Vermonts $200 million mountain of trouble
MICHAEL GOLDBERG HASN’T SKIED in decades. Not that there’s been much opportunity since he graduated from Boston University Law School in 1990. He lives in Fort Lauderdale, Florida, where winter sports means donning a sweater to play bocce on the beach. “Besides,” the 53-year-old says, “I’m getting too old to start skiing now.”
Yet, perhaps no one is hoping — praying — more for lots of snow this year on New England’s ski slopes than Goldberg, and particularly at one mountain: Jay Peak. That’s because he now runs the place.
Until recently, Goldberg knew as much about operating a ski resort as he would about being the head coach of the Patriots. Which is to say: nothing. What he does know, maybe as well as anyone, is how to unwind complex cases of alleged fraud. When federal judges need to appoint a fixer in these types of situations, he’s the JD with an MBA on their speed dial. In his role as court-appointed receiver, he has been a soybean farmer, the head of a natural herbal remedy lab, and a concert promoter. Now Goldberg — a partner in Akerman LLP, one of the law firms that represented Bernie Madoff’s victims — is keeping Jay Peak afloat.
The 3,968-foot mountain, located a yodel’s distance from the Canadian border in northern Vermont, is a marvel of a modern winter destination. Drive to the foot of it and you won’t just see skiers and snowboarders climbing onto the lifts to 78 trails. You’ll first pass the golf course’s new clubhouse, then the recently built Ice Haus skating arena, which hosts hockey tournaments throughout the year. At the base of the mountain, you’ll find the sparkling Hotel Jay, all windows and wood beams, connected to the centerpiece of the mountain’s revitalization: the Pump House indoor water park, where guests can catch waves from the surf machine and rocket down the 65-foot La Chute slide. Goldberg obsessively monitors how business is going here and throughout the resort. “My main goal,” he says, “is keeping these assets alive.”
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