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Wednesday, January 20, 2010

Bonus Post: Lehman Bros to disrupt Olympics?

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INTRAWEST UPDATE 3: VANOC denies Intrawest financial woes will impact Olympic skiing events
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Interesting article in the New York Post today...

Intrawest foreclosure a threat to Olympics

The drama at ski resort and Winter Olympics venue Whistler Blackcomb may go beyond the competition related to the Games.

Sources tell The Post that creditors holding $1.4 billion of debt on Whistler owner Intrawest are planning to foreclose on the company within the next week and a half, casting a shadow on the resort, which will host the alpine events of the 2010 Olympics. "It will probably happen within 10 days," a source said...

The Vancouver Olympic Committee (Vanoc) guaranteed that it would make Intrawest whole for the time that its events take place at its resorts. But now, according to a source, Canadian officials are threatening to pull that roughly $50 million guarantee. That, the source said, has compelled Edens to privately say he has a legal right to keep the Games from taking place at Whistler.

(Click on link above for rest of article)


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2 comments:

  1. Just keep the Games going - and cancel all the social programs for the next 50 years.

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  2. The best part is that VANOC has admitted that there is no snow in the local Vancouver forecast (surprise) so they are going to have to go to 'Plan C' at Cypress Mountain.

    That means building ski jumps out of straw and wood boxes for the freestyle skiing and snowboard-cross venue. They will then truck and fly snow in with helicopters and dump it over the straw and wood boxes.

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