Tamarack Potential Buyer?
- Thread starter GreenHorn
- Start date
selkirks
Active member
This is posted in the other thread, but let's keep this one going as well so that we have a good timeline to work with.
Confirmation of Attempted Reopening:
Tamarack homeowners seek to reopen ski resort
http://www.fox12idaho.com/Global/story.asp?S=11214088
BOISE, Idaho (AP) - Homeowners with properties near the shuttered Tamarack Resort north of Boise are taking legal steps in hopes of reviving the resort's ski operation this winter.
The ski resort closed in March because of financial problems.
Tamarack homeowner Bill Ciraco told The Associated Press he and other homeowners filed court papers last week saying they've gotten funding from a Mexican real estate investment company to help reopen the ski resort.
The homeowners want the resort to resume operations, to maintain the value of their own investments as well as help lure an eventual investor they hope will rescue Tamarack.
Tamarack opened in 2004 about 90 miles north of Boise at the apex of the real-estate bubble, but has been struggling to stay alive since it began missing payments on a $250 million syndicated loan arranged by Zurich-based Credit Suisse Group.
The golf course reopened this summer.
Confirmation of Attempted Reopening:
Tamarack homeowners seek to reopen ski resort
http://www.fox12idaho.com/Global/story.asp?S=11214088
BOISE, Idaho (AP) - Homeowners with properties near the shuttered Tamarack Resort north of Boise are taking legal steps in hopes of reviving the resort's ski operation this winter.
The ski resort closed in March because of financial problems.
Tamarack homeowner Bill Ciraco told The Associated Press he and other homeowners filed court papers last week saying they've gotten funding from a Mexican real estate investment company to help reopen the ski resort.
The homeowners want the resort to resume operations, to maintain the value of their own investments as well as help lure an eventual investor they hope will rescue Tamarack.
Tamarack opened in 2004 about 90 miles north of Boise at the apex of the real-estate bubble, but has been struggling to stay alive since it began missing payments on a $250 million syndicated loan arranged by Zurich-based Credit Suisse Group.
The golf course reopened this summer.
selkirks
Active member
Great news: the homeowner group will intervene in the lawsuit. It's still a longshot, but this brings us closer to limited operations in 2009-10.
Judge: Tamarack group can intervene in lawsuit
http://www.google.com/hostednews/ap/article/ALeqM5gnFFXT6bLCRxLNVb8ROHoTTfyKRgD9BPFIQO0
BOISE, Idaho — A judge will let Tamarack Resort homeowners intervene in a foreclosure lawsuit against the failed Idaho vacation getaway but refused to endorse their plan to use a Mexican real-estate lender's cash to save the ski season.
In his decision Tuesday, 4th District Court Judge Patrick Owen wrote he'll allow nine homeowners in the West Mountain Preservation Management Association to make their arguments, despite his "concerns that this is not a proper case for intervention."
The group wants to tap a $7.9 million loan from Mexico-based Inmobiliaria Las Fuentes, S.A. de C.V. to hire a new receiver to reopen the resort.
Zurich-based Credit Suisse Group and others owed more than $300 million by Tamarack after it defaulted on a construction loan are fighting the plan, on grounds the Mexican firm has made being repaid before existing creditors a condition of the deal. Inmobiliaria Las Fuentes also demands a new deed of trust for 80 acres of platted resort property.
"The decision to permit intervention by this court is not intended to express, and does not express, any view that the court will appoint a receiver as requested," Owen wrote.
Owen didn't say when he plans to hear arguments.
He'll likely have to act soon, however, if for no other reason than winter is fast descending on central Idaho; other ski areas in the mountainous region aim to open in less than a month. Tamarack is about 90 miles north of Boise.
If Tamarack misses the 2009-2010 ski season, homeowners who bought property at the height of the vacation real-estate bubble are fearful the resort will be pushed ever closer to being dismantled and sold off at salvage prices. More than 100 people or organizations have written in support of the group's plan to reopen Tamarack, including the Idaho Department of Commerce and local businesses that have suffered since Tamarack closed down last March.
Bill Ciraco, a member of the homeowner group, says Tamarack must be reopened, at least on a limited basis, to preserve assets for a potential new investor and to bolster the value of adjacent properties like his own that have taken a beating amid uncertainty over the resort's future.
"We look forward to coming back and presenting our case as to why we believe the appointment of the receiver is necessary and critical at this point in time," said Ciraco, a New York City trader. "We believe without a receiver in place to protect, preserve, maintain and operate the assets at Tamarack, that irreparable financial damage will occur."
Owen has said he's sympathetic to homeowners' plight, but the judge's order this week indicates he thinks their proposal may be a longshot.
