SAM Magazine-Donnelly, Idaho, Dec. 24, 2010-Tamarack Resort owner Jean-Pierre Boespflug has proposed Green Valley Holdings as buyer of Tamarack. The Idaho-based investor group has bid $40 million for the resort. Green Valley is headed Larry Givens, an Idaho construction company owner, Matthew Hutcheson, a pension fund consultant.

Other bidders, according to the Associated Press, were Pelorus Group of Salt Lake City and JMA Ventures. JMA already owns Homewood and Alpine Meadows, Calif., and Red Lodge, Mont. Pelorus bought Tamarack's conference center last summer, and was the first to place a bid on the entire resort, back in August.

Boespflug plans to submit the Green Valley bid to U.S. bankruptcy judge Terry Myers in mid-January, the AP said. Tamarack has debts totaling more than $350 million, including $300 million to a lender group led by Credit Suisse, and Myers must approve any sale. His approval would allow other groups to submit new bids as well.

The Green Valley bid does not include two lifts financed by Bank of America or the Osprey Meadows golf course, both of which are involved in separate litigation.

While the area's long-term future remains unsettled, the Tamarack Municipal Association, a homeowners' group, is running operations this winter. An estimated 900 skiers were on hand on Monday, the area's opening day. The resort had sold 500 season's passes prior to opening. Members of the homeowners' group receive free passes in return for putting up $80,000 to help pay for the land lease and funding and managing mountain operations.

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