Are Olympics 2010 on the Slopes???
From: Elaine Hughes
Sent: Wednesday, January 14, 2009 11:42 AM
Subject: Are Olympics 2010 on the Slopes???
QUOTE: “Quality of life is key in Saskatchewan, and the ‘Land of the Living Skies’ is an apt description of what you can expect to find in this province recently noted by media as “the rising star of Canada’s New West.”
Looks like the rose-tinted Olympics 2010 goggles are beginning to slip.....
Nortel’s under bankruptcy protection, Fortress Investment is ‘teetering’ – who’s next?
Will those of us living in Saskatchewan - Canada’s ‘rising star’ - be left holding the bag on $1.5 million?? How big - really - was Saskatchewan's 'gift' on this one?
All Canadians better check with their provincial finance ministers to see how big their 'gift' will be for this 'build it they will come' scheme?
Ah yes…..the risk of playing ball with the big boys!
Elaine Hughes
Archerwill, SK
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About VANOC (Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games:
Nortel Networks files for bankruptcy protection
Fortress, Backer of Key 2010 Sites, Is 'Teetering'
Wall in B.C. to meet with premiers
SASKATCHEWAN JOINS VANCOUVER 2010 TEAM AS A CONTRIBUTING PROVINCE
Congratulations to newly elected PNWER Canadian Vice President, Michael Chisholm, MLA Saskatchewan
PNWER Releases Labour Mobility Report and Recommendations
PACIFIC NORTHWEST ECONOMIC REGION DELEGATION VISITS SASKATCHEWAN
What is PNWER (Pacific North West Economic Region - TILMA's raison d'etre)
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1. About VANOC (Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games
http://www.aggreko.com/media_centre/press_releases/
powering_2010_winter_olympics.aspx
VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the 2010 Paralympic Winter Games from March 12 to 21, 2010. Visit
www.vancouver2010.com.
VANOC's marketing program is focused on securing mutually rewarding partnerships with shared values to generate sufficient revenue to host successful Winter Games in 2010 and to leave a financial legacy for sport. VANOC’s Worldwide TOP Partners include Coca-Cola, Atos Origin, GE, McDonald’s, Omega, Panasonic, Samsung and Visa. VANOC's National Partners are Bell Canada, Hbc, RBC Financial Group, GM Canada, Petro-Canada and RONA.
VANOC’s Official Supporters include Air Canada, BC Hydro, the British Columbia Lottery Corporation, Canadian Pacific, the Insurance Corporation of British Columbia, Jet Set Sports, Ricoh Canada Inc., the Royal Canadian Mint and Teck Cominco Limited. VANOC’s Official Suppliers are 3M, Aquilini Investment Group, Birks, Britco, Canwest Publishing Inc., Dow Canada, EPCOR, The Globe and Mail, Haworth Canada, Millennium Development Corporation, Nortel, Purolator, Saputo, Sun Microsystems of Canada, Tickets.com, TransCanada, Vancouver Airport Authority, Vincor Canada, Weston Bakeries and Workopolis
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2. Nortel Networks files for bankruptcy protection
http://www.cbc.ca/money/story/2009/01/1 ... cypro.html
January 14, 2009 CBC News
Once a high-flying darling of the technology sector and a stock market heavyweight, Nortel Networks filed for bankruptcy protection on Wednesday in a Delaware court.
The company said it will make a similar filing shortly in Ontario Superior Court.
The move came a day before the Canadian telecommunications company was due to make a $107-million interest payment on its debt.
The board of directors of North America's largest telecom equipment maker met in Toronto on Tuesday night to discuss the company's financial options. In a release, the company said the decision to file for protection was a unanimous move by its board.
The company said the process will allow it to deal with its cost and debt burden, restructure its operations and narrow its strategic focus.
While Nortel said it has about $2.3 billion in cash, it owes about $4.5 billion US in long-term debt.
"Nortel must be put on a sound financial footing once and for all," said president and CEO Mike Zafirovski.
"These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be," he said in a release.
'A bit of a cushion'
Colin Cieszynski, an analyst with CMC Markets Canada, said Nortel's current cash level means the company can continue operations without the risk of running out of money, as General Motors had suggested when it appealed to the U.S. government for financial aid.
