13 replies to this topic

[ski9600]

Intrawest announced today that they support a $35/share buyout by Fortress Investment Group, LLC. This change will make Intrawest a private corporation (instead of publicly traded). More here: http://news.moneycentral.msn.com/ticker/ar...8&Symbol=US:IDR

[Lift Dinosaur]

ski9600, on Aug 11 2006, 10:14 AM, said:

Intrawest announced today that they support a $35/share buyout by Fortress Investment Group, LLC. This change will make Intrawest a private corporation (instead of publicly traded). More here: http://news.moneycentral.msn.com/ticker/ar...8&Symbol=US:IDR

Hopefully some of your 401K was invested in Interwest Stock!!

[ski9600]

Lift Dinosaur, on Aug 11 2006, 10:24 AM, said:

Hopefully some of your 401K was invested in Interwest Stock!!

Yeah, I was thinking of moving some of it but never did....you snooze, you looze lol.

[liftmech]

It'll be interesting to see what, if anything, comes out of the deal. Will Fortress keep everything, or will they break up the company and sell it off piecemeal? Will some of their reported $28 billion capital stock be 'eagerly invested', as they claim?

[Aussierob]

The buy out and its ramifications were the subject of much discussion at work yesterday. Right now we have no idea what their intentions or strategic plan are so we will have to wait and see I guess. It will be interesting to see if the financial model is any different with a private company.

[liftmech]

Without being beholden to shareholders, I would think that there would be a more aggressive investment model. At least we all hope that's the case.

[Aussierob]

That's assuming Fortress want to be involved in the ski industry.

[liftmech]

...which may be assuming a lot. I don't know much about the company. Yesterday's Denver Post had an article in the business section about the deal. One financial type they interviewed was of the opinion that Fortress would just break the company up and sell it piecemeal. Our management types are all hyped up about the deal, but as one of my co-workers said, it won't change how we do lift maintenance.

[LiftTech]

I, personally, wouldn’t be so quick to say that, I’ve been though four owner, no two were the same, the level of maintenance is determined by the amount of money “they” wish to use for it. Do you think it would change if the headlines read, “ASC sells Steam Boat and purchases Copper”? Stranger things have happened.

[liftmech]

Point taken. If ASC had the cash to buy us (and it doesn't sound as if they do anyway) we might just buy a lot of grease and skip the expensive stuff until it fails. Personal opinion based upon hearsay and rumours.

[SkiBachelor]

Does anyone body think the Aspen Skiing Company would like to buy the boat if the Mueller's don't?

[mikest2]

This was at saminfo.com :

October 20, 2006


SAM Magazine—Vancouver, B.C., Oct. 20, 2006—Intrawest laid off 200 full-time employees, primarily managers, across its several divisions and resorts earlier this week as part of an effort to improve its bottom-line performance in the coming year. The move was made the day before Intrawest shareholders voted overwhelmingly in favor of the company’s sale to Fortress Investment Group (see earlier story), clearing the way for a closing as early as next week.

The layoffs were concentrated in the summer golf resort of Sandestin (50 employees) and the real estate division, Intrawest’s Hugh Smythe told SAM. Smythe, the president and COO of the leisure and travel group, said here were 48 layoffs from among the staffs of the winter resorts, including 10 at Tremblant, several at Whistler-Blackcomb, and seven at Snowshoe, W.V.

Smythe also told SAM that the timing was coincidental and for the most part unrelated to the Fortress sale. The exceptions, he said, were six employees who had been working on Intrawest’s China initiative, which Fortress does not plan to pursue.

The layoffs grew out of the dozens of meetings Intrawest executives have had with potential investors over the past six months, Smythe explained. These meetings sharpened Intrawest’s awareness of its internal weaknesses and performance against industry benchmarks.

The layoffs are just part of several steps Intrawest has taken to cut costs and build a cushion against a slight softening of the resort real estate market and the usual weather uncertainties, Smythe said. Those steps included cuts to overhead, such as travel budgets, and elimination of some unfilled positions. “This is the sort of thing you have to do from time to time,” he added.

While he emphasized that the scale of the layoffs is small—Intrawest has between 5,000 and 6,000 employees—Smythe said that any layoffs are painful for all those involved. Those sentiments were echoed by Snowshoe spokeswoman Andrea Smith, who told the Charlotte Daily Mail, "These were very valued employees that did a great job for the company. I know everyone is very sad to see them go."

Added Snowshoe GM Bill Rock, "Everyone that was impacted was given the opportunity to apply for other jobs at Snowshoe. We expect that more than half will rejoin the company in a different capacity."

[Aussierob]

We heard about the 48 lay offs at work, but the info I have is that all the lay offs were in the head office in Vancouver and about 20 of those were vacant positions that won't be filled.

[liftmech]

All we were told is that there were 'several core positions' that 'were eliminated'. I'm always amazed how we hear more from sources outside the company.