East Burke, VT – Still embroiled in the financial chaos surrounding accusations of investor fraud against its owner and President, Burke Mountain officials missed a Friday deadline to pay $409,000 in property taxes to the town of East Burke.

The St. Johnsbury (Vt.) Caledonian Record reports that an eight-percent penalty will now be applied to the Vermont ski resort’s outstanding tax bill.

Michael Goldberg, the court appointed receiver overseeing operations at both Burke Mountain and Jay Peak, has indicated that the tax bill will be paid in full once the proceeds of a $13.3 million settlement recently reached with creditor Citibank are received later this month.