Results 1 to 19 of 19
  1. #1
    Join Date
    Jun 2006
    Location
    Burlingtron
    Posts
    65

    What happens to Stowe if AIG goes belly up?

    So, to the best of my knowledge, Stowe Mountain Resort is owned by AIG or some subsidiary there of. Due to the unfortunate state of the US economy AIG ended up taking a $85 billion loan from the US gov't, before that they were very close to bankruptcy.
    I guess the question is.. If AIG no longer exists does Stowe Mountain Resort still exist?

    I'm not suggesting that this is a good thing or even that I want it to happen, I was just curious what could happen.
    "Feels like I'm wearing nothing at all"
    - Ned Flanders

  2. #2
    Join Date
    Mar 2007
    Location
    Right Coast transplant
    Posts
    3,052
    im sure stowe would still exist, hell, if AIG sold stowe, im convinced it would be better.
    Live

  3. #3
    Join Date
    May 2002
    Posts
    32,805
    I don't know, but they're really dragging their feet on my rotator cuff repair.
    I'm trying to hurry it up before the docs quit honoring their policies.
    Looks like they got a few billion today.
    Prolly pay their bonuses.
    But I'm prolly screwed.

  4. #4
    Join Date
    Jan 2008
    Location
    Live Free or Die
    Posts
    1,145
    well, looks like the Gov't is taking over AIG, but it still remains to be seen how this all pans out. Good article from the times-argus on the matter
    http://www.timesargus.com/apps/pbcs....99/1002/NEWS01
    I thought this quote was interesting
    the company provides liability insurance to 70 percent of ski areas in the United States, including Jay Peak.
    I thought it would have just been Stowe that was fucked if AIG went belly up, but it looks like other resorts would have been fucked too.

  5. #5
    Join Date
    Aug 2008
    Location
    Jackson
    Posts
    245
    AIG has their mitts in just about every aspect of wall street and main street. Either they or their subsidiaries have more to do with our lives than we ever realized - until now. Another gov't bailout will be ridiculous (see: current welfare program and apply it to rich, stupid investors) but will enable us to feel less of an impact.

    Cliff's notes: Stowe will be fine. The economy? Eh....

  6. #6
    Join Date
    Jan 2006
    Location
    Western MA
    Posts
    2,573
    Wait a second, now that the Federal Gov't owns AIG (or at least has an 80% stake in it), does that mean that it is now a public ski area?? Hopefully ticket prices come down in response!
    Support a 6,000 mile bike tour for early literacy!

    http://www.ride4ror.com

  7. #7
    Join Date
    May 2007
    Location
    Telluride
    Posts
    1,011
    I plan on poaching Stowe this winter and if I get caught saying "What I paid my taxes, didn't the government just bail out the place?"

    edit ^ beat me to it. I guess you're a wise guy too

  8. #8
    Join Date
    Jan 2007
    Location
    In Transit
    Posts
    733
    The govt's $85 Billion loan pretty much says that it won't allow AIG to go out of business. A better question is will AIG sell off Stowe, and to who?
    Ελευθερία ή θάνατος
    "Great moments are born from great opportunity."

  9. #9
    Join Date
    Oct 2003
    Location
    Seattle
    Posts
    4,795
    Quote Originally Posted by BestofShow View Post
    The govt's $85 Billion loan pretty much says that it won't allow AIG to go out of business. A better question is will AIG sell off Stowe, and to who?
    Yellowstone Club East?



  10. #10
    Join Date
    Jul 2006
    Location
    New Hampshire
    Posts
    367

    Reality

    Possibly the first $100.00 lift ticket in the east.

  11. #11
    Join Date
    Sep 2005
    Location
    Wasatch Back: 7000'
    Posts
    10,867
    Quote Originally Posted by MassLiberal View Post
    Wait a second, now that the Federal Gov't owns AIG (or at least has an 80% stake in it), does that mean that it is now a public ski area?? Hopefully ticket prices come down in response!
    Wouldn't that be the tits?

    Good to see ya back. I thought that we were going to lose you forever. On a political note, I wish the HC would have won. She would have had my vote.

  12. #12
    Join Date
    Feb 2006
    Location
    New England
    Posts
    12,119
    Quote Originally Posted by amatog View Post
    Possibly the first $100.00 lift ticket in the east.
    Damn... I remember my old man getting bent out of shape over $7 lift tickets there!
    Screw the net, Surf the backcountry!

