Wrangling Continues Over Tamarack Resort

News Search

Push to The Latest: No

SAM Magazine-Boise, Idaho, Nov. 4, 2010-With winter fast approaching, Tamarack Resort's status remains as fluid as ever. In a bankruptcy court filing, Credit Suisse has declared that liquidation of Tamarack Resort is the best way to recoup as much of the $300 million owed to the resort's lender group as possible, and has asked bankruptcy judge Terry Myers to begin the process. Tamarack founder J.P. Boespflug responded by saying he will fight the bank's motion, and the homeowners' group that has been trying to get the resort open this season continues to forge ahead with its plans.

Credit Suisse's latest motion follows it proposal last month to provide a $2 million loan to facilitate a sale of the resort. However, judge Myers rejected that plan, saying that the terms of the loan set up Tamarack for more failure.

Myers has scheduled hearings on the latest motion in Boise for Dec. 6 and Dec. 7. Boespflug said he will argue that the resort will bring a higher price it remains intact, rather than having its assets sold piecemeal.

Meanwhile, the Tamarack Municipal Association (TMA) still hopes to launch the ski season Dec. 20. TMA executive director Tim Flaherty remains optimistic that some accommodation will be worked out.

Nearly 200 skiers have purchased provisional seasons passes, he said, even as the legal wrangling has captured headlines. "Clearly, the legal positioning of stakeholders involved in bankruptcy court over Tamarack Resort hasn't affected the great enthusiasm of skiers to come back to Tamarack and play," he said.

TMA is involved in discussions with Credit Suisse, the resort owners, and other stakeholders to craft a solution acceptable to Idaho officials to continue the more than 2,000-acre land lease upon which Tamarack's ski runs are situated, Flaherty said. TMA has offered a payment from 2010-11 resort operations revenues to fund the land lease. The group will also need approval from the judge, as the resort's key facilities are collateral in the bankruptcy.