The Olympics have been cancelled due to bankruptcy.......

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Cateyes
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The Olympics have been cancelled due to bankruptcy.......

Post by Cateyes »

Sadly, this looks like another huge bill coming to the BC and Canadian taxpayers. The Provincial and Federal Gov't will NEVER let the Olympics be cancelled because of this so the only way I see that happening is that you and I are gonna have to come up with more money.......AGAIN! This of course is probably all part of the plan by the auctioneers. The timing is more than a little too coincidental.

http://www.cbc.ca/olympics/story/2010/0 ... mpics.html

http://www.google.com/hostednews/canadi ... xayaiOPYqw

http://www.nationalpost.com/news/story.html?id=2464392

http://www.theglobeandmail.com/report-o ... le1437922/

Can't say I am surprised. I have always been a supporter of the Olympics in general as long as I don't have to pay for it. I never supported the Vancouver Olympics because I knew it would be a money pit like it has always been for every other country/city that hosted it. I just don't see any return on that money either despite what the supporters say. It's only on for 2 weeks after all. The only people who seem to benefit are the developers who know they have the city over a barrel and can make all sorts of demands. The city ends up with a bunch of overpriced venues some of which are of little use after the games. What a deal!

PS: on a related note, Cypress Mtn, the site of the freestyle events is currently a giant ball of mud with long range forecasts not offering any hope that will change. Of course snow making equipment is useless at these temperatures. So now they are planning to truck in snow!
Last edited by Cateyes on Jan 20th, 2010, 4:47 pm, edited 12 times in total.
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Re: The Olympics have been cancelled due to bankruptcy.......

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Cateyes wrote:Can't say I am surprised. I have always been a supporter of the Olympics in general as long as I don't have to pay for it. I never supported the Vancouver Olympics because I knew it would be a money pit like it has always been for every other country/city that hosted it. I just don't see any return on that money either despite what the supporters say. It's only on for 2 weeks after all.

Sadly, this looks like another huge bill coming to the BC taxpayers. The BC Gov't will NEVER let the Olympics be cancelled because of this so the only way I see that happening that is that you and I are gonna have to come up with more money.......AGAIN!
http://www.google.com/hostednews/canadi ... xayaiOPYqw



And this is a surprise????

To whom??? :ohmygod:
Al Czervic
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by Al Czervic »

I think your headline very misleading. You seem to have missed that part in the articles you posted where it says....

A source familiar with the process told CBC News the Games are not being used as a bargaining chip, since the auction will not happen until after the Games have begun.
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Cateyes
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Re: The Olympics have been cancelled due to bankruptcy.......

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Al Czervic wrote:I think your headline very misleading. You seem to have missed that part in the articles you posted where it says....

A source familiar with the process told CBC News the Games are not being used as a bargaining chip, since the auction will not happen until after the Games have begun.


The auction occurs Feb 19. Remind me what is happening on that day! Sure, we won't get a bill till much later on but I can assure you, there will be a bill to the taxpayers for this one way or another. Do you think the timing of this is mere coincidence? :dyinglaughing:

As far as the headline. As long as you weren't born yesterday it should be instantly obvious that it's sarcasm which I more or less explained as do the links. Funny thing is, it is not all that far from the truth.
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grammafreddy
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by grammafreddy »

The Vancouver 2010 Paralympic Winter Games will be an historic event in Canadian sport. These Games are the first Paralympic Winter Games held in Canada. From March 12 – 21, state-of-the-art sporting venues in Whistler and Vancouver will host 1,350 athletes and teams officials, from 44 countries.

How long do they expect this auction to last? Until after the Paralympics are done, too? There's 5 paralympic events, three of which will be held at Whistler.
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Cateyes
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Re: The Olympics have been cancelled due to bankruptcy.......

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grammafreddy wrote:The Vancouver 2010 Paralympic Winter Games will be an historic event in Canadian sport. These Games are the first Paralympic Winter Games held in Canada. From March 12 – 21, state-of-the-art sporting venues in Whistler and Vancouver will host 1,350 athletes and teams officials, from 44 countries.

How long do they expect this auction to last? Until after the Paralympics are done, too? There's 5 paralympic events, three of which will be held at Whistler.


You are missing the point. The US debt holders have the Provincial and Federal Gov'ts over a barrel on this. They could have waited a week or a couple months. You have to be completely blind to not see what is going on here.

This guarantees them maximum return at taxpayers expense. There are sooooo many different ways this could play out but I can almost guarnatee you there will be a taxpayer bill for this. Perhaps the BC Gov't is forced to buy the property at whatever the debt holders want to make them pay. Then the BC Gov't ends up selling it back to them at a huge discount. Perhaps the BC Gov't is forced to take over debt payments until it is sold. Lot's different ways it could play out. Yes, it is possible that it does not cost the Taxpayers anything. I would say, given the timing, the debt holders are going for the gold medal on this one....so to speak.
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by zerograv »

The Us Investment firms are bluffing on this potentially cancelling the Olympics, there is to much American interest involved, but they are going to get their money and WE are going to be paying for it. Personally, I feel that VANOC should have some accountability for the now proven fact that the venues weren't audited prior to the Olympics to see if it was economically feasible to host events there.

The main problem here is that B.C. is dead broke. We couldn't buy Whistler or even cover the debt if we wanted to (besides we don't need another athletes village on our hands). This Funding is therefore going to come in the form of a Federal "Bail-out." The Olympics are to big and to close to fail. The big wigs wouldn't want to be made fools would they?

Lets just watch and see how fast they come up with the money now that an American Investment Firm has them by the Ca hones. I can't wait to watch the press conference over this one.
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by Al Czervic »

Cateyes wrote:
You are missing the point. The US debt holders have the Provincial and Federal Gov'ts over a barrel on this. They could have waited a week or a couple months. You have to be completely blind to not see what is going on here.

