SAM Magazine-Donnelly, Idaho, Mar. 2, 2009-Tamarack Resort, which has been in receivership since last fall, is shutting down after the close of business on Mar. 4. The area has been operating on funds provided by the lender group that has been attempting to foreclose on the resort, and that group has agreed to provide only limited funding for the near future. That level of funding is not sufficient to continue resort operations.

The receiver, Douglas Wilson, will continue to address the necessary and essential functions to maintain the resort, such as taxes, insurance, environmental issues, safety, and maintenance.

Two weeks ago, the lender group led by Credit Suisse failed to agree with Douglas Wilson Co. on a financing plan to keep the resort open after February. At that time, a state court judge approved a temporary plan to tap a $2 million fund remaining from a $10 million loan that allowed the resort to mothball its village construction project and prepare the resort to open for the 2008-09 season.

As of mid-February, skier visits were just 27,000, hampered by a lack of marketing over the past 13 months. The area had amassed an operating deficit of $304,000 as of Jan. 23, more than double the $133,555 deficit projected two months ago by Douglas Wilson.

How long Tamarack will remain closed is not known.

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