Interesting that real estate mogul Tony Pomerleau is pulling out of his role in other real estate mogul Bill Stenger’s EB-5 “Fantasyland” up in the Northeast Kingdom.
Mr. Pomerleau is apparently tired of saying, “Show me the money.”
It isn’t the first hint that things may not be going exactly as hyped by Mr. Stenger, the Governor, and the Governor’s former campaign manager, Alex MacLean, who left the Governor’s office to spearhead Stenger’s pet project.
We on GMD are not at all surprised. Check the comments thread on BP’s 2013 diary! There was much to be concerned about in this all-upside tale of easy money and prosperity for all.
Could this have anything to do with the 2013 “flapette” in Stenger’s relationship with the EB-5 program?
One can only speculate.
Bill Stenger and associates gave Pomerleau a large non-refundable “goodwill check” when the Newport deal was announced . Back in 2013 perhaps just feeling the moment Stenger laughingly said
I suppose the goodwill got spent.
http://www.discovernewportvt.c…
EB-5’s have been unraveling all over the country, lately. Too bad, though. Citizenship for Simoleons — has such a nice late-empire ring to it.
to NEK — the grandiose proposals are not welcome.
BP’s story a fortelling of the future which was to befall NEK — a mini-banana republic in our very own state complete w/shuttle service over the border to VT, fastracking all sorts of sketchiness.
Whatever became of the plan, anyone?
Many people up this direction think that he’s constantly playing a shell game – moving promises of money around from one project to another as a way of leveraging loans far beyond the actual value of the projects or collateral he’s putting up. The EB-5 game allows him to play with lots of other people’s money – folks who wouldn’t normally be enticed to invest in one of his projects on merit, but are willing to shell it out as a way of buying a green card.
The recent announcement that he was delaying construction of one of his new lodges at Jay Peak was taken as a sign by many locals of deeper problems with his claims of having big bucks to back up all of his projects.
Same with the announcement last fall that plans for a German window manufacturer to set up shop in Newport fell through because the EB-5 program “wasn’t a good match” for the factory, and the company is instead going to build in the Springfield MA area.
The news that he can’t make good on his promises to Pomerleau on his flagship project on the lake in Newport reinforces that impression.
Overpromising and underdelivering – pretty soon folks are going to start looking more closely at Stenger’s claims and examining his books to realise there is much less there than his grandiose vision.
Gotta wonder what financial dominoes are going to fall next – and what the next part of his grand plans to be cancelled or “delayed” will be?
Sadly, it will probably end up leaving behind a trail of dashed hopes and broken promises across the NEK.
Obviously, it is not!
“…an fer gods sake Tony don’t cash that check!
http://www.discovernewportvt.c…
It sounded so solid in 2013.
But now the story shifts just a little.And reports say the money actually never shifted. Smiles,handshakes and promises, promises.
http://vtdigger.org/2014/05/07…