I still can't find Vermejo in any of the documents. Which list? Link?
Do those tags get converted back to the public draw for residents? My understanding is that they do not. David Stanley's own website says they're almost sold out. So, however many codes he converts to paid hunts (aka the number of the public's elk he converts to $$ in his bank account), business is good. It would be interesting to see the exact conversion of codes to tags that he gets, by weapon and sex.
But functionally they work the same as the Eplus, correct? Still managed under the EPLUS rules, they are just "OTC" or "unlimited", meaning the landowner can "sell" as many as he wants. But you still pay the landowner. From the link below, it looks like Mr. Turner says payment in the form of a $20,000 guided hunt will work.
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You said the Vermejo is in the Secondary Management Zone. But it's still a pretty penny to hunt elk on the Vermejo ranch.