MarzNC
Well-known member
- Joined
- Jul 18, 2020
The sale of Jay to PGRI was approved by the FL judge who has been dealing with the case. The closing is scheduled for mid-Oct 2022.
September 16, 2022
" . . .
However, during a hearing Friday morning to approve the sale of the resort, Goldberg provided a glimpse of what took place during the auction. The hearing was held over video from U.S. District Court in Miami.
According to Goldberg, two other bidders, who he did not identify, took part in the auction, offering initial bids of $60 million and $61 million.
“There were about 48 separate bidding rounds,” he told the judge.
Goldberg told the judge that after a roughly $5.2 million sewer bond the resort is on the hook for, as well as broker and other fees associated with the transaction, he expected to net about $70 million from the sale. Those funds would then be distributed to defrauded Jay Peak investors.
“We expect the distribution, or I do, (based on a) preliminary back-of-a-napkin estimate to the creditors of Jay Peak, the investors, to be somewhere around 40 cents on the dollar, your honor,” the receiver said.
Goldberg said he would provide the court with the exact figures following the closing of the sale, which is expected to take place around Oct. 15.
. . ."
September 16, 2022
As judge OKs $76 million sale of Jay Peak Resort, receiver says Burke Mountain Resort could soon be sold
Michael Goldberg, the court-appointed receiver overseeing Jay Peak, provided a glimpse Friday into last week’s closed-door, daylong auction for the ski area, including that it encompassed 48 separate bidding rounds.
vtdigger.org
However, during a hearing Friday morning to approve the sale of the resort, Goldberg provided a glimpse of what took place during the auction. The hearing was held over video from U.S. District Court in Miami.
According to Goldberg, two other bidders, who he did not identify, took part in the auction, offering initial bids of $60 million and $61 million.
“There were about 48 separate bidding rounds,” he told the judge.
Goldberg told the judge that after a roughly $5.2 million sewer bond the resort is on the hook for, as well as broker and other fees associated with the transaction, he expected to net about $70 million from the sale. Those funds would then be distributed to defrauded Jay Peak investors.
“We expect the distribution, or I do, (based on a) preliminary back-of-a-napkin estimate to the creditors of Jay Peak, the investors, to be somewhere around 40 cents on the dollar, your honor,” the receiver said.
Goldberg said he would provide the court with the exact figures following the closing of the sale, which is expected to take place around Oct. 15.
. . ."
