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Stowe Mountain Resort sold!

post #1 of 10
Thread Starter 
Here is the new owner - http://www.chartisinsurance.com/global-home_295_195026.html

I'm glad it's over. I think this is good news.
post #2 of 10
 I'm not sure I'd  call this being sold. Chartis is a rebranded chunk of AIG (a stable one as far as I know)...
post #3 of 10
Thread Starter 
Quote:
Originally Posted by spindrift View Post

 I'm not sure I'd  call this being sold. Chartis is a rebranded chunk of AIG (a stable one as far as I know)...

I'm not sure what it should be called. The stable part is nice though.
post #4 of 10
 Stable means they started fresh to take over assets and left the debts with the tax payer owned AIG?
post #5 of 10
Thread Starter 
 I really couldn't say. I never heard of this company before today. There is supposed to be an article in tomorrow's Burlington Free Press and the Stowe Reporter.
post #6 of 10
I suspect that this is not the final sale.  I would guess that the only offers have been low balls and the CEO of AIG has been quite clear lately that he is not willing to let any assets go at fire sale prices.  Besides, at the moment Chartis is 100% owned by AIG, so it's hard to call this a sale.  There are probably legal and Federal issues that require putting the resort in the Chartis legal entity.  In the long run though, it doesn't make any sense for a company like AIG or Chartis for that matter to own a ski resort.  Look for the resort to be "sold" again in a few years, this time to a real buyer.
post #7 of 10
Article in Brattleboro Reformer:

http://www.reformer.com/latestnews/ci_14138382
post #8 of 10
Thread Starter 
 My understanding is that Chartis may eventually break free of AIG and would then be taking some of the "good" assets with them. Not that I'm a financier or anything.
post #9 of 10
AIG had a gazillion divisions.  Many on there own were and are very sound businesses that make a profit.  The insurance businesses general fals into that bucket.  Then there are divisions that totally went of the deep end and lost their shirts.  The investment end of the business falls into that bucket.  It's correct that they took all the good parts and spun them off under another name so they wouldn't carry the baggage of the disgraced AIG brand.

My wife works for one of their insurance subsidiaries and had some interesting stories.  When the whole thing with the AIG bailout went down, the company sent out notices to all employees saying should not be seen walking around with any AIG logos.  Any totes bags or briefcases or windbreakers you have with AIG logo, do not were them in or out of the building.

-l2t
post #10 of 10
 LOL, no surprise.  I was a banker (investments, mutual funds, and loans), I get it....But sounds like the did take the good and move it out of AIG before getting a bail out and the tax payers will be left with only the defunct insurance and bad CD's from the mortgage fiasco as their collateral.  Shame.
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