GreenHorn
Active member
http://www.ktvb.com/news/localnews/stories/ktvbn-may1909-tamarack_buyer.1c389a7a.html
hopefully it all works out
hopefully it all works out
Tamarack Potential Buyer?
- Thread starter GreenHorn
- Start date
*davidallen*
Member
that's sweet!! didn't sound that hopeful but you never know
spliff.Life
Active member
yeah dont be talkin shit on people you dont even know you dont deserve to ski for sayin that
conman2800
Member
god im soooo sick of bull shit rumors just let tamarack do it thing and stop with all the gay rumors
selkirks
