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http://www.ktvb.com/news/localnews/stories/ktvbn-may1909-tamarack_buyer.1c389a7a.html
hopefully it all works out
to tell you all the truth. i dont really give a fuck if Tamarack opens again or not. id rather go shred Brundage or Bogus any day.
although i cant lie, wheni do wanna hit park Tamarack is verrrry nice
hahahahaha smack that taste of your mouth for that. he was helpin them. Bouseflug was the nicest dude i have ever met. there whole family is dope.
god im soooo sick of bull shit rumors just let tamarack do it thing and stop with all the gay rumors
Credit Suisse attorney Elizabeth Walker told 4th District Judge Patrick Owen that the lender group would hold off until next Friday, and that they OK'd $104,000 to maintain the golf and ski resort through the week.
"The current group of lenders are not in position to fund beyond June 5," Walker said. Future funding needs to be found by June 6 or the operation will return to the owners, led by Jean Pierre Boespflug, Walker said. The owners would then have to find a way to pay off the debts or lose the resort in foreclosure or bankruptcy.
A half dozen buyers have surfaced, said Steve Milliman, an attorney for Tamarack.
He told the judge that Tamarack had forwarded one offer to Credit Suisse's lawyer.
"It sounds as though we've managed to cobble it together through the weekend," Owen said.
yup the judge gave one more week.......................... the plot thickens.............................
haha i hate that my parents work there my mom works with all the money and stuff and the whole thing is a mess but if something happens i always hear it from my parents cuz they work with jp....kinda but yup im totaly of the tam situation haha
Once again, Tamarack Resort’s lenders are balking at providing more money for the court-appointed receiver who is maintaining the shuttered resort.
Lenders have been doling out money to the receiver for a week or two at a time since an approved budget of $11.7 million was exhausted at the end of April.
The current appropriation runs out Monday.
Lawyers for the receiver, Douglas Wilson, and the lenders, headed by Credit Suisse, told Fourth District Judge Patrick Owen in Boise on Thursday that negotiations were stuck on at least two issues.
Wilson’s attorney, Douglas Pahl, said the lenders “declined to pay” a $160,000 property tax bill that is soon coming due or $35,000 payment for a general liability insurance policy, due next Monday, June 15. Credit Suisse attorney Elizabeth Walker said there were more sticking points in the negotiations but did not elaborate.
With interest and other charges, the amount owed lenders has risen to more than $300 million. Tamarack Resort's owners and creditors have spent weeks in mediation, discussing the potential sale of the closed resort, anticipating possible bids and negotiating what kind of deal each side would accept. Owen gave the two sides an additional day to resolve their differences, and he scheduled another hearing for Friday.
If a budget for the receiver isn’t in place before money runs out Monday, the court could begin transferring control of the property back to the owners, including principal owner Jean Pierre Boespflug. Boespflug has said he is looking for new investors, and if he finds willing partners he could continue to operate the resort.
If he fails, he would have to negotiate a sale or file for bankruptcy to seek protection from Credit Suisse and other creditors. That's because the end of the receivership would clear the way for Credit Suisse to foreclose.
The saga continues. Looks like the receivers will be running the resort through at least June 21. Boespflug expects a letter of intent from one of the possible buyers by the end of June.
Tamarack's receiver kept in charge of running the resort
http://www.idahostatesman.com/BUSINESS/story/800883.html
Tamarack Resort’s lenders are apparently prepared to keep funding a court appointed receiver week to week, but their willingness and money may run out soon.
Credit Suisse attorney Elizabeth Walker told Fourth District Judge Patrick Owen on Friday that lenders would allow receiver Douglas Wilson to use previously allocated but unused loans to continue maintaining the resort another week, through June 21, and to pay a monthly liability-insurance premium of $35,000.
But a $160,000 property tax bill won’t be paid, said the receiver’s lawyer, Douglas Pahl.
The resort will accrue interest and penalties of 3 percent until the bill is paid, Pahl said.
Tamarack owes the Credit Suisse-led group of lenders more than $300 million.
There may not be much money left, according to a source familiar with the situation. He believes loans from the resort’s lenders, about $12 million since the receiver was appointed in October, will run out by the end of the month, and that lenders won’t be willing to extend more credit to keep the receiver afloat. If the receivership is dissolved, control of the resort will be returned to the owners, led by Jean Pierre Boespflug and Miguel Afif.
Boespflug told the Statesman that if that happened, bankruptcy was not an option and the property would likely sit idle until the foreclosure process played out sometime next year. A foreclosure hearing is scheduled for March.
Boespflug said negotiations with potential saviors are under way.
“We have three strong buyers,” he said. “I am confident we will have a binding letter of intent from one of them by the end of June.”
i say, we just let Tamarack die. and take the lifts and everything to a better steeper mtn.
2 cents
NewsChannel 7 talked with Jean-Pierre Boespflug about his resort's future. What we know for certain is that something will happen in the very near future -- and what we are hearing from those closest to the situation, Jean-Pierre and others, is that a sale is imminent.
