Reports from New York confirm that talks between the two hedge fund owners, Fortress Investment Group and Davidson Kempner have reached an impasse. With Intrawest late on a $524 million debt payment, it now appears that the Canadian government may need to step in to save the 2010 Winter Olympic Games.

Not the kind of news that Olympic organizers need with just over a month before the opening ceremonies.

On April 13, Intrawest CEO Bill Jensen told reporters at the Summit Daily News that the company may be looking to sell some of its assets. This comes as no big news for those who live or own property at one of Intrawest's many resorts. We've been following the gradual demise of hedge fund owner, Fortress Investments ever since the economic collapse.

Jensen's comments correspond with Whistler Blackcomb's recent announcement that new budgetary cuts would be aimed at year-round, salaried W-B employees, with wages being rolled back to 2008 levels. [See WB freezes wages, rolls back salaries, Whistler Question, April 15, 2009]