The mountain’s “dilapidated” 62-year-old Poma lift is to make way for a new high-speed chair with five times the hourly capacity, increasing access to intermediate terrain.
In total, the receivership has now been awarded $3.3 million to cover its expenses since investor fraud allegations were brought against developers Ariel Quiros and Bill Stenger in 2016.
The $1.35 million will cover six months’ worth of expenses for the court-appointed receiver overseeing the properties at the heart of the alleged “Ponzi-like” scheme.
The nearly $150 million will be used in part to finish incomplete projects spearheaded by Ariel Quiros in the Northeast Kingdom and to pay contractors’ and vendors’ outstanding bills.
While he is getting his money back, Xiong says that he, and other investors like him, will have no opportunity to get a green card.
Town officials rejected a request by a court-appointed receiver who is overseeing properties tied to a federal fraud case. The tax bill has been paid, but a $164,159 late fee remains.
Federal regulators filed a request to compel officials with Saint-Sauveur Valley Resorts to explain how Ariel Quiros purchased the ski resort.
Under federal law, the penalties can not be applied to properties in receivership, according to Michael Goldberg, the receiver for the Jay Peak properties.
The former president and CEO at Jay Peak, who is accused of investor fraud, works as a part-time consultant for $50 an hour and the use of a Volvo.
That’s estimated to be quadruple what they were in the prior fiscal year, when Ariel Quiros and Bill Stenger were still in charge and about to face state and federal fraud allegations.
Miami federal court Judge Darrin Gayles gave preliminary approval to the settlement. If no one objects to the terms, the agreement will move forward.
The money from Raymond James and Associates Inc. will go to contractors who are still owed for work on Northeast Kingdom projects and investors who poured in millions.
Immigrant investors allege the Quebec company knowingly transferred money to Ariel Quiros for the purchase of Jay Peak Resort.
The latest judgments are against a slew of corporate and relief entities. The latter received “ill-gotten gains” but didn’t necessarily take actions that led to the SEC’s fraud allegations.