Jay Peak: Rock Solid and Moving Forward

JAY, VT - "We have over-delivered. We're very proud of that." That's the word from Jay Peak's Bill Stenger.Jay Peak Resort recently had a contract falling out with their E5 agent and broker, Rapid USA Visas. The firm shot out a widely-circulated email criticizing Jay Peak Inc. and it's affiliates.Jay Peak Resort's CEO, Bill Stenger, said he was "hurt" by the accusations and called them "factually incorrect." Jay has been in contract discussions with Rapid USA Visas for about a month, Stenger said. Rapid's role was to do the administrative work to assist Jay Peak with providing documentation and information on projects.Rapid stated that it lacked confidence in the "offerings" made by Jay Peak, which Stenger found surprising. "We have about a 130 page document that lays out the projects and shows all the economic analyses," Stenger said. He added that Jay Peak has the approval of every single one of its investors. "We've done everything we're supposed to do in the way we're supposed to do it," Stenger said. "I'm proud of that."Stenger added that the email was the result of a business-vendor split and nothing more. "It's our project; not theirs," he said. "We're doing the administrative stuff ourselves and we're capable of doing it ourselves."Of the six projects started by Jay Peak, three are complete and the other three soon will be. As for funding of these projects, Stenger said, "The projects are totally secure and all funding is in place.... We have rock solid financials on each of the projects." Stenger said a researcher from the University of Michigan has just been hired to help assemble a team for the biotech facility and the project is "focused on forward movement."Stenger added that there are currently 7,000 people a day at Jay Peak, nearly 1,000 of which are employees.