"[Nortel has] got a bit of a cushion that, hopefully, will be able to get them through this process, and they can come out a stronger company on the other side," he said.
Nortel 3-month TSX chart Trading in Nortel was halted on the Toronto Stock Exchange; it closed Tuesday at 38.5 cents.
In pre-market trading on the New York Stock Exchange, Nortel shares were down 25 cents US at seven cents.
Cieszynski said shareholders will most likely be left with little in a Nortel reorganization, pointing to similar results from bankruptcy protection filings by Air Canada and Stelco earlier this decade.
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3. Fortress, Backer of Key 2010 Sites, Is 'Teetering'
Wednesday, January 14, 2009
Olympic Village, Whistler mother company is 'tarnished' says Wall Street analyst.
By Geoff Dembicki Published: January 9, 2009
TheTyee.ca *Story corrected Jan. 10, 2009.
The mother company for two firms central to the 2010 Olympics is reeling from a lack of investor confidence that's sending "money out the window," according to a top financial analyst.
Fortress Investment provided a construction loan to Millennium, the developer for the beleaguered Olympic Village project in Vancouver, and owns Intrawest, which operates the Whistler/Blackcomb Olympics venue.*
Unless the fortunes of Fortress Investment improve dramatically, Vancouver taxpayers could be left in the lurch. That is the view of Jackson Turner, an analyst for Argus Research, a leading tracker of the U.S. equities market.
Turner told The Tyee that the last few months have not been kind to Fortress, an alternative-investment company based out of New York. The firm is used to being a formidable player in the hedge-fund world, where it invests capital from its clients in a wide range of portfolios.
But tightened credit lines brought on by the economic crisis have battered the company -- and the entire hedge fund industry -- over the last few months, leading many of its investors to seek redemptions on their investments.
Turner said that redemptions on Fortress's biggest hedge fund got so bad last December that the company "closed the gates" to stem the outflow of capital, that is, halted redemptions.
Nonetheless, taking into account likely market fluctuations over the coming months, Turner predicted the company could see its total hedge fund assets decline 60 per cent by this summer, when compared to September levels.
"That's not an insubstantial amount of money they're seeing going out the window," he said. And as Fortress loses assets due to shaky investor confidence, its reputation as prudent financial manager could take a beating, making it even harder to raise necessary capital in the future.
"Their reputation is teetering as it is," Turner said. "It's fairly well tarnished."
'Very big hit' for hedge funds
Jeffries & Co. analyst Daniel T. Fannon told The Tyee that though Fortress's assets are in a "period of decline," the company's story is not necessarily unique in the current financial crisis.
"I would say the reputation for the hedge fund industry has taken a very big hit," Fannon said. "Like a lot of their peers, and I would say the industry as a whole, Fortress has been impacted."
So, what does this mean for the 2010 Winter Games?
Back in October, revelations that Vancouver was considering a loan to athlete's village developer Millennium to cover cost overruns -- implying that financier Fortress might not pull through -- sparked a political controversy that continues to this day.
In the same month, the future of Whistler/Blackcomb owner Intrawest was called into question when parent company Fortress scrambled to meet a refinancing deadline.
As both incidents demonstrated clearly, the fortunes of two of the most important host locations for the 2010 Games was closely tied to Wall Street. According to Turner, the problems aren't over yet.
The Vancouver Sun recently reported that Vancouver might have to provide up to half a billion dollars in guarantees on a $750 million construction loan promised to Millennium by Fortress. According to the story, Fortress has made access to the loan more difficult in order to ensure that it gets its money back on its investment.
When the $1.2 billion athlete's village project was first approved, developers thought the waterfront condos would sell out way before construction was completed. But given Vancouver's falling real estate market, that hasn't been the case, and only 250 out of 750 condo units have sold so far, according to the Sun's report.
City tax payers 'footing the bill'
Turner said the reason that Fortress is asking Vancouver for such high loan guarantees is that it needs reassurance as it sees its own financial position deteriorate in a volatile economic climate. But that means the city's taxpayers could be held accountable for loans that Millennium can't pay back, particularly given Vancouver's obligation to deliver the Olympic village to VANOC by late 2009.
