The Jay Peak Saga
- Thread starter tirolski
- Start date
Nothing to see here. Move along please.
"Jong Weon Choi, also known as Alex Choi of South Korea, has remained on the run since he was indicted in Vermont with three American business colleagues in May 2019.
Choi, 61, was convicted in South Korea for financial fraud in 2016 in connection with AncBio Korea, the Vermont indictment noted. A proposed venture in Newport was tailored after the project in Korea and was funded by the EB-5 program that provides green immigration cards in exchange for $500,000 investments, officials said.
The U.S. Attorney's Office in Vermont made a request to the Republic of Korea for evidence and testimony in 2017.
"While the government has obtained various materials from Korea pursuant to this request, it has been unable to obtain what it now believes to be important evidence relating to the case against Choi," according to the dismissal motion filed on behalf of U.S. Attorney Nikolas "Kolo" Kerest in Vermont.
"In light of these difficulties, as well as the resolution of the cases against the co-defendants, dismissal of the indictment at this time is in the interest of justice," the motion said.
Chief Federal Judge Geoffrey W. Crawford signed the dismissal order Monday morning for Choi, who the government maintained was a "hidden partner" in the fraud.
The dismissal appears to close the long-running international criminal investigation that netted convictions for three of the four initial defendants.
While the defense lawyers have maintained there was plenty of blame for some federal and Vermont officials in the bungling of the EB-5 investment plan, none were indicted.
Attempts to reach Kerest for comment were unsuccessful on Monday. Kerest has established a personal policy of not discussing or clarifying cases for the public and does not return phone messages to media members about prosecutions."
Choi, 61, was convicted in South Korea for financial fraud in 2016 in connection with AncBio Korea, the Vermont indictment noted. A proposed venture in Newport was tailored after the project in Korea and was funded by the EB-5 program that provides green immigration cards in exchange for $500,000 investments, officials said.
The U.S. Attorney's Office in Vermont made a request to the Republic of Korea for evidence and testimony in 2017.
"While the government has obtained various materials from Korea pursuant to this request, it has been unable to obtain what it now believes to be important evidence relating to the case against Choi," according to the dismissal motion filed on behalf of U.S. Attorney Nikolas "Kolo" Kerest in Vermont.
"In light of these difficulties, as well as the resolution of the cases against the co-defendants, dismissal of the indictment at this time is in the interest of justice," the motion said.
Chief Federal Judge Geoffrey W. Crawford signed the dismissal order Monday morning for Choi, who the government maintained was a "hidden partner" in the fraud.
The dismissal appears to close the long-running international criminal investigation that netted convictions for three of the four initial defendants.
While the defense lawyers have maintained there was plenty of blame for some federal and Vermont officials in the bungling of the EB-5 investment plan, none were indicted.
Attempts to reach Kerest for comment were unsuccessful on Monday. Kerest has established a personal policy of not discussing or clarifying cases for the public and does not return phone messages to media members about prosecutions."
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snoloco
Well-known member
- Joined
- Jan 1, 2021
It's been a long time coming, but it looks like Jay is finally getting sold to Pacific Resorts Group.
www.stormskiing.com
Over 6 years in federal receivership with all capital improvements on-hold. Hopefully under new ownership, they can get some much-needed improvements. I'm mostly referring to replacing the Bonaventure lift with a detachable.
Pacific Resorts Group Enters Asset Purchase Agreement to Purchase Jay Peak
Receiver will still accept additional bids
www.stormskiing.com
Over 6 years in federal receivership with all capital improvements on-hold. Hopefully under new ownership, they can get some much-needed improvements. I'm mostly referring to replacing the Bonaventure lift with a detachable.
D.B. Cooper
Well-known member
- Joined
- Jul 22, 2020
Not that I disagree, but that would be a cold lift. "The Freezer II."
Sick Bird Rider
Well-known member
- Joined
- Jul 20, 2020
Interesting news. Even Steve W seems guardedly positive about it, which seems like a good thing. Tough job being the flagship, though.
As Fischer explained it, “When a charity auctions off skis, the auctioneer asks who has $500 to start the bidding—that first bid is all we’ve done. Our bid hasn’t even been approved yet.”
Motion Filed to Sell Jay Peak, PGRI Begins Bid Process
SAM Magazine—Jay, Vt., Aug. 1, 2022—A motion for approval has been filed for Pacific Group Resorts, Inc. (PGRI) to enter into a $58 million asset purchase
www.saminfo.com
It appears first bid has now been “approved",As Fischer explained it, “When a charity auctions off skis, the auctioneer asks who has $500 to start the bidding—that first bid is all we’ve done. Our bid hasn’t even been approved yet.”
Motion Filed to Sell Jay Peak, PGRI Begins Bid Process
SAM Magazine—Jay, Vt., Aug. 1, 2022—A motion for approval has been filed for Pacific Group Resorts, Inc. (PGRI) to enter into a $58 million asset purchase
There’s other words in bold including “Ordered and Approved”, “Granted", “Authorized”, “Approved’"and "Done and Ordered"
Get yer bids in folks.
There could be a winning bid soon.
Steve Wright, Jay Peak’s general manager, said there has been a “pretty sharp increase” in interest since news of Pacific Group Resorts' initial bid of $58 million had been reported earlier this month.
“There are multiple potential (and incremental) bidders at this point, but not at liberty to really disclose specifics at this point,” Wright said in an emailed response to VTDigger’s inquiry.
New possible bidder may delay hearing on sale of Jay Peak resort
Michael Goldberg, the court-appointed receiver overseeing the Northeast Kingdom ski resort, did not disclose the identity of the new bidder, though one Jay Peak official noted a “pretty sharp increase”
vtdigger.org
