Hedge Funds Feud Over Vancouver Olympic Site

Jan 4 2010 | 9:29am ET

An icy battle between a pair of hedge funds is casting a shadow over one of the central venues of this year’s Winter Olympics in Vancouver.

Davidson Kempner Capital Management and Fortress Investment Group are sparring over the restructuring of Intrawest, the Fortress-owned resort company that owns the British Columbia ski resort set to host the Olympic’s alpine competions. Davidson Kempner, which leads troubled Intrawest’s creditors’ committee, has balked at Fortress’s bid to keep a hand in the running of the company, despite the fact that its equity stake is all but worthless. Negotiations between the two sides are at an impasse, the New York Post reports.

Intrawest is currently late on a $254 million debt payment.

The Post reports that both sides may be waiting for the Canadian government to step in to avoid a bankruptcy filing prior to the start of the Winter Games, set for Feb. 12.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...