What happens to Stowe if AIG goes belly up?

[SummerSucks77]

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.

[skiingsamurai]

im sure stowe would still exist, hell, if AIG sold stowe, im convinced it would be better.

[splat]

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.

[geomorph]

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.

[Concussed]

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....

[MassLiberal]

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!

[telepow]

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

[BestofShow]

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?

[Dromond]

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?

[amatog]

Possibly the first $100.00 lift ticket in the east.

[schindlerpiste]

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.

[BigDaddy]

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!

[ski_rick]

Glad I didn't buy one of those AIG travel insurance policies

[splat]

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.

[kkerley33]

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 ?????

[FatherOblivion]

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

[reganized]

Useless article about AIG & Stowe

STOWE, Vt.—Winter 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.

[ski_rick]

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

[gobblehoof]

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