"It looks like the Vancouver taxpayer is going to be footing the bill for more of this Olympics than they had anticipated," Turner said. "It's not as though this project isn't going to be built -- it's going to be built no matter what. It'll be the taxpayer paying rather than Fortress."
Asked if Mayor Robertson should be nervous that Fortress is asking for increased loan guarantees, Turner said there is much cause for concern.
"Potentially you have to go to your voters and say 'look, we're going to have to pay more money'... That's not going to make anybody happy," he said.
Fannon agreed that the Robertson is in a tough situation.
"If you're the mayor of Vancouver and some people are asking for you to commit more capital to anything, I think you're concerned," Fannon said. "In this environment, dollars are scarce."
In an e-mail from VANOC, executive vice president for construction Dan Doyle said his organization has been in constant contact with the city over the venue. Despite the problems, he was confident that Vancouver would deliver a "spectacular" Olympic village by its deadline.
"We fully support Mayor Robertson, City Council and the City administration in their efforts to responsibly manage the construction and long term legacy and viability of this key venue in an extremely challenging economic environment," the e-mail reads.
Intrawest's slippery slope
But when it comes to the Olympics, the athlete's village isn't the only cause for concern, according to Turner. Last fall, Vancouver-based Intrawest narrowly averted bankruptcy when Fortress managed to arrange a refinancing deal for $1.7 billion in debt at the last minute.
Turner said he was not certain of the specific conditions of the loan but given the company's crisis in October and an expected decline in consumer spending at ski resorts, Intrawest could very well be in financial trouble come next fall.
"I don't think anything was solved in October, other than that Intrawest bought itself more time," he said.
Intrawest spokesperson Ian Galbraith admitted that the company has seen a "slight decline" in consumer spending on things such as lift tickets at its resorts, but contended that its days of dire financial trouble were in the past.
In fact, Galbraith said the company is opening up a new property in Hawaii later this month.
"I would definitely like to acknowledge that there's pressures in the market," Galbraith said. "But I think we've come through it pretty well, overall we're in good shape."
'A huge role' in 2010 games
Intrawest's ongoing financial health would appear key to a smooth running 2010 Games.
In addition to providing land for Olympics venues, Intrawest will be running chairlifts, making parking space available for VANOC, providing first aid and helping maintain competition ski runs during the operations of the Games, said Doug Forseth, senior vice president operations at Whistler/Blackcomb.
Though he couldn't say how much mountain personnel would be helping out for the length of the event, he said Intrawest would be providing a valuable contribution.
"I'd say we have a huge role in supporting VANOC for the games," Forseth told The Tyee.
Forseth also confirmed that visits to Whistler could decline by 12 per cent this year given reduced consumer spending across the continent.
The worsening economic picture has some insiders nervously asking what would happen if Intrawest were to face another refinancing emergency, and this time Fortress couldn't pull through.
Just before Fortress secured the deal that saved Intrawest back in October, VANOC chief executive John Furlong said the Games were safe no matter what the company's future because the Whistler venues had been completed.
Banks running chairlifts?
Forseth offered a similar opinion when asked by The Tyee what would happen to the Games if Intrawest faced future economic trouble that it couldn't recover from.
"Had Fortress not been able to refinance Intrawest as a company, the banks would have then owned the business," Forseth said. "They're not going to close it down, they want cash flow, they want this thing to operate -- so somebody would operate it."
Given the turbulent financial history of the athlete's village and Intrawest, should Vancouverites be concerned about ability of VANOC and the city to stage the 2010 Games? Turner said no.
"I don't think there's any reason for people around Vancouver to panic and think 'wow there's all these problems with Fortress investment, maybe we're not going to have the Olympics next year," he said.
Nonetheless, given Fortress' financial control over key Olympics host destinations, Turner said the fortunes of the battered company merit consideration.
Calls to Fortress were not returned by deadline.
Related stories:
'No Risk to Taxpayer' Vows Olympic Village Builder
City claims taxpayers' interests trump public's right to know about $100 million loan.
CFO forced out after warning city about Olympic Village cost: Mason
Our Olympics, Outsourced
It's a global gold rush, and VANOC doesn't give B.C. firms any advantage.
