Fortress Investment Group — at the helm of Canada’s Intrawest — may be crumbling from the credit crisis, the New York Times Business Feed said Thursday…In ‘ Fortress, the Hedge Fund, Is Crumbling’, Michael J. De La Merced comments on the company’s major downward slide in the markets Wednesday and continued downward spiral as a leading player in hedge funds and levereged buyouts.
“Fortress dodged a major setback when it managed to refinance IntraWest, the big Canadian ski resort,” writes De La Merced. “But investors worry that Fortress has taken damage from its exposure to the commercial real estate market, which is coming under severe stress. Fortress was a major lender to Harry Macklowe, the real estate mogul, who had to sell off trophy properties like the General Motors Building in Manhattan to pay back his creditors.”
Read the article in its entirety at: www.blueridgenow.com/article/20081204/ZNYT01/812043017/1170?Title=Fortress__the_Hedge_Fund__Is_Crumbling
