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Morgan:News:2010 |Moguls| #1527
Here are three more moguls we ran into today:
INTRAWEST MULLS OVER 'STRATEGIC DIRECTION'
The corporate owner of Blackcomb/Whistler Resorts, which is a venue of the 2010 Winter Olympics, said today it had hired Goldman, Sachs & Co. of New York to help it with "a strategic review" of its operations and assets. The stock of Intrawest (TSX:ITW) rose about 16% on the news, as shareholders both welcomed the news and speculated that the firm may be searching for a merger partner, or contemplating a sale of assets. The firm had nothing to say about the status of the 2010 venue and it owns a number of resorts besides that one, including Winter Park and Copper Mountain ski resorts in Colorado. "During the past 24 months, Intrawest has made significant progress in broadening its range of leisure businesses, most notably with the acquisition and expansion of Abercrombie & Kent, as well as extending our business reach into Europe and Asia," said Joe Houssian, Intrawest's chairman, president and chief executive officer. "Intrawest stands at a pivotal point in its evolution," he added. "It makes sense for us at this time to evaluate all of the different ways in which we can capitalize on the opportunities in front of us for the benefit of shareholders, and to ensure that we have the best possible capital structure in place. Given current robust market conditions, and new opportunities resulting from our recent successes, our Board believes it is appropriate to undertake a comprehensive review of all our strategic and financial options before finalizing our strategic plans for the next several years."
75,000 SEE BC/CANADA PLACE
The numbers of people who have visited BC/Canada Place, the log building in the heart of Torino, continue to mount. B.C.'s minister in charge of the Olympics, Colin Hansen, said that as of last weekend, 75,000 had toured the project, which will stay open until the end of the Paralympic Games next month.
EASY ON THE BURN RATE
From our calculator during lunch: VANOC CEO John Furlong said today the budget for the eight-minute segment of the Torino Winter Olympics was C$1.5 million. That's out of a total budget of C$28 million, in 2002 dollars, set aside in the Bid Book for all of the 2010 Olympic Winter Games cultural programs, including the 2006 Torino Closing Ceremony segment, Olympiad festivals (2006 to 2010), education and youth programs and youth camp, and cultural programs administration, but it doesn't include the Opening and Closing 2010 Ceremonies, to which another C$28 million is allocated by VANOC. Nor does it include the budget assigned to the Olympic Flame Relay and Olympic Medal Ceremonies, which is C$26.5 million. Lessee, the eight-minute segment cost an average of C$187,500 per minute. Multiplied by a three-hour closing ceremony -- and this is only back-of-the-envelope work -- spending at that rate would mean one closing ceremony would cost C$33 million.
Originally published to Morgan:News:2010:Gold subscribers on February 28, 2006
Morgan:News:2010 |Moguls| #1527
Here are three more moguls we ran into today:
INTRAWEST MULLS OVER 'STRATEGIC DIRECTION'
The corporate owner of Blackcomb/Whistler Resorts, which is a venue of the 2010 Winter Olympics, said today it had hired Goldman, Sachs & Co. of New York to help it with "a strategic review" of its operations and assets. The stock of Intrawest (TSX:ITW) rose about 16% on the news, as shareholders both welcomed the news and speculated that the firm may be searching for a merger partner, or contemplating a sale of assets. The firm had nothing to say about the status of the 2010 venue and it owns a number of resorts besides that one, including Winter Park and Copper Mountain ski resorts in Colorado. "During the past 24 months, Intrawest has made significant progress in broadening its range of leisure businesses, most notably with the acquisition and expansion of Abercrombie & Kent, as well as extending our business reach into Europe and Asia," said Joe Houssian, Intrawest's chairman, president and chief executive officer. "Intrawest stands at a pivotal point in its evolution," he added. "It makes sense for us at this time to evaluate all of the different ways in which we can capitalize on the opportunities in front of us for the benefit of shareholders, and to ensure that we have the best possible capital structure in place. Given current robust market conditions, and new opportunities resulting from our recent successes, our Board believes it is appropriate to undertake a comprehensive review of all our strategic and financial options before finalizing our strategic plans for the next several years."
75,000 SEE BC/CANADA PLACE
The numbers of people who have visited BC/Canada Place, the log building in the heart of Torino, continue to mount. B.C.'s minister in charge of the Olympics, Colin Hansen, said that as of last weekend, 75,000 had toured the project, which will stay open until the end of the Paralympic Games next month.
EASY ON THE BURN RATE
From our calculator during lunch: VANOC CEO John Furlong said today the budget for the eight-minute segment of the Torino Winter Olympics was C$1.5 million. That's out of a total budget of C$28 million, in 2002 dollars, set aside in the Bid Book for all of the 2010 Olympic Winter Games cultural programs, including the 2006 Torino Closing Ceremony segment, Olympiad festivals (2006 to 2010), education and youth programs and youth camp, and cultural programs administration, but it doesn't include the Opening and Closing 2010 Ceremonies, to which another C$28 million is allocated by VANOC. Nor does it include the budget assigned to the Olympic Flame Relay and Olympic Medal Ceremonies, which is C$26.5 million. Lessee, the eight-minute segment cost an average of C$187,500 per minute. Multiplied by a three-hour closing ceremony -- and this is only back-of-the-envelope work -- spending at that rate would mean one closing ceremony would cost C$33 million.
Originally published to Morgan:News:2010:Gold subscribers on February 28, 2006