The homeowner group "asserts that it has an interest in making sure the resort will reopen for winter operations, regardless of whether that is something that Tamarack or Credit Suisse is willing or able to accomplish," the judge wrote. "The court has doubts that intervention for this purpose is appropriate."
Duncan King, a Credit Suisse spokesman in New York, didn't respond to a request for comment.
Before the resort was shuttered earlier this year by a previous receiver, Credit Suisse said it was producing losses far beyond the bank's expectations as many vacationers stayed away. In his order on Tuesday, Owen said the new proposal anticipates little change.
"As the court understands the proposal, the resort would not operate at a profit," he wrote. "In fact, it is projected that operations...would continue to generate significant losses."
Judge: Tamarack group can intervene in lawsuit
http://www.google.com/hostednews/ap/article/ALeqM5gnFFXT6bLCRxLNVb8ROHoTTfyKRgD9BPFIQO0
BOISE, Idaho — A judge will let Tamarack Resort homeowners intervene in a foreclosure lawsuit against the failed Idaho vacation getaway but refused to endorse their plan to use a Mexican real-estate lender's cash to save the ski season.
In his decision Tuesday, 4th District Court Judge Patrick Owen wrote he'll allow nine homeowners in the West Mountain Preservation Management Association to make their arguments, despite his "concerns that this is not a proper case for intervention."
The group wants to tap a $7.9 million loan from Mexico-based Inmobiliaria Las Fuentes, S.A. de C.V. to hire a new receiver to reopen the resort.
Zurich-based Credit Suisse Group and others owed more than $300 million by Tamarack after it defaulted on a construction loan are fighting the plan, on grounds the Mexican firm has made being repaid before existing creditors a condition of the deal. Inmobiliaria Las Fuentes also demands a new deed of trust for 80 acres of platted resort property.
"The decision to permit intervention by this court is not intended to express, and does not express, any view that the court will appoint a receiver as requested," Owen wrote.
Owen didn't say when he plans to hear arguments.
He'll likely have to act soon, however, if for no other reason than winter is fast descending on central Idaho; other ski areas in the mountainous region aim to open in less than a month. Tamarack is about 90 miles north of Boise.
If Tamarack misses the 2009-2010 ski season, homeowners who bought property at the height of the vacation real-estate bubble are fearful the resort will be pushed ever closer to being dismantled and sold off at salvage prices. More than 100 people or organizations have written in support of the group's plan to reopen Tamarack, including the Idaho Department of Commerce and local businesses that have suffered since Tamarack closed down last March.
Bill Ciraco, a member of the homeowner group, says Tamarack must be reopened, at least on a limited basis, to preserve assets for a potential new investor and to bolster the value of adjacent properties like his own that have taken a beating amid uncertainty over the resort's future.
"We look forward to coming back and presenting our case as to why we believe the appointment of the receiver is necessary and critical at this point in time," said Ciraco, a New York City trader. "We believe without a receiver in place to protect, preserve, maintain and operate the assets at Tamarack, that irreparable financial damage will occur."
Owen has said he's sympathetic to homeowners' plight, but the judge's order this week indicates he thinks their proposal may be a longshot.
The homeowner group "asserts that it has an interest in making sure the resort will reopen for winter operations, regardless of whether that is something that Tamarack or Credit Suisse is willing or able to accomplish," the judge wrote. "The court has doubts that intervention for this purpose is appropriate."
Duncan King, a Credit Suisse spokesman in New York, didn't respond to a request for comment.
Before the resort was shuttered earlier this year by a previous receiver, Credit Suisse said it was producing losses far beyond the bank's expectations as many vacationers stayed away. In his order on Tuesday, Owen said the new proposal anticipates little change.
"As the court understands the proposal, the resort would not operate at a profit," he wrote. "In fact, it is projected that operations...would continue to generate significant losses."
selkirks
Active member
I'm not surprised. Schweitzer up here in North Idaho barely breaks even on the skiing side. The only way they make money is through selling real estate; and right now, well, obviously that's not going to work.
I think if they dramatically scaled back operations to a limited schedule (Thursday-Monday) and made other cost-saving measures, there is a good chance they could break even at least. But it would be a different mountain. Probably less grooming, less of a park, fewer employees, etc. It's the only way. Otherwise I think Tamarack is gone for good until a new owner comes along.
I think if they dramatically scaled back operations to a limited schedule (Thursday-Monday) and made other cost-saving measures, there is a good chance they could break even at least. But it would be a different mountain. Probably less grooming, less of a park, fewer employees, etc. It's the only way. Otherwise I think Tamarack is gone for good until a new owner comes along.
KRAMPUSNTROLLZ
Active member
agreed, it nice when its there but life goes on without it