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Vancouver buys out Olympic Village lender, takes over financing.

Jeff Lee, Vancouver Sun
Published: February 18, 2009

Vancouver city council this morning bought New York-based hedge fund Fortress Investments out of its $750 million financing deal on the troubled Olympic Athletes Village.
The deal cost the city $319 million and change, including a $4 million "prepayment fee", the equivalent of a "pack up your toys and take them with you" order.
Fortress had initially wanted $56 million to go away, and then brought it down to $19 million, according to city manager Penny Ballem. The city, using private lawyers and real estate accountants, then hammered Fortress down to the $4 million fee.

Read the rest of the Vancouver Sun story.