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Utah-based firm makes bid to purchase Vermont resort Jay Peak


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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 a huge fraud case involving its former proprietor and president.

The court docket appointed receiver who has been overseeing Jay Peak for greater than six years is looking for court docket 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 could be held “in order to assure the highest and best offer,” according to Monday’s court filing.

“The time has come for the Receiver to sell Jay Peak Resort,” Goldberg wrote, adding that when he took over Jay Peak in April 2016 it was on the verge of collapse but now is “significantly more profitable and hundreds of jobs have been saved.”

The former Jay Peak proprietor, former president and an adviser have been sentenced this spring to federal jail for his or her roles in a failed plan to construct a biotechnology plant utilizing tens of tens of millions of {dollars} in international buyers’ cash raised by means of a particular visa program.

The U.S. Securities and Exchange Commission 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 involved misusing more than $200 million of about $400 million raised from foreign investors for various ski area developments through the same visa program.

They settled civil costs with the SEC, with former proprietor Ariel Quiros surrendering greater than $80 million in belongings, together with Jay Peak and Burke Mountain ski resorts.

Utah-based firm makes bid to purchase Vermont resort Jay Peak.
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