Posted on 12/23/2009 9:24:36 AM PST by george76
VANCOUVER - ski resort giant Intrawest ULC may default on a US $1.4 billion loan and is in talks with lenders about debt repayment options.
Intrawest may be pushed closer to default if it fails to make a US$524 million payment due Wednesday.
The Vancouver-based company which operates some 2010 Winter Olympics venues in British Columbia, is owned by private equity firm Fortress Investment Group LLC of New York.
Fortress scrambled to refinance the loan after Intrawest, which holds the debt, was pushed to the brink of creditor protection.
In November Intrawest said it agreed to sell one of its resorts at Copper Mountain, Colo, to American mountain resort company Powdr Corp...
(Excerpt) Read more at thespec.com ...
Or, maybe because snow is white that would be "racist"?
Obamanomics is working wonders
Intrawest owns or manages 10 ski resorts in Canada and the United States, 16 resorts and “villages” in Canada, the United States and France and both Canadian Mountain Holidays Heli Skiing and Whistler Heli Skiing.
Through Intrawest Placemaking, Playground and Club Intrawest, Intrawest owns or manages 63 real estate, hotel, ski and golf properties in Canada, the continental United States, Hawaii, Mexico, New Zealand, Morocco, France, Switzerland Mauritius and the Seychelles...
http://www.skiareacitizens.com/index.php?nav=company&company_id=3
Since they own a few of the 2010 Winter Olympic venues in British Columbia, I think this could be a perfect storyline for the Vancouver Games.
Maybe the bank would be willing to lower their “Intr’west Wate.”
Many people have been talking about a coming commercial real estate debacle.
Fortress Investment Group LLC of NY---the Obama/Rahm connection.
THINGS WE DO NOT KNOW ABOUT RAHM Did Wall Street Rahm reveal all of his ties to financial institutions involved in Obama's trillion dollar federal bailout of financials?
DREIER Eyed in Fraud Scheme. By MARK DeCAMBRE, NY Post
EXCERPT Hedge-fund manager Shelley Greenhaus at Whippoorwill Associates said he alerted the SEC to disgraced Manhattan attorney Marc Dreier's involvement in what's alleged to be an elaborate plot to defraud hedge-fund managers from Fortress Investment Group Dreier was arrested and charged in a brazen scheme to impersonate an Ontario Teachers' Pension Plan attorney to a Fortress executive in an attempt to shop phony mortgage notes....... SOURCE http://www.nypost.com/seven/12182008/business/feds_dreier_informer_whistles_happy_tune_144760.htm
More brazen than Madoff?
Fortune | April 1, 2009 | Roger Parloff
FR Posted Friday, April 10, 2009 by Lorianne
In a year of fabulous frauds, the one that glitzy Manhattan attorney Marc Dreier has been charged with is in some ways the most fabulous of all. The most tragic fraud of the year was Bernie Madoff's Ponzi scheme, which gulled charities, widows, and orphans out of tens of billions of dollars while whistleblowers blew themselves hoarse before deaf and dumb regulators.
Yet Dreier's comparatively modest, alleged $700 million fraud, which left victims with $400 million in losses, was sui generis. What differentiated it from the pack was that it was much more "brazen," "cheeky," and "cocky."
While Madoff did his dirty work in seclusion, Dreier allegedly duped his victims with the theatrical, improvisational daring of a high-wire aerialist. Despite the pain his crimes have wrought, a dark side in each of us cannot but admire the sheer nerve of the man. Read more at money.cnn.com ...
ANALYSIS According to prosecutors, for more than four years Dreier sold hundreds of millions of dollars' worth of bogus debt obligations to nearly 40 investment funds run by 13 of the nation's most sophisticated asset managers, including Fortress Investment Group, Elliott Associates, hedge funds…………later acquired by Perella Weinberg Partners ……………
Wonder Boy Rahm resigned his position as advisor to Bill Clinton, in 1998 to become a Wall Street investment banker with Wasserstein Perella, (now Dresdner Kleinwort), where he worked until 2002. In 1999, "Rahm The Perfect" became managing director at their Chicago office. According to Congressional disclosures, Emanuel made $16.2 million in his 2 1/2 year stint om Wall Street. AND he wasn't even voted "Most Likely to Succeed" (/snic).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.