Receiver: Vermont ski resort to stay open

JAY, Vt. (AP) — The federal receiver appointed to oversee two Vermont ski resorts amid fraud allegations says he’s secured enough money to keep one of them open.

Michael Goldberg and Vermont Gov. Peter Shumlin met with Jay Peak Resort employees on Wednesday, nearly two weeks after the Securities and Exchange Commission and the state accused the resort’s owner and president of fraud.

Goldberg says there’s now enough cash to keep Jay Peak open.

The resorts’ owner, Ariel Quiros, of Miami, and Jay Peak’s president, Bill Stenger, of Newport, Vermont, are accused of misusing more than $200 million raised from foreign investors through a special visa program. Both say they’ll be cleared of wrongdoing.

Goldberg says he expects the other ski area, Q Burke Mountain Resort, to open in the fall. He also expects both resorts to be sold.

comments powered by Disqus