Report: Whistler Blackcomb to be sold at auction February 19th
 

WHISTLER (NEWS1130) - Whistler Blackcomb resort is scheduled to be sold in an auction during the Winter Olympics. The New York Post says the company that owns Whistler Blackcomb--Intrawest--could be pushed into insolvency. The question now: Will it threaten Olympic alpine skiing events on Whistler mountain?

Lenders are reportedly seizing Whistler Blackcomb and other North American resorts owned by Intrawest because the company missed a half-billion-dollar loan payment last fall and refused to give the debt-holders an equity stake. A trustee appointed by the lenders has taken out a legal notice that says the auction of Intrawest assets will be held February 19th.

The notice says buyers will get indirect ownership of property and stakes in Whistler Blackcomb, Mont Tremblant and other Intrawest resorts. Intrawest is owned by New York-based hedge fund Fortress Investment Group. The New York Post reports the Vancouver Olympic Committee (VANOC) guaranteed that it would make Intrawest whole for the duration of the games, but the Post reports Canadian officials are now threatening to withdraw that guarantee of about $50 million.

Dan Doyle, VANOC’s Executive Vice President of Construction, issued a statement this afternoon, saying “We understandably cannot comment on Intrawest's finances beyond our continued support for their efforts to settle outstanding financial matters. What we can confirm is that Whistler Blackcomb is an important partner in the staging of the 2010 Games and we continue working in very close partnership with them to finalize overall preparations and readiness for the skiing and sliding sport events. We look forward, with them, to welcoming the world in 23 days.”
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there is no better way of advertising whislter through olympics

lol, Feb 19, what a great time for all this to happen

imagine whistler is forced to close - Vancouver would be the laughing stock of the world.

Fortress is a failure. didnt they leave Vancouver on the hook for half a billion for the athletes villiage last year?

That, plus little snow on the mountains = GG :thumbsup::haha:

These Hedge funds are a huge problem. The one that owned Chrysler basically said that they weren't dumping anymore money in and left it to the gov't to solve. Fortress was hooked up with Lehman Bros., and when they went down they took a lot of people with them. They were the same company that has already fucked Vancouver once, and watch, because they are about to do it again.

"Fortress CEO Wes Edens believes he has a legal right to keep the Games from taking place at Whistler if Olympic officials withdraw their financial backing for Intrawest facilities now, the Post story says."

http://www.cbc.ca/money/story/2010/0...-olympics.html

We may not own Whistler anymore, but you can make the check out to us for hosting. We'll make sure that gets to the right people.

The only way for this to turn out worse is if there was a terrorist attack simultaneous with that big earthquake everyone's been shitting about.

we're so screwed for the olympics, especially since we have little snow

^ snow will not be a problem

^ have you seen the local mtns recently? lol
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yeah saw it on the news, the mountain can even be closed during the olympics at their discretion

although ppl doubt that will happen (or Hope i should say)



Cypress is barren and they're thinking about using helicopters to fly snow from the top of the mountain down, if they get nothing by the time of the olympics

yeah i guess but they're using straw and wood to make up for the missed snow up in the mountains which doesn't sound too good

theyve got like 30 times the snow makers up there then they usually do

the places that need snow will have snow, and Whistler wont be a problem because the Super G courses etc. are all up the mountain i belive

the ski jumps and cross country trails might be a different story though

This is blown out of proportion. And according to intrawest, still a rumor.

http://www.whistlerblackcomb.com/med...-10/100119.htm

goooooood timing !