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4. Wall in B.C. to meet with premiers
http://www.thestarphoenix.com/Business/
Wall+meet+with+premiers/1171425/story.html
The StarPhoenix January 13, 2009 4:07 AM
Premier Brad Wall was in British Columbia Monday as part of preparations for Friday's first ministers meeting on the economy.
Wall travelled to the West Coast at the invitation of B.C. Premier Gordon Campbell, whom he met with along with Alberta Premier Ed Stelmach.
The intent was to discuss "existing areas of consensus," says the Saskatchewan government.
In December, Wall told reporters the western premiers were united on issues such as the requirement that federal aid in the Jan. 27 budget be distributed in a way that is fair to all regions.
That means support for industries such as livestock and forestry, as well as the Ontario-based auto industry.
All provinces have also been united in their call for accelerated and expanded federal infrastructure spending.
The budget is expected to contain a stimulus package for the ailing national economy that may see a deficit as high as $40 billion.
© Copyright (c) The StarPhoenix
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5. SASKATCHEWAN JOINS VANCOUVER 2010 TEAM AS A CONTRIBUTING PROVINCE
http://www.gov.sk.ca/news?newsId=e7bb00 ... ac94e45562
News Release - December 1, 2008
Saskatchewan's rich culture and talented artists will be highlighted on the international stage as a result of an agreement between the Province of Saskatchewan and the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC).
Saskatchewan Tourism, Parks, Culture and Sport Minister Christine Tell and Renée Smith-Valade, Vice President, Communications for the Vancouver 2010 Olympic and Paralympic Winter Games announced today that Saskatchewan has joined VANOC's Contributing Province/Territory Program (CPTP). As part of the agreement, Saskatchewan will contribute $1.5 million toward Canadian athletes and the staging of the 2010 Winter Games in return for a number of benefits for the province.
The highlight of the province's involvement will be a dedicated Saskatchewan Day held during the 2010 Winter Games. The day will feature several activities including a warm-up to that evening's Victory Ceremony in Vancouver's BC Place Stadium, a networking event and arts performances.
"The Government of Saskatchewan is proud to be a partner in the 2010 Winter Games, and we look forward to contributing our rich cultural Saskatchewan roots to this international experience," Tell said. "With three billion television viewers watching the 2010 Winter Games, our presence in Vancouver will enable Saskatchewan to showcase our culture, heritage and artistic excellence, pursue opportunities for sport development, tourism marketing and develop business contacts on a global level."
"We thank Saskatchewan for its generous commitment to the Games and Canadian athletes, and look forward to showcasing the prairie way of life with its endless skies, diverse cultures, welcoming people and strong culture of winter sport," VANOC Chief Executive Officer John Furlong said. "Saskatchewan Day will be an exciting celebration in 2010 as the province shares its original and lively regional culture with the world."
Of the $1.5 million investment from Saskatchewan, $750,000 will go toward the Own the Podium 2010 program, which supports Canadian athletes in their preparation for the Games, and $750,000 will be dedicated to ensuring the province takes full advantage of a wide range of benefits associated with the VANOC partnership.
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For more information, contact:
Janet Peters
Tourism, Parks, Culture and Sport
Regina
Phone: 306-787-4967
Email:
janet.peters@gov.sk.ca
Cell: 306-533-4909
Jason Macnaughton
VANOC Media Relations
Vancouver
Phone: 778-328-6734
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Media Backgrounder:
http://www.gov.sk.ca/adx/aspx/adxGetMed ... &PN=Shared
Media Backgrounder –
VANOC’s Contributing Province/Territory Program (CPTP) enables Saskatchewan to:
• Organize a Saskatchewan Day at the 2010 Winter Games to promote the province;
• Participate in the Cultural Olympiad, which will include opportunities for Saskatchewan artists;
• Promote tourism, cultural industries, trade, in-migration and business investment;
• Encourage Aboriginal participation in the Games and preceding events;
• Enhance involvement in the Saskatchewan portion of the torch relay, which will arrive in the province prior to the Games;
• Access to VANOC promotional materials;
• Use the Vancouver 2010 Olympic and Paralympic Winter Games and Own the Podium 2010 logos; and,
• Promote educational and volunteer opportunities relating to sport and culture, and encourage healthy lifestyles.
