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If anyone ever thought it was bad having AIG as the owner of your home mountain, it must be ten times worse having whatever is left of Lehman Bros. as a creditor!

On Wed, Jan 20, 2010 at 1:51 PM, Skip King <[log in to unmask]> wrote:
From Bloomberg:

Intrawest Lenders Plan Auction of Stakes in Resort Properties
2010-01-20 18:42:44.451 GMT


By Cristina Alesci
    Jan. 20 (Bloomberg) -- Creditors of Intrawest ULC, a ski-
resort operator owned by Fortress Investment Group LLC, plan to
auction off equity in a unit that controls properties including
a venue for next month's Olympics, according to a public notice.
    The Feb. 19 auction by the lender-appointed trustee,
Wilmington Trust FSB, follows Intrawest's failure in December to
make the final payment on a $1.4 billion loan used by Fortress
to finance its leveraged buyout of the Vancouver-based company.
The notice was published yesterday in newspapers including the
Wall Street Journal.
    Buyers will get indirect ownership of property and stakes
in resorts such as Whistler Blackcomb in Whistler, British
Columbia, an Alpine skiing site for the 2010 Winter Games, which
begin Feb. 12. Other properties include Mont Tremblant in
Quebec, Stratton in Vermont and Squaw Valley in California,
according to the notice.
    Lilly Donohue, a spokeswoman for New York-based Fortress,
didn't immediately return a telephone message seeking comment.
William Benintende, a spokesman for Wilmington, Delaware-based
Wilmington Trust, declined to comment.


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