2016 PCA Porsche Parade in jeopardy?

Jerome74911S · 04-15-2016, 01:28 PM

Have a look at this U.S. Securities and Exchange Commission press release about Jay Peak's owners.

https://www.sec.gov/news/pressrelease/2016-69.html

msort81 · 04-15-2016, 02:38 PM

Agreed read this today and my thinking is this does not look good for the Parade. Especially considering by June I would expect the govt to be in the process of seeking to sell the property.

What does the PCA say ?

Jerome74911S · 04-15-2016, 03:23 PM

PCA has said nothing yet, as far as I know, but what do I know.

The SEC thing came out yesterday, and the president of the Vermont region of PCA notified the Parade Committee at once. Doesn't look good.

Gooch1971 · Gooch1971's Garage

That looks BAD! The resort will likely continue to try to operate under the receiver but it will be nearly impossible to function. They will be on a cash only COD status immediately and a lot of the smart employees will leave. A new owner will probably not have time to get up to speed before the Parade. This has the potential to be epic. Isn't this the 2nd time PCA has had a problem with Vermont?

Jerome74911S · 04-15-2016, 06:21 PM

Quote:

Originally Posted by Gooch1971

That looks BAD! . . . . Isn't this the 2nd time PCA has had a problem with Vermont?

I don't know about an earlier problem, but to be fair, the problem isn't with Vermont. Rather it is with two men accused of a huge swindle. Plus the worse of the two is in MIAMI.

Anyway, I hope the parade is a go. I was really looking forward to it.

msort81 · 04-16-2016, 03:57 AM

Quote:

Originally Posted by Gooch1971

That looks BAD! The resort will likely continue to try to operate under the receiver but it will be nearly impossible to function. They will be on a cash only COD status immediately and a lot of the smart employees will leave. A new owner will probably not have time to get up to speed before the Parade. This has the potential to be epic. Isn't this the 2nd time PCA has had a problem with Vermont?

Well put. This departure of all the senior staff is what will cause enormous problems because running something as complex as the PP even with a PCA event crowd thats willing to help out. Its a managerial nightmare with something like 2000 people, and approximately 1,200 cars.
Only someone with a good team familiar with that kind of logistic planning will be able to make this run smoothly.

Now the financial side of planning alone makes the mind boggle. Are there enough ATM's and banks in the area to provide cash for 2000 people ? The catering side will be a nightmare because all the good kitchen staff will have left and so I expect the resort food will be very poor. Are there enough local restaurants that can cater to this many people ?

I was also looking forward to this event, but now I expect the smart move for the PCA is probably to cancel it and issue whatever size of refund the PCA can, with the hope of a further refund should the govt sell the seized assets

nicctric12 · 06:45 AM

We booked and managed to secure a condo. Several folks from my PCA chapter struggled to get onto Jay Peak Campus and had to book off site accommodation. If the PCA do cancel they need to decide soon so that those who made off site bookings can cancel and recoup costs. And many of us who booked holiday time can make other arrangements

The indictment was unsealed yesterday, and it is ten weeks to Parade. As a Lawyer who started his career with the Govt, i know the property will not have a new owner in that time period. If the receiver appoints an outside contractor it will be strictly COD and the contractor will be chosen based on the bottom line number.

Jerome74911S · 04-16-2016, 08:29 AM

Just found this on the PCA website:

April 15, 2016
Dear Porsche Parade 2016 Attendees

As you may have heard Jay Peak Resort, the destination for Porsche Parade 2016, has undergone a management change and is now being operated by Leisure Hotels & Resorts. The owner entity of Jay Peak, Q Resorts, is working with the Security and Exchange Commission in an investigation of a program known as EB-5, which is expected to take some time. That investigation however will in no way affect daily operations of Jay Peak and will have no impact on your experience at the resort.

The team at Jay Peak Resort and Leisure Resorts & Hotels recognize how important Porsche Parade is to the members of Porsche Club of America. Our team is looking forward to Porsche Parade 2016 and want to extend our excitement to host the event. We know that Porsche Parade and the experience of the attendees is a top priority, and we are all fully committed to making the event fun and memorable for everyone.

Thank you for choosing Jay Peak Resort for Porsche Parade this June. Everyone here is truly looking forward to this dynamic event and seeing the impressive array of Porsche vehicles. We hope you are looking forward to driving the roads of the Northeast Kingdom, where you will experience the natural beauty and exciting driving delivered by this region of Vermont.

If I can be of any assistance, or you have any questions for me, please feel free to contact me by email – jtatge@leisurehotel.com and enter “PCA” into subject line.

Cheers,

Jamie Tatge
President/COO
Leisure Hotels and Resorts

msort81 · 04-16-2016, 09:50 AM

Took a look at their site. It does indeed seem that these folks are in the business of administering hotels in receivership. Hopefully the service is up to par and they understand the nature of the audience and event.

Driver8 · 04-20-2016, 05:53 AM

PCA management had a call last week with the CEO and COO of Leisure Hotels and Resorts and the management of Jay Peak Resorts, we were reassured that this will not impact Parade this year. They have over 40 wedding and other events taking place at the resort this summer, none which have been cancelled.

Two months to go, looking froward to seeing everyone at Jay Peak in June!

Aaron