If you’re looking to get caught up, here’s a sample of what has been going on since May:

Jay Peak’s Tram Halted from Operating, Inspected, Allowed to Re-open

After the ski season ended, Vermont state inspectors ordered Jay’s tram to be taken out of operation until several major repairs were completed. The total cost of all the prescribed repairs is estimated at $4.9 million, which includes replacing the brake and electrical systems. Shortly after the order, a federal judge approved the expenditure. The tram then underwent a three-day inspection, which included a load test and other comprehensive tests of the aerial transport’s major systems, and passed them all, save for one minor repair that was completed immediately. After the state official heading up the inspection said earlier in June that it could be until the end of the summer before the tram is operational, the same guy gave his blessing for the resort to re-open it on June 25. Part of the deal is the tram needs to run at reduced speeds and carry fewer passengers than the max it’s capable of. These measures allow it to operate safely while the parts are being fabricated for the new electrical system.

Burke and Jay Peak Sub-Contractors Get Access to Capital

Several subcontractors who haven’t been paid for work they’ve done at Jay Peak and Burke Mountain got thrown a bone by two lending agencies. In late-June, the Jay/Burke Contractor Assistance Loan Program was started in an effort to provide associated subcontractors working capital at an attractive rate. The program is offering loans for up to a six-year period, the first year is interest only at a rate of 4 percent. The max that can be borrowed is $500,000. In total, about $4.6 million is still owed to the companies that did work at the two resorts.

Stenger Asks for More Time, Seeks Settlement

On June 27, the attorneys for former Jay Peak president Bill Stenger filed a motion asking for more time to respond to the SEC charges, requesting a deadline of Aug. 19. According to reports, part of the reason for the request is that Stenger and the SEC “are currently in the midst of serious, detailed settlement discussions.” A number of reports state that Stenger has been very cooperative with investigators since everything went down. He is currently employed at Jay Peak assisting the court-appointed receiver with general resort operations.

Booming Business at Jay Peak

From June 17-27, the Northeast Kingdom was the Porsche Capital of America. For these ten days, 2,000 owners of the high-end sports cars descended upon Jay Peak and the surrounding area for the Porsche Club of America annual convention. The event was booked in 2013 and attendees filled the resort’s lodging, ate, drank, and shopped like it was a holiday week in the winter. Jay Peak also has over 70 weddings on the books and a handful of concert events, including the annual Jeezum Crow festival in late-July.

State Reaches Settlement with Raymond James

The Vermont Department of Financial Regulation said the Miami branch of financial firm Raymond James & Associates did some things it shouldn’t have—and didn’t do things it should have—so it needs to pay up. And pay up, it will. According to reports, the firm allowed former Jay Peak and Burke Mountain owner Ariel Quiros to play musical chairs with EB-5 investor funds, executing a host of transactions that should never have been allowed to happen. And it just so happens the RJA broker who ran point on helping set everything up is Quiros’ former son-in-law. So Vermont filed regulatory action against Raymond James shortly after the SEC took over the resorts. And on June 30, the firm decided to write a check for $5.95 million to settle things up. Out of that total, $4.5 million will go to Michael Goldberg, the federally appointed receiver overseeing the resorts, to reimburse possible claims by EB-5 investors; the rest will go to the state.

Burke Mountain Hotel to Open Early

The beds inside the big hotel at the base of Burke Mountain are going to have heads resting on them sooner than expected. In May, SEC receiver Michael Goldberg said the dormant Burke Mountain Hotel that was completed in January but never actually opened to the public, will open Sept. 1, two months ahead of schedule. Reports say the early opening is a result of preparations moving faster than expected. The federally appointed management company, Leisure Hotels & Resorts, will be driving the ship until a buyer can be found for the property.

Other EB-5 News from Vermont

After gaining approval for its $52 million EB-5 funded project from the U.S. Citizenship and Immigration Services (USCIS) in May, Mount Snow has yet to hear if the first I-526 Petition submitted by investors has been approved. This is kind of a big deal because the already-raised funds cannot be released from escrow until USCIS signs off on that first petition. It’s been reported that once the project is approved, petition approval typically follows shortly after.

This is in keeping with the USCIS’ performance with EB-5 issues, as of late. Most recently, it’s been reported that the USCIS is stonewalling Vermont state officials and the fed-appointed receiver at Jay and Burke, Michael Goldberg, who have asked the agency for meetings—or even just a phone conversation—to discuss how to resolve “the urgent policy implications surrounding the unique issues facing the Jay Peak EB-5 investors and their attainment of green cards.” The one response they did get referred them to the USCIS website, which was not a satisfactory answer considering hundreds of investors’ temporary green cards are about to expire.

So, Goldberg and Vermont Agency of Commerce and Community Development secretary Patricia Moulton sent a letter to a couple of heavy hitters: Department of Homeland Security secretary Jeh Johnson, and U.S. Attorney General Loretta Lynch. In the letter, they asked for a sit-down to discuss “the urgent issues facing the victims of the Jay Peak fraud.” Even Vermont Sen. Patrick Leahy is getting the hand after his office has tried to arrange meetings with USCIS officials.

Moulton summed up her impression of the immigration department: “USCIS is an interesting agency,” she said. “You can’t speak with a human, you have to file a letter through the general mailbox.”

The Rossi Group, developers of the EB-5 funded SouthFace Village project at Okemo, has been told by the state to stop soliciting EB-5 investors until language describing risks of investing in the project is revised, amongst other things. This may be presented as negative news for EB-5, but in fact it’s just the state being cautious in an effort to protect investors.

The resort was quick to clarify that its only involvement in the project is for operational support. Rossi Group owns the land and is entirely responsible for attracting foreign investors. Okemo had previously handled the marketing for the project, but that was handed over to Rossi earlier this year.

The EB-5 program was founded to create jobs and revitalize the economies of rural areas. To reiterate something Peak Resorts VP Dick Deutsch said after the USCIS approved Mount Snow’s EB-5 project, “The recent negative news about the program has tainted its image, but its real purpose shouldn’t be forgotten. The project approval is excellent news for a company, a resort, and a community that view the EB-5 program as an opportunity to better the guest experience, add jobs, and improve the local economy.”