Receiver for Jay Peak ready to begin sale process
BURKE, Vt. (AP) — The receiver appointed for Burke Mountain and Jay Peak in Vermont says he is ready to begin the sales process for Jay Peak.
Michael Goldberg filed a motion at federal court in Florida, requesting authorization to retain an investment banking firm to assist in the sale of Jay Peak. The Caledonian-Record reports the firm will be given 1.5 percent of the transaction or a $1 million minimum fee, whichever is greater, if the ski resort sells for up to $100 million.
The motion was filed Friday and lists the proposed agreement with the investment firm as for a 12-month period. The sale of Burke Mountain Resort will be later due to the need for job creation through the EB-5 program.
Information from: The Caledonian-Record, http://www.caledonianrecord.com