Get in the Olympic Fast Lane already! (photo: Ariane)
Weather Delay?
I can’t help but be struck today by the dichotomy between the Olympic Games and the foreclosure process surrounding Intrawest/Fortress. On the one hand, athletes are dropping the hammer, slamming it down, making it happen, entertaining at every turn, non-stop action all day long.
On the other, we have another epic battle that has been shaping up over the last few months, between Intrawest/Fortress and its’ creditors. It seems as though both sides have their own Olympic sized manouveurs. While Intrawest has been building excitement surrounding the process by preemptively selling assets to try and accumulate funds to pay down debt (see here), the Creditors have built things up to the point of the ‘auction’ process, but aren’t dropping the hammer on it, instead agreeing to yet another delay in the process to presumably allow Intrawest/Fortress to get its’ finances in order.
“That auction was supposed to happen Feb. 19, but was extended until Feb. 26. The new auction date is believed to be March 1, after the Games have ended, if indeed it happens at all.”(*1)
Check out my new skis … oh wait, they’re two years old and used
Yet, as we have outlined before, in several stories (Intrawest spells ‘Trouble’?), they have repeatedly proven to be the Masters of Delay, Masters of their Domain, but not the Masters of Debt Payment.
Get in the Olympic fast Lane already!
While myself and the rest of the spectators are looking forward to the entertainment of the auction process, but all we’re left with is talk, talk, and more talk.
I, for one, am turning back to watching Men’s XC Biathlon Relay, back to the ease and luster of maximum results. At least there, we see them sweat it out, shoot things, ‘blow it up’, and then win or lose, no draw, no waiting. The Olympics have left me anxious for action, and with even less patience for delays. March 1st cannot come fast enough.
P.S. Yes, I understand the complexities of the process, but Long Track Speed Skating is on!
Sources:
1. Intrawest wins extension on Whistler sale, CBC.ca, Feb.26, 2010