Contributing Province/Territory Program
VANOC’s Contributing Province/Territory Program (CPTP) offers a structured avenue for all provinces and territories to participate in the 2010 Winter Games. Under the CPTP, signatory provinces and territories receive a package of benefits that create a close association with the Games, similar to those of corporate sponsors. In return, participating provinces and territories make a financial contribution towards the success of Canadian athletes in 2010 through the Own the Podium 2010 program; culture and arts, through the Vancouver 2010 Cultural Olympiad; and directly, to staging successful Games in 2010. VANOC developed this new program in response to interest demonstrated by Canada’s provinces and territories outside of British Columbia to allow for greater involvement in the Vancouver 2010 Olympic and Paralympic Winter Games.
VANOC
VANOC’s government partners provide funding, infrastructure, essential service support and management services to the 2010 Winter Games, which will contribute to the lasting economic, sport, cultural and social legacies for citizens and communities throughout Canada.
VANOC’s government partners include the Government of Canada, the Province of British Columbia, the City of Vancouver and the Resort Municipality of Whistler. Saskatchewan today joins VANOC’s existing Contributing Province/Territory Program partners, including Manitoba, Ontario, Quebec, Newfoundland and Labrador, and Yukon. VANOC’s Venue Cities are Richmond, Surrey and West Vancouver.
VANOC has also signed an MOU with each Canadian province and territory.
VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The Vancouver 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic Winter Games from March 12 to 21, 2010. Visit
www.vancouver2010.com.
Saskatchewan
Saskatchewan is located between Alberta and Manitoba and its boundaries extend from the US border to the border with the Northwest Territories. With a growing population estimated in July 2008 to be 1,015,985, the province is experiencing an economic renaissance the likes of which have not been seen at any time in its history.
Saskatchewan’s provincial parks cover over 1,148,000 square hectares, including 34 provincial parks, 8 historic sites, 130 recreation sites, and 24 protected areas. Quality of life is key in Saskatchewan, and the ‘Land of the Living Skies’ is an apt description of what you can expect to find in this province recently noted by media as “the rising star of Canada’s New West.”
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6. Congratulations to newly elected PNWER Canadian Vice President, Michael Chisholm, MLA Saskatchewan
http://www.michaelchisholm.ca/
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7. PNWER Releases Labour Mobility Report and Recommendations –
click here to download the report:
http://www.gov.sk.ca/news?newsId=63ebff ... 31d1546835
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8. PACIFIC NORTHWEST ECONOMIC REGION DELEGATION VISITS SASKATCHEWAN
News Release - April 15, 2008
http://www.gov.sk.ca/news?newsId=63ebff ... 31d1546835
A delegation representing the Pacific Northwest Economic Region (PNWER) is in Saskatchewan for two days of meetings with elected representatives and senior officials of the provincial government.
Established in 1991, PNWER is a public/private partnership made up of legislators, governments and businesses from across the U.S. and Canadian northwest with the aim of pursuing similar goals in the areas of regional co-operation and economic growth. Currently, PNWER consists of five U.S. states and three Canadian provinces or territories (British Columbia, Alberta, Yukon, Alaska, Montana, Idaho, Washington and Oregon), representing more than 20 million people and more than $700 billion in gross national product.
While in Saskatchewan, the PNWER delegation will meet with a number of cabinet ministers and senior government officials to discuss a variety of topics.
"I look forward to learning more about how membership in the PNWER may benefit Saskatchewan," Intergovernmental Affairs Minister Bill Boyd said. "It is important for Saskatchewan to explore opportunities for greater collaboration within this region. The meetings over these two days will afford us this opportunity."
Cutknife-Turtleford MLA Michael Chisolm, in his capacity of Legislative Secretary to the Premier on Western Co-operation, invited the delegation to visit the province.
"The economic health of Saskatchewan is largely undisputed these days, but we also wanted to give the PNWER delegates a real sense of Saskatchewan's identity," Chisholm said.
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For more information, contact:
Bonny Braden
Executive Council
Regina
Phone: 306-787-0906
Email:
bonny.braden@gov.sk.ca
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9. What is PNWER (Pacific North West Economic Region)?
http://forum.stopthehogs.com/phpBB2/viewtopic.php?t=479