Fortress Investment Group LLC, the investment group that owns Whistler Blackcomb has had its stock slide 96 percent since it went public in February of 2007, according to a story on Bloomberg.com, and now things are looking even worse.
“The more I’ve learned about Fortress, the less comfortable I’ve become,” says Jackson Turner, who follows the company at New York-based Argus Research Co. “There’s just this drip, drip, drip of bad news.” He recommends selling the shares. Only one of nine Fortress analysts tracked by Bloomberg rates them a buy. . . . Fortress is a prime example of what happens when the secretive world of hedge funds collides with the public disclosure required of listed companies. Two years after its initial public offering, Fortress remains a tangled web of subsidiaries and partnerships that analyst Turner says is anything but transparent.
Good luck with the coming Winter Olympics, huh?
[Link: Bloomberg.com]
