Monday, January 19, 2009

Olympic Village Boondoggle: Is Fortress On The Brink?



Apparently, as Frances Bula puts it, 'Penny Ballem is now locked in a room with Fortress' trying to make a deal.

Or some such thing.

Which is, I guess, what the all-night Carte Blanche DuBois tryst at the Ledge on the weekend was all about.

But, before anybody makes any further deals with the Boys from back east, they just might want to read Michael Wolff's piece that just came out in Vanity Fair.

The lede itself pretty much says it all:

"Here’s a parlor game, played best by the people who are in it: Which private-equity firm’s going bust first? Carlyle? Fortress? K.K.R.? Cerberus? Apollo?...."

In fact, I would suggest all we non-referendumistas (ie. all the potential voters in Lotusland) should read Mr. Wolff's piece so they know just who it is we are trying to give our money to.

And what type of financial shape they're in.

After all, despite the Property Endowment Fund smokescreen puffed our way by the local market bounce-back brigade late last week, we do know that any money that does go to Fortress if a deal is made will be our money.

We do know that, don't we?


Thanks to commenter for Shepsil over at FABula's for bringing the Wolff piece up.
And I would be remiss, if I didn't point interested readers toward Geoff Dembicki's excellent Tyee/Hook piece on a potentially 'teetering' Fortress from 10 days ago.


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