Burke Receiver Nears Sale as Other Investors Beg for Chance

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  • Courtesy of Burke Mountain
  • Burke Mountain resort

The Florida lawyer in charge of selling the beleaguered Burke Mountain ski area says he is close to a deal with a unnamed buyer. But that hasn’t stopped two investors from trying to publicly make the case that they should be allowed to buy the resort.

Todd Firestone and his business partner, Mark Greenberg, are pressing bankruptcy receiver Michael Goldberg to hold a public auction for the property.

“This should be a public process,” Firestone said on Friday at a meeting organized to rally locals to their cause. Several dozen people showed up to the Burke Community Center and approximately 75 tuned in on Zoom. None seem too enthused by the investors’ presentation.

And Goldberg, in a statement released on Wednesday, made clear he wants nothing to do with Greenberg and Firestone.

“To set the record straight, I directly dealt with the Firestone Group for nine months in 2023-24 and at the last minute they attempted in bad faith to renegotiate a lower price after we had already reached agreement on terms and spent thousands of dollars finalizing a contract,” Goldberg wrote.

Instead, Goldberg said he is working with a “much more credible and financially capable” potential buyer who is offering a higher price than Greenberg and Firestone.

Goldberg was appointed by a judge in 2016 to sell the resort, one of several tied up in a far-reaching financial scandal involving EB-5 visas and several Northeast Kingdom properties.

Firestone acknowledged on Friday that his group had lowered their original offer, saying that difficulty in communicating with Goldberg’s office caused delays that eroded the value of the ski area. The investors previously told Seven Days that Goldberg ignored them after that point. Firestone later walked back that claim.

“I think he was speaking a little colloquially,” Firestone said of
his partner. “He’s frustrated.”

Now the pair seem eager for a second chance.

Greenberg appealed directly to Goldberg from the podium of the community center. He noted that the receiver sold Jay Peak, another property involved in the EB-5 fraud, at auction for $76 million.

“If I was talking to Goldberg I’d say, ‘You just had a very successful sale at Jay; it went for a really good price,’” he said. “Let’s just do that here and see what happens.”

Several members of the public stood to question the pair about their planned improvements for the resort, which has a hotel and conference center. The two have outlined proposals for hotel, lodge and lift improvements and a snowmaking overhaul.

A couple used the word “uncomfortable” to describe their reactions to the purchase pitch.

“It sounds like the receiver is at the finish line with a group that has deep, deep connections with the community already,” said Abby Long, executive director of Kingdom Trails, a mountain biking network headquartered near the resort.

She said an auction might introduce prospective buyers who have no ties to the area.

“I look back at all the different owners the mountain has had, some not so great for the community,” Long said. “I hope you recognize there is some fear and anxiety involved in going to auction.”

The overall response at the meeting was tepid, with only a few people offering comments or questions.

Afterward, Firestone said he had hoped for a little more enthusiasm.

“I get it they’re skeptical,” he added. “There’s been a lot of failure over the last 50 years.”

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