  13. #13
    Join Date
    May 2005
    Location
    Carson Range
    Posts
    380
    Glad I didn't buy one of those AIG travel insurance policies

  14. #14
    Join Date
    May 2002
    Posts
    32,805
    Quote Originally Posted by ski_rick View Post
    Glad I didn't buy one of those AIG travel insurance policies
    I did and got the fuckers to approve my MRI today. First thing I said was "What, you guys broke or something? No, you can't be, you just got $85 billion."
    I think my claims analyst got a little sheepish. They're usually tough as nails.

  15. #15
    Join Date
    Feb 2008
    Location
    there's more than corn...but not much
    Posts
    619
    If Stowe is sold...the Mags will unite...for a small investment of just $5000 a piece...we will incorporate and buy the place for about $120 milllion. Of course the $5000 that each mag pays will only cover my exhorbinant CEO salary and bonuses and the 20 to 30% downpayment. The rest of the investment will be funded by leveraging assets against a bond issue that we ironically will get backed and insured by AIG. Really guys, in the system that got this country so messed up, a good business plan could buy you something by using the same company as doing the selling to finance the project.

    Who's In ?????

  16. #16
    Join Date
    Jul 2008
    Location
    Bozeman
    Posts
    151
    Quote Originally Posted by kkerley33 View Post
    If Stowe is sold...the Mags will unite...for a small investment of just $5000 a piece...we will incorporate and buy the place for about $120 milllion. Of course the $5000 that each mag pays will only cover my exhorbinant CEO salary and bonuses and the 20 to 30% downpayment. The rest of the investment will be funded by leveraging assets against a bond issue that we ironically will get backed and insured by AIG. Really guys, in the system that got this country so messed up, a good business plan could buy you something by using the same company as doing the selling to finance the project.

    Who's In ?????
    I'm in
    1478
    Seems like no matter where I go it's already Turked out...

  17. #17
    Join Date
    Nov 2004
    Location
    Boston
    Posts
    689
    Useless article about AIG & Stowe

    STOWE, Vt.óWinter sports enthusiasts are keeping close tabs on the travails of American International Group Inc., hoping the near collapse of Stowe Mountain Resort's parent company doesn't hurt the upscale ski town.

    With speculation mounting that AIG may sell off some assets to pay back a government bailout of up to $85 billion announced Tuesday, people in Stowe are wondering if some of those assets might include parts or all of one of the East's premier ski areas.

    "There's no question AIG's assets are up in the air," said economist Thomas Kavet, a consultant to the Vermont Legislature. "They're desperate for cash, and the way to get cash it to sell anything that's worth something."

    Stowe Mountain Resort has been investing heavily in recent years. It's about halfway through a $400 million project to add ski lift improvements, upscale hotels and mountainside condominiums.

    Dan Oberlander, managing director of the Topnotch Resort and Spa, one of many businesses in Stowe that benefit from proximity to the mountain, said the resort development will retain its value even if it is sold.

    "The mountain isn't going to go away," Oberlander said, "and the $200 million or so they've already invested isn't going to go away."

    Bruce Hyde, commissioner of the state Department of Tourism, said he's hopeful that Stowe will continue as a linchpin of Vermont's tourism economy, no matter what happens with AIG.

    "Regardless of who the owner is, there's always going to be a Mount Mansfield ski area and that development is going to continue to be productive," Hyde said. "I'd be far more concerned if this happened three or four years ago, when they were first starting on their major project. At this point ... they're actually on to phase two."

    Dick Marron, chairman of the Stowe Selectboard, said he was less worried about the future of the Stowe Mountain Resort than about some individual residents in town.

    "I have a lot of people I know in Stowe who have significant shares of stock in AIG and lost their shirts in the last couple of months," he said.

  18. #18
    Join Date
    May 2005
    Location
    Carson Range
    Posts
    380
    Quote Originally Posted by splat View Post
    I did and got the fuckers to approve my MRI today. First thing I said was "What, you guys broke or something? No, you can't be, you just got $85 billion."
    I think my claims analyst got a little sheepish. They're usually tough as nails.
    At least our tax dollars are supporting one worthwhile project

  19. #19
    Join Date
    Nov 2006
    Location
    London
    Posts
    46

    Dubai National Fund

    We will be taking Stowe to Dubai on October 1. Please to have you all visit there.

    No funny jumps or usury though.

    Sheikh Yur Boote
    Dubai National Fund
    Dubai International Financial Centre

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •