The word from friends in VT
>Selling SMR nets AIG little. Keeping it provides a place of retreat
>for beleaguered company execs, as it has been since roughly 1946.
Bingo. Stowe and AIG will be together for a long time.
There was a good article on this in the Stowe Reporter recently. Here are a
couple paragraphs pertaining to the discussion (Wesley knows his stuff):
"Stowe Mountain Resort is so tiny in the AIG galaxy - a footnote that
doesn't even appear in the company's annual report - that Greenberg's
interest, let alone his call, hearken to Stowe's early days, when insurance
titan C.V. Starr ran the local ski company as a personal passion and hobby....."
"Stowe's status as the Ski Capital of the East was the vision of Cornelius
Vander Starr, who started and ran C.V. Starr & Co. Inc., a global investment
firm founded in China in 1919. Its roots were in the development of
insurance agencies and insurance companies. In 1970, C. V. Starr sold the
bulk of its assets (including Stowe Mountain Resort) to AIG, an even bigger
insurance company that operates worldwide. Hank Greenberg, Starr's
successor, built AIG into a huge powerhouse. But more importantly, like
Starr, Greenberg loved Stowe and made this his second home."
Whole article: http://tinyurl.com/55qj5l