When the resort collapsed under the weight of its own debt last fall, a receiver was put in place to run day-to-day operations -- that's an independent manager appointed by the judge. Since then, the lenders have been funding that position and covering other costs. With more than $12 million spent since last October, they're now saying enough is enough.
Last week, they agreed to keep the receiver in place through this weekend -- June 21st. If they pull the plug after that, the resort would revert back to its original owners, Jean Pierre and Alfredo Miguel, the people who were unable to repay the debt in the first place.
But another scenario has many people feeling hopeful. J-P and others say there are three serious offers on the table. "I know this is painful for many people in Idaho and I very much hope that we see a resolution soon. In any case, we've never been as close as we are right now," said Boespflug.
Last month, during formal mediation, the resort and the lenders agreed on a sales price. That number is only being revealed to serious buyers who sign a non-disclosure agreement. Those behind the scenes say negotiations are in high gear and could result in a deal within the next week or so.
Tamarack Resort shut down the first week of March. It ended its ski season early and never opened its golf course. While visitors can still rent accommodations at the resort, there are no amenities available to them or to the many homeowners who invested in the resort.
There's good news and bad news. The good news is that a judge will not make a decision over whether or not to allow Bank of America to remove the Wildwood and Buttercup chairlifts at the resort until after a July 16 hearing in Boise. The bad news is that he will likely let the lifts be removed if Credit Suisse refuses to keep funding the receivers. Which seems likely at this point. If the lifts are removed it would mean less value to a possible sale -- and it could mean some possible buyers would no longer be interested. It's beginning to look bleak for a reopening in time for next season.
Judge: Tamarack lifts, snowplow stay put for now
http://www.seattlepi.com/local/6420ap_id_tamarack_lift_repo.html?source=mypi
BOISE, Idaho -- An Idaho judge on Thursday refused to let Bank of America Corp. repossess two ski lifts from Tamarack Resort, providing at least a brief reprieve for owners trying to keep the failed central Idaho vacation getaway intact for a possible buyer.
Fourth District Court Judge Michael McLaughlin in Boise said letting the Charlotte, N.C.-based bank's leasing unit dismantle lifts and seize a snow plow and other equipment could conflict with a separate Idaho lawsuit. In that case, Zurich-based Credit Suisse Group aims to recoup $300 million from a construction loan Tamarack also failed to repay.
McLaughlin will wait until after a July 16 hearing in Boise on possibly combining the two cases before weighing in on Bank of America Leasing & Capital LLC's demand for the lifts. He also wants to see how talks unfold with new investors - and if Credit Suisse, as is expected, soon ends payments to a court-appointed receiver that's run Tamarack since 2008.
"If the receivership has come to an end, I'm fully prepared to allow Bank of America to proceed forward," McLaughlin said.
The fight over lifts is the latest chapter in Tamarack's declining fortunes.
It opened in 2004 about 90 miles north of Boise to much hype, but since early 2008 has been mired in deepening financial misery. The construction loan ran out before buildings were done, lenders balked at new funding and the vacation real-estate market collapsed. Tamarack mothballed operations in March after millions in losses and after Credit Suisse squeezed funding for the receiver.
The ski lift battle is another reminder of failed resort expansion across the West.
Losers have been those who bought real estate, dozens of unpaid construction contractors and insurance companies and hedge funds that snapped up more than $2.5 billion in syndicated loans arranged by Credit Suisse for places like Tamarack, Montana's Yellowstone Club and Nevada's sprawling Lake Las Vegas development that soured.
The biggest winners? Lawyers who are earning hundreds of thousands in fees sorting out the ensuing mess. One of them, Richard Boardman, an attorney for the court-appointed receiver, San Diego-based Douglas Wilson Co., told McLaughlin Thursday that letting Bank of America tear out lifts now could scare off investors being wooed for a financial rescue.
"I can give you plenty of examples of what could happen if this court were ever to order the possession of these ski lifts that are so integral to the operation of Tamarack Resort - what would happen if those lifts were suddenly allowed to be sold and were gone," Boardman said, adding bankers should be patient for a possible sale.
"If some of the interest that we understand has been expressed - very serious interest - in third parties coming in and providing the financing of this resort, perhaps Bank of America is back in line to get those lease payments," he said.
Bank of America wants Tamarack's Wildwood and Buttercup lifts, as well as a snow plow, shuttle bus and Mack truck, after missed lease payments since February.
Its lawyers also argue majority owners Jean-Pierre Boespflug, Alfredo Miguel, Richard Getty and Jerry Barnett should be held personally responsible for more than $4.3 million in lost value for the lifts, snow plow and other equipment.
Bank of America lawyer Brad Goergen told McLaughlin Thursday that talk of new investors was just that - talk - and said his client shouldn't be forced to "sit idly by" and wait for a white knight who may never materialize.
For instance, nothing came of efforts in 2008 to entice HDG Mansur Group LLC or Societe Generale, a French bank that balked at a $118 million construction loan, to save Tamarack.
"Until there's a binding enforceable sale agreement on the table, that's kind of an illusory problem," Goergen said. "It exists in theory but not in actuality. Until there's such an agreement in place, Bank of America Leasing shouldn't be required to sit by and not receive payment."
