you hear Peak was looking at Burke?

No interest in Jay makes perfect sense.

I'm honestly surprised Peaks is looking at Burke. It has a lot of similarities to Wildcat and I feel like they would be looking at a resort that is closer to the Boston metro area to round out their pass offering. Maybe the price would be incredible with a built in revenue stream through BMA though.

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1 hour ago, Jully said:

Wow, where did you hear Peak was looking at Burke?

No interest in Jay makes perfect sense.

I'm honestly surprised Peaks is looking at Burke. It has a lot of similarities to Wildcat and I feel like they would be looking at a resort that is closer to the Boston metro area to round out their pass offering. Maybe the price would be incredible with a built in revenue stream through BMA though.

I live in Greater Boston, and Burke is the same drive time as Wildcat. I can see it fitting into the portfolio at the right price.

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5 hours ago, Weatherman said:

I live in Greater Boston, and Burke is the same drive time as Wildcat. I can see it fitting into the portfolio at the right price.

It would make it better for sure, but how many more would it attract? Though i may stand corrected given the responses from Smelly and Cannonball haha.

It makes it better for me because I'm willing to drive the 3 hr to Wildcat. I feel like Peaks is missing a good number of people that ski NH but don't want a 2.5 hr + ski commute. Again very well might be wrong in this assumption.

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