I think most of it chalked up to an originally stupid overvaluation by Fortress. At the IPO, the company was valued at C$453MM. So $1.4BB is looking pretty darn good to investors today.
As much as I like to slam hedge funds and other umbrella corporate entities, they usually don't chalk things up and make such grand errors in calculation or over-valuation. I believe there to be some grease in this deal, or there was grease in the original deal to certain unnamed parties involved. Just saying. I mean, if memory serves me correct, there was even a $60M slush fund that was skirted as "break up fee" at the time of Intrawest/Fortress. Ultimately, my take on it is there's always more than meets the public's eye.
I just think back to when I lived in Whistler 12 years ago and what it has become.
Who would ever have thought it would turn into such a beast.
Permanent for 17 years man, and almost 6 months per year for 8 years prior to that. I'm a '92er!! I've seen this place change a lot. But honestly?? The most dramatic and sadly, most negative change I've ever seen, witnessed and realize as actual/factual, has occurred in the last 2-3 years. It's become the excess-consumeristic-yuppy-see-me-scene-boutique-BitchMoanWhine beast of epic proportions with all the things "not 'core" celebrated and revelled in. So sad. I much prefer the dirtbag days. I don't mind this Vail notion, hopefully something will shakedown and give pulse again.
Whatever, one thing that never changes is everything changes. Now I gotta go and tell these punkass kids to get off my lawn.
"I'm addicted to surfing."