Lenders Threaten to Auction Whistler Ski Resort – ABC News http://ow.ly/10jon
A public notice of foreclosure has been posted in newspapers by the company’s lenders, which include Lehman Brothers and Davidson Kempner Capital Management, saying that an auction to sell the assets will be held Feb. 19, right in the midst of the Olympics.
I have written on this earlier and while it makes for very eye-catching headlines the truth is this auction, if it does happen means very little to the skiing and the Olympics
I recall some years ago the wife and I were planning an overseas vacation. We had booked a flight on Northwest Airlines and a buddy pointed out to me they were about to declare bankruptcy. I told him I knew of that, but that bankruptcy to such a giant company does not affect their day to day operations. This was even before the phrase too big to fail came into vogue. Whistler-Blackcomb is in a similar position, they are too big to fail.
For all I (and you) know, Whistler-Blackcomb is probably in dandy financial shape. As it is not Whistler-Blackcomb that is in a financial trainwreck and not even its direct owner, but its owner’s owner there is NO WAY this will affect the Winter 2010 Olympic games.