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Intrawest SOLD

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SkiSundownJibber
Posts: 1013 - Karma: 19
Intrawest sold itself to a private equity fund for $2.8 billion this morning after Pirate Capital, a dissident hedge fund and IDR's largest shareholder, put pressure on management to sell the company to the highest bidder.
Aug 11 2006 5:28PM
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cobra_commander
Posts: 16909 - Karma: 4,686
that artical is over 2years old. and leasing is different then managing.  Also did you not read that they gave intrawest the option to buy a bunch of the Land?
Aug 13 2006 1:15PM
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monkeysteez
Posts: 2655 - Karma: 99
Yes i did read that. But that is real estate. Intrawest owns real estate EVERYWHERE. and its only 100 and some acres of land that they could build on.

and for fucks sake believe me they are managing winter park believe me. Denver pays intrawest to operate or manage (in the thesaurus operate means to control or manage look it up) winter park for them. so know your shit before you type. bitch.

oh ya i almost forgot... who cares if the artcile is 2 years old the lease they signed is good for 50 years.
Aug 13 2006 1:28PM
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monkeysteez
Posts: 2655 - Karma: 99
i am sorry intrawest pays denver.... my dislexia
Aug 13 2006 1:30PM
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monkeysteez
Posts: 2655 - Karma: 99
here is another article:
http://www.bizjournals.com/denver/stories/2004/10/18/daily35.html

an excerpt:
"Winter Park is owned by the city of Denver, which brought Intrawest on as the resort's operator and development partner in 2002."

Aug 13 2006 1:32PM
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cobra_commander
Posts: 16909 - Karma: 4,686
If you read the first artical it says Intrawest pays some guy to manage it. there fore they are not the managers. Also the position of manager is someone who is paid to run a business so the person with rights to the bussines/property does not have to.
Aug 13 2006 1:36PM
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monkeysteez
Posts: 2655 - Karma: 99
thanks for the definition. that did nothing to further prove you point. this argument could go on forever. atleast you dont still think intrawest owns winter park though right? and what the fuck believe me intrawest does not pay some dude to manage winter park for them. every inch of development that has happened at winter park since 2002 has been paid and planned in full by intrawest.
Aug 13 2006 1:50PM
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cobra_commander
Posts: 16909 - Karma: 4,686
Your right This could go on for ever. intrawest does not own Winter Park, but as for the whole managing thing I think I will have to agree to disagree on this one.
Aug 13 2006 1:55PM
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BeerGoggles
Posts: 712 - Karma: 11
Yes but that is pending(or was, I havent really followed the story since it came out) whether the stockholders accept the offer. But yeah you're right, the shareholders were said to be in favor of it
Aug 13 2006 10:06PM
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Dfresh
Posts: 3322 - Karma: 17
this might suck. the pirate company or whatever they are, are a bunch of people with no morals and a whole lot of money. they buy out a large portion of a company's stock, say 20%, and put pressure on the company to sell it. they usually do this to company's who are at a bargain price, i.e. intrawest. the reason it sold for so low is all the debt they were in, so at this point the assets are worth more than the company.

anyways, what happened is they threatened to keep buying stock if intrawest did not accept an offer to buy the company.   for example, if intrawest did not sell, and the pirate company bought the majority stocks, they would shut down the company and sell off all the assets, making profit off of all of them.

so intrawest was forced to sell so they can keep the company alive. just hope the new owners don't dismember the company and sell off the company.

at least that is what i've heard about this whole deal.  not exactly good news per say, just have to wait and see what happens.

someone correct me if im wrong


Aug 13 2006 10:18PM
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SkiSundownJibber
Posts: 1013 - Karma: 19
I USED TO BE AN INVESTMENT ANALAYST AT PIRATE CAPITAL. I've known this deal was imminent since January. The only question was price... $35 is actually a low ball number, and Pirate is only accepting it due to anticipated softness in the real estate market. Their valuation was a very elaborate way of saying that IDR was worth 2x book value, which came out to ~$45/share at the end of 2005. While shares have not yet been voted, pirate is saying "yay" on it's 18.3% of shares outstanding, as will other institutional holders. this is effectively a done deal.

Insofar as pirate has no morals? well, yes... very true. However, in IDR's situation, Tom (pirate's managing member/owner) is actually very supportive of the management team, and actually did a good thing by pushing them to sell the company. Shareholders made a gigantic 30% gain on their investment on Friday!
Aug 14 2006 7:37AM
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monkeysteez
Posts: 2655 - Karma: 99
dude i dont think i could understand that if i wasn't drunk. come on.
Aug 14 2006 10:22AM
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stylefree
Posts: 233 - Karma: 10
I wouldn't be so sure. Private Equity Funds are usually in business to buy undervalued companies. They then find was to maximize the efficiency of the company by cutting costs and restructuring the business ect.
Aug 14 2006 10:50AM
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LINE169
Posts: 267 - Karma: 12
thats fucking gay how intrawest would sellout to americans. that makes whistler that much lower in my books now. not really but its still super gay that canada cant be independant.
Aug 16 2006 7:14PM
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m1garand
Posts: 3343 - Karma: 15
yea intrawest is 'renting' winter park if you will. too bad really, because intrawest totally screwed up copper and turned it into a sell out like vail and breck. oh well, as long as we can still slide on their snow.
Aug 16 2006 9:39PM
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BK
Posts: 2353 - Karma: 1,122
yeah.. Canada is definetly the United States bitch.
Aug 16 2006 10:24PM
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treesmann
Posts: 2675 - Karma: 49
that would definitely be nice- i dont go there wnymore bc 72 is too much
Aug 16 2006 10:27PM
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french_fry
Posts: 4698 - Karma: 53
Canada is an independant country. This is international business, which just happens to be dominated by the US. I didn't even know intrawest was canadian in the first place and was surprised to see it.
Aug 16 2006 10:44PM
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[lineskier]820
Posts: 923 - Karma: 11
abuuhh?????, i not as finacially intelligent as you are, but i hope they start charging less and such
Aug 24 2006 8:02PM
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