SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[WhipperSnapper]

Originally Posted by Wolf13

Some would say that financial loss is a greater loss than whatever emotional coddling the SJW's are fighting for, ergo deserving of coverage.

Really? Have you read their articles or the many about Fortress and its various histories?


1. Correct, nothing appears criminal. However, unless I'm wrong (and I could be) the use of syndicated mortgages, while not exclusive to fortress, is not that common. Consider the other major projects going up... TNS has its own money, strategic partnerships and billionaire backings. Artis has its own money, and raises money publically if needed.

2. It doesn't need to be criminal to be highly questionable. You mention the "founders" of Fortress as if they're not the current active leaders of the company; they are. If this fails, their previous actions are ABSOLUTELY something to lean on. If I'm buying a car and Mercedes seems to have frequent brake problems.... not all, the odd model... Then I'm not buying a Mercedes and it's absolutely not my problem and entirely theirs. If I'm VW and I claim to be clean diesel and it turns out I'm not, I can be prepared for future buyer caution, even if VW starts manufacturing boats.

Fortress has in the past been financially shielded when a project went south.

3. Don't get me wrong. I absolutely want this project to go ahead, and I can guarantee you that the major players in real estate in Winnipeg do too... it's only a good marker for our market and brings people downtown! My only gripe sometimes is the ignorance to facts sometimes shown by some fans of this project. I too am a fan, but I won't deny the past.

4. For all its past "bad apples", Fortess has 100 good ones. They are capable.




1. You make a good point. Many don't understand the risk developers take on.
2. You forget a bigger point. In syndicated mortgages, investors are sometimes less protected, and certainly more ignorant to the goings on in the project than the developer. Ignorance costs money, and while it IS the investors sole responsibility, I don't fault CBC for alleviating some potential ignorance.
3. It's more important for people, especially investors, to be informed than for us to have another tower downtown.
4. Ironically, the CBC is a very biased and dopey purveyor of "information" often prone to being a political lapdog.

There's a lot more happening outside of Winnipeg. I already stated I wouldn't invest in a syndicated mortgage, ETFs, etc. Highly questionable doesn't make it criminal. If the CBC wishes to bring this to light than all be. I just don't understand how lazy people are with their money nowadays. It's so easy to look things up. Of course it reflects badly on Fortress should this project fail but, that's hardly proof of criminal intentions. Projects fail all the time with all sorts of financing formulas and people lose money. You think a REIT like Artis isn't high risk either in our bubble economy?

Fortress is acting developer for this one. They certainly have a lot more to lose than just a provider of debt financing.