- Associated Press - Thursday, October 20, 2016

JAY, Vt. (AP) - A federal judge in Florida has approved a $13.3 million settlement between Citibank and the federal receiver in charge of Vermont’s Burke Mountain and Jay Peak resorts.

The Caledonian Record reports (https://bit.ly/2em86kx ) receiver Michael Goldberg said obtaining the funds was critical to making payroll at both resorts as well as paying off debt from projects overseen by Ariel Quiros and Bill Stenger.

Quiros and Stenger were accused by federal and state authorities of misusing about $200 million from foreign investors through a visa program for various developments.

Attorneys successfully argued that Quiros took out a $15 million line of credit through Citibank, for which he posted $17 million in collateral. The Miami resident then defaulted.

The settlement terms permit Citibank to keep $3.7 million of the $17 million in collateral.

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Information from: The Caledonian-Record, https://www.caledonianrecord.com

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