Who knew Canada’s Olympics reputation could lay at the feet of New York-based Fortress Investment Group?
Apparently, Fortress owns a British Columbia ski resort where the Olympics’ alpine events will take place.
Problem is, the company is owed money it hasn’t yet received. Thus Fortress has just demanded that it gets paid US$90 million… or else:
FINAlternatives: If it does not get paid, the alternative investments giant is threatening to begin legal proceedings which threaten to disrupt the Olympics, which are to begin on Feb. 12 in Vancouver.
Fortress says Ottawa promised to make it whole before the Olympics, according to the Post. The Whistler Blackcomb resort is owned by Intrawest, which Fortress bought in a leveraged buyout four years ago. Intrawest is in default on more than US$500 million in debt.
That fact also casts a shadow over the games, with Intrawest’s creditors threatening to begin auctioning off the company’s assets, including Whistler Blackcomb, on Feb. 19, smack dab in the middle of the Olympics.