Olympic Mountain Whistler Blackcombs auction to be delayed – discount for skiing McConkey’s naked

Posted By: Steve Bellamy on February 19, 2010 12:23 am

Bloomberg News is reporting that the Intrawest auction for Whistler Blackcomb ski resort, the venue for this year’s Lindsey Vonn, Bode Miller and Julia Mancuso Olympic rompfest is going to be postponed until Friday the 26th.  This is so Fortess can spend more time begging creditors to let them keep the ski resort even though they have missed a couple payments.  A little over half a billion in payments that is.  Come on Lehman Brothers…these guys are good for it.

Insiders are saying the bank auction in the middle of the Olympic Games was a bluff to get Fortress to dig deeper into their personal finances to pay off the enormous debt. Fortress has been lessening the Intrawest load with quick sales of Copper Mountain to Powdr Corp for a little over $100MM, the Sandestin Golf and Beach Resort in Florida and real estate holdings Squaw Valley.  JT Holmes and Jeremy Jones – time to pick up some property cheap!  10% off for anyone who skis McConkey’s naked this month.

Vail Resorts has supposedly made a couple of offers to Fortress but has been told to stick their thumb up their butt as Fortress wants their shorts not to be the ones taking it.  Others have offered as well.  In fact, we at The Ski Channel would like to make an offer now.  We will offer $400MM for it.  There it is in writing Fortress Partners.  It is supposedly worth $500MM. Only a little bit of a discount and we will ski McConkey’s naked twice.

Fortress bought Intrawest for $3.1 Billion in 2006.  They took on $1.5 Billion in new debt to get the deal done.  Remember back then how that sounded like such a great deal?  They had everything coming online.  The Peak to Peak Gondola, the Olympics, Mike Douglas…  It was the dream deal.  Shame on you subprime mortgages – you are now really hitting the ski industry.

Request and Kudo’s to big guys managing the process…thanks for not letting it impact the skiing!  And, don’t let it impact the skiing!

 

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