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.

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