This guarantees them maximum return at taxpayers expense. There are sooooo many different ways this could play out but I can almost guarnatee you there will be a taxpayer bill for this. Perhaps the BC Gov't is forced to buy the property at whatever the debt holders want to make them pay. Then the BC Gov't ends up selling it back to them at a huge discount. Perhaps the BC Gov't is forced to take over debt payments until it is sold. Lot's different ways it could play out. Yes, it is possible that it does not cost the Taxpayers anything. I would say, given the timing, the debt holders are going for the gold medal on this one....so to speak.



Or it could be that the creditors recognize that some of the world’s wealthiest will be at Whistler for the 2010 Olympics and what better time to have the resort up for sale in an auction? When the world is “watching” so to speak., makes for perfect advertising and a captive audience. If you are going to put up a resort for sale what better time than when it is hosting the world premier sporting event. I just don’t see the same financial conspiracy theory as you. Time will tell and in a few months we will know what went down.
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Cateyes
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Re: The Olympics have been cancelled due to bankruptcy.......

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zerograv wrote:The Us Investment firms are bluffing on this potentially cancelling the Olympics, there is to much American interest involved, but they are going to get their money and WE are going to be paying for it. Personally, I feel that VANOC should have some accountability for the now proven fact that the venues weren't audited prior to the Olympics to see if it was economically feasible to host events there.

The main problem here is that B.C. is dead broke. We couldn't buy Whistler or even cover the debt if we wanted to (besides we don't need another athletes village on our hands). This Funding is therefore going to come in the form of a Federal "Bail-out." The Olympics are to big and to close to fail. The big wigs wouldn't want to be made fools would they?

Lets just watch and see how fast they come up with the money now that an American Investment Firm has them by the Ca hones. I can't wait to watch the press conference over this one.


Just watched an interesting story on this on CTVNN. The business expert they talked to figured it it won't affect the Olympics because Vanoc has an agreement that is separate to the ownership issues. His take on the timing is that this basically gives them a world wide audience of potential buyers. I can certainly buy that argument so we will have to wait and see how it all plays out.

BTW: Cypress Mtn, the site of the Freestyle events, is currently a giant ball of mud with long range forecasts not offering any hope that situation will improve.

I said, probably right here on this board somewhere about a year ago, Vancouver will be known as the rain Olympics. Anyone who has lived in Vancouver knows Feb is the rainiest most miserable time of year there. Combine that with a particularly mild winter and it looks like it will also be known as the mud olympics up in the mountains.
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Re: The Olympics have been cancelled due to bankruptcy.......

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I glanced over it, and I'm pretty sure that:

- Olympics won't be affected at all.
- BC gov't won't be affect at all.
- This is just good move for the lenders to present the property to potential buyers at the best light possible.

I don't know why insinuate that BC taxpayers will be buying the resort to save the Olympics.
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Cateyes
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Re: The Olympics have been cancelled due to bankruptcy.......

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Captain Awesome wrote:I glanced over it, and I'm pretty sure that:

- Olympics won't be affected at all.
- BC gov't won't be affect at all.
- This is just good move for the lenders to present the property to potential buyers at the best light possible.

I don't know why insinuate that BC taxpayers will be buying the resort to save the Olympics.


You mean like the hundreds of people commenting under the CBC link who are insinuating that?
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Re: The Olympics have been cancelled due to bankruptcy.......

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Cateyes wrote:
Captain Awesome wrote:I glanced over it, and I'm pretty sure that:

- Olympics won't be affected at all.
- BC gov't won't be affect at all.
- This is just good move for the lenders to present the property to potential buyers at the best light possible.

I don't know why insinuate that BC taxpayers will be buying the resort to save the Olympics.


You mean like the hundreds of people commenting under the CBC link who are insinuating that?


Well, there's few sane ones. Like him:

"I'm no fan of the Olympics, but please everyone, take a Valium. VANOC has hired the locale from Intrawest. Intrawest may be sold to new owners. Both the current owners and any new ones will want to keep the revenue flowing and get the exposure of being an Olympic site. If you are looking for something that will sink the Games, this ain't it. "
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by skydawg »

Captain Awesome wrote:
Cateyes wrote:
Captain Awesome wrote:I glanced over it, and I'm pretty sure that:

- Olympics won't be affected at all.
- BC gov't won't be affect at all.
- This is just good move for the lenders to present the property to potential buyers at the best light possible.

I don't know why insinuate that BC taxpayers will be buying the resort to save the Olympics.


You mean like the hundreds of people commenting under the CBC link who are insinuating that?


Well, there's few sane ones. Like him:

"I'm no fan of the Olympics, but please everyone, take a Valium. VANOC has hired the locale from Intrawest. Intrawest may be sold to new owners. Both the current owners and any new ones will want to keep the revenue flowing and get the exposure of being an Olympic site. If you are looking for something that will sink the Games, this ain't it. "

Too Bad
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steven lloyd
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by steven lloyd »

Too bad the Olympic debt couldn't be included with the property.
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Re: The Olympics have been cancelled due to bankruptcy.......

Post by flamingfingers »

skydawg wrote:[quote'.

...snip....
wing and get the exposure of being an Olympic site. If you are looking for something that will sink the Games, this ain't it. "

Too Bad[/quote]

*bleep*??

YOU want the games to flop? If the games do not produce enough revenue to pay the bills, WE have to pay the balance. I am not a fan of the Olympics either man, but get a grip!

I hope the games are a resounding success and money just POURS in so all of us TAXPAYERS do not have an even greater debt to pay !!
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