Note: Click the “Download PDF” link at the bottom for a PDF copy of this Notice
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
CASE NO.: 16-cv-21301-GAYLES
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
v.
ARIEL QUIROS,
WILLIAM STENGER,
JAY PEAK, INC.,
Q RESORTS, INC.,
JAY PEAK HOTEL SUITES L.P.,
JAY PEAK HOTEL SUITES PHASE II. L.P.,
JAY PEAK MANAGEMENT, INC.,
JAY PEAK PENTHOUSE SUITES, L.P.,
JAY PEAK GP SERVICES, INC.,
JAY PEAK GOLF AND MOUNTAIN SUITES L.P.,
JAY PEAK GP SERVICES GOLF, INC.,
JAY PEAK LODGE AND TOWNHOUSES L.P.,
JAY PEAK GP SERVICES LODGE, INC.,
JAY PEAK HOTEL SUITES STATESIDE L.P.,
JAY PEAK GP SERVICES STATESIDE, INC.,
JAY PEAK BIOMEDICAL RESEARCH PARK L.P.,
AnC BIO VERMONT GP SERVICES, LLC,
Defendants,
JAY CONSTRUCTION MANAGEMENT, INC.,
GSI OF DADE COUNTY, INC.,
NORTH EAST CONTRACT SERVICES, INC.,
Q BURKE MOUNTAIN RESORT, LLC,
Relief Defendants, and
Q BURKE MOUNTAIN RESORT, HOTEL AND
CONFERENCE CENTER, L.P.,
Q BURKE MOUNTAIN RESORT GP SERVICES, LLC
Additional Defendants.
________________________________________________/
NOTICE OF PROCEEDINGS TO APPROVE SETTLEMENT AMONG RECEIVER, COUNSEL IN THE BARR ACTIONS, AND THE STATE OF VERMONT AND BAR ORDER
PLEASE TAKE NOTICE that Michael I. Goldberg, as the Court-appointed receiver (the “Receiver”) of the entities (the “Receivership Entities”) in the above-captioned civil enforcement action (the “SEC Action”), has filed a request for approval of a proposed settlement between: counsel for the plaintiffs identified on Schedule B to the Settlement Agreement that are represented by Barr Law Group in the approximately thirty-three (33) lawsuits (the “Barr Actions”) brought against the State of Vermont (collectively, the “Counsel in the Barr Actions”); the Receiver; and the State of Vermont, along with its agencies and departments (collectively, the “State of Vermont”). The proposed settlement settles all claims that were and could have been asserted against the State of Vermont by the plaintiffs in the Barr Actions or the Receiver; such settlement is expressly conditioned on the Court approving the Settlement Agreement and including in the order approving such Settlement Agreement a provision permanently barring, restraining and enjoining Investors in the Receivership Entities from pursuing claims, including claims you may possess, against any of the Vermont Released Parties relating to the SEC Action or any of the Barr Actions with respect to facts and claims that were, or could have been, asserted in the Barr Actions, or otherwise relating in any way to any of the Receivership Entities, or which arise directly or indirectly from the State of Vermont’s activities, work, conduct, omissions, or services in connection with the Receivership Entities, Jay Peak Resort, AnC Bio, or the Burke Mountain Hotel (the “Bar Order”).[1]
PLEASE TAKE FURTHER NOTICE that the material terms of the Settlement Agreement are that the State of Vermont will pay Sixteen Million Five Hundred Thousand Dollars ($16,500,000.00) in exchange for broad releases from the Counsel in the Barr Actions, the Receiver, and the Receivership Entities, and the Bar Order.
PLEASE TAKE FURTHER NOTICE that the Settlement Agreement establishes an Attorneys’ Fund to reimburse costs and compensate Counsel in the Barr Actions.
PLEASE TAKE FURTHER NOTICE that copies of the Settlement Agreement; the Motion for (i) Approval of Settlement between Receiver, Counsel in the Barr Actions, and the State of Vermont; (ii) Approval of Form, Content, and Manner of Notice of Settlement and Bar Order; (iii) Entry of Bar Order; and (iv) Scheduling a Hearing; with Incorporated Memorandum of Law [D.E. 746] (the “Motion”); the proposed Bar Order; and other supporting and related papers, may be obtained from the Court’s docket in the SEC Action or from the website created by the Receiver (www.JayPeakReceivership.com). Copies of the Motion may also be obtained by email request to Kimberly Smiley at kimberly.smiley@akerman.com or by telephone by calling Ms. Smiley at 954-759-8929.
PLEASE TAKE FURTHER NOTICE that the final hearing on the Motion, at which time the Court will consider approval of the Settlement Agreement including the grant of the releases and the issuance of the Bar Order, is set by Zoom before the Honorable Darrin P. Gayles, the United States Courthouse, 400 North Miami Avenue, Miami, Florida 33128, at 1:30 p.m. on October 23, 2023 (the “Final Approval Hearing”). The link for the Zoom hearing will be circulated before the Final Approval Hearing.
Any objection to the Settlement Agreement, the Motion or any related matter, including, without limitation, entry of the Bar Order, must be filed, in writing, with the Court in the SEC Action, and served by email and regular mail, on: (1) Michael I. Goldberg, Esq., Akerman LLP, The Main Las Olas, 201 East Las Olas Boulevard, Suite 1800, Fort Lauderdale, FL 33301, Email: michael.goldberg@akerman.com; (2) Jeffrey C. Schneider, Esq., Levine Kellogg Lehman Schneider + Grossman, LLP, Miami Tower, 100 SE 2nd Street, 36th Floor, Miami, FL 33131, Email: jcs@lklsg.com; (3) Russell D. Barr, Esq. and Chandler W. Matson, Esq., Barr Law Group, 125 Mountain Road, Stowe, Vermont 05672, Emails: russ@barrlaw.com and chandler@barrlaw.com; and (4) Benjamin D. Battles, Esq., Chief, General Counsel and Administrative Law Division, Vermont Attorney General’s Office, 109 State Street, Montpelier, VT 05609, Email: benjamin.battles@vermont.gov, no later than September 23, 2023 (the “Objection Deadline”), and such objection must be made in accordance with the Court’s Order (I) preliminarily approving settlement between Receiver, Counsel in the Barr Actions, and the State of Vermont; (II) approving form and content of notice, and manner and method of service and publication; (III) setting deadline to object to approval of settlement and entry of bar order; and (IV) scheduling a hearing [D.E. 747] (the “Preliminary Approval Order”).
PLEASE TAKE FURTHER NOTICE that any person or entity failing to file an objection on or before the Objection Deadline and in the manner required by the Preliminary Approval Order shall not be heard by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objection. If no objections are timely filed, the Court may cancel the Final Approval Hearing without further notice.
This matter may affect your rights. You may wish to consult an attorney.
# # #
[1] Defined terms used but not defined in this Notice are more fully defined in the Settlement Agreement.