[quote=“MiG”] How much of a “write down” in value did Citywest take thanks to the whole “we asked around and don’t think anybody wants digital mobile services” fiasco? I’ll bet that’s in the same neighborhood as the cost of the new building.
The write-down you’re referring to was $20 million, which is in the neighbourhood of the cost of the new building. It was presented as ‘no problem because it’s money we owe ourselves’, but the write down reflected that Citywest is a depreciating asset, in part because its cell assets became outdated and worthless. Essentially the mayor and council conceded that if the company was sold or broken up it would be worth about half as much as previously estimated.