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Pacific Group Resorts makes winning, $76 million bid for Jay Peak – Brospar Daily News

Updated at 6:35 p.m.

Pacific Group Resorts was the highest bidder for Jeep Resorts at Wednesday’s auction, according to a court filing. The Park City, Utah-based company has offered $76 million for the Northeast Kingdom ski resort, documents show.

The sale still needs to be approved by Judge Darrin P. Gayles, who has presided over the Miami federal court receivership since April 2016. Regulators filed a civil lawsuit that year against the resort’s former owner, Ariel Quiros. , and its president, Bill. Stenger, in what became the biggest investor fraud case in Vermont history.

The station’s sale hearing is scheduled for September 16, according to documents filed Thursday morning by court-appointed receiver Michael Goldberg, who oversaw Jay Peak for the past six years.

The proceeds are expected to be distributed “on a pro rata basis” to defrauded foreign investors, according to earlier court documents filed by Goldberg.

Pacific Group Resorts The ski resort had an initial bid of $58 million, according to pre-auction court documents. one day auction The Pacific Group said in a statement Thursday that it opened to the public on Wednesday with “several bidders.”

Jay Peak will be the sixth resort in the Pacific Group’s portfolio, which includes Ragged Mountain in New Hampshire and Powderhorn Mountain Resort in Colorado.

The identity and exact number of the other bidders have not been made public. Ahead of the auction, Jay Peak managing director Steven Wright said at least two and possibly three bidders were expected.

The winning bid of $76 million was closer to the station’s estimated value of $85 million, according to Jay Town’s big list. The city had previously assessed the station. $121 million in 2020but agreed to an $85 million settlement after station officials challenged the valuation.

The sale is expected to close before the 2022-23 ski and snowboard season, according to a company statement.

Christian Knapp, Marketing Director, Pacific Group Twitter Thursday morning commented on the “successful auction” that took place a few hours ago.

“We recognize that employees know Jay better than we do,” Knapp wrote. “Our immediate goal is to execute a well-executed transition that instills confidence in our employees while maximizing synergies.”

Vern Greco, president and CEO of Pacific Group, said in a statement that his company “began making this acquisition over three years ago” and is looking forward to bringing “new stability” to the resort. and its employees.

Greco added that there have been “no major changes” to station operations this season.

“All of Jay’s existing season passes, pass reciprocity and multi-station pass arrangements, including the Indy pass, will be honored for the 2022-23 winter season,” said the company in a press release.

Former Jay Peak owner Quiros, former station president Stenger and councilman William Kelly are all in federal prison.

Civil actions against Quiros and Stenger Introduced in 2016 The pair paid fines for allegedly misusing $200 million of the $350 million they raised through the federal EB-5 visa program for Jay Peak’s massive upgrade.

A separate project to build a $110 million biomedical research facility in nearby Newport has put three men behind bars. The development project, known as AnC Bio Vermont, results in their criminal proceedings Fraud with investors and Final plea agreement with prosecutors.

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