AIG sells Stowe Mountain Resort- to itself. yep, that's selling your non core

[cali]

investments.

After months of speculation about who would become the new owner of Stowe Mountain Resort, longtime owner American International Group Inc., announced today it has transferred the iconic resort re-branded division of its own, dubbed Chartis.

“We are pleased to announce that Chartis has acquired ownership of Stowe Mountain Resort from AIG effective immediately,” Chartis said in statement released by a Stowe spokesman this evening after resort employees were notified of the change.

Chartis said the transaction is “beneficial to the resort’s employees and the Stowe community at large as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.”. No value of the transaction was disclosed.

AIG, at the epicenter of the financial collapse of late 2008, owns Mount Mansfield Ski Co., the entity that operates Stowe Mountain Resort. The federal government funneled billions to AIG to keep the economy from spiraling downward, giving taxpayers 80 percent of the company. In late 2008, the reeling company announced all but AIG’s core business would be sold to repay the government.

The resort was not sold to a third party, however. AIG transferred Stowe — complete with a lavish new lodge, two golf courses and extensive ski operations — to Chartis Inc. Chartis is, in effect, a re-branded version of AIG’s property-casualty and general insurance businesses.

Chartis was launched in July with a top AIG executive as CEO and is based in New York City.

The transfer of the ownership to Chartis will have “very little, no impact at all” for the roughly 1,500 employees that work at the resort during the winter, Stowe spokesman Michael Colbourn said by phone this evening.

<snip>

http://www.burlingtonfreepress.com/article/20100106/NEWS02/100106031/1007/AIG-transfers-Stowe-to-spinoff-division

[midnight]

1. This is why they say the rich get richer, and the poor get poorer.

[Xipe Totec]

6. This is distribution of wealth, from left pocket to right pocket n/t

[Solly Mack]

2. I certainly hope they gave themselves a good deal.

[Prometheus Bound]

3. 80% taxpayer owned before the sale. Privately owned aftet the sale.

Did taxpayers get anything out of the deal?

Or did I miss something?

[cali]

4. they got something:

they got fucked.

[Turbineguy]

5. Now they can take

big bonuses for the sale as well as the clever way they invested.

Where is Madam LaFarge when we need her?

[cali]

7. I'm the last person to endorse that kind of solution but

AIG is stomach churning. They just built the most enormous, ostentatious, hideous "lodge" right at the mountain with, no doubt, our tax dollars.

[Atman]

8. It's a beautiful lodge, one of the nicest I've seen

Ironically, one of the finest ski areas in the east had only a couple of small, relatively rustic lodges up until the new Spruce Peak lodge. Well designed, convenient and none of the things you said. It is big, but Stowe is not just a world-class resort, it is a town and the new lodge area makes the place even nicer. That said, I'm not "defending" AIG or anything. Most people, me included, knew nothing of AIG's involvement in Stowe before their almost-collapse. Stowe is a great ski and snowboard area, and as long as I own part of it, I'll continue to enjoy it. But I NEVER EVER pay full price for a lift ticket!

BTW, the new Spruce Peak area has been under construction for years and opened just before the collapse.

[cali]

9. There were many places to stay right on or just off the mountain road

prior to the new lodge. I don't agree with you on its aesthetics, but each to their own. Stowe is a great area (started ironically by FDR's CCC) I rarely ski there anymore. I prefer the funkiness of Smuggs, Burke and the great skiing at Jay Peak.

[Atman]

10. Jay Peak is the best, Burke is awesome.

But Stowe actually designed a lodge with the customer's needs in mind: it's at ground level, no stairs to climb in big-ass boots; automatic doors, with bathrooms right at the entrance instead of across the building and down in the basement like most lodges. BTW, Jay is undergoing some pretty massive expansion of its own. Stowe's new lodge is on par with the finest resorts out west. May not be rustic like Burke, but Stowe isn't trying to be rustic, it's trying to be a world-class vacation resort. May not be your cup of tea, but mountain is still damned fun!

[cali]

11. I love Burke. It's a real duct tape place.

love the views of the Willoughby Gap too. And Jay, well Jay just has so much more snow.

[ashling]

12. In further news, AIG is m oving Stowe Mountain to Monte Carlo

for the next AIG agent/client appreciation/bonus retreat.

:rofl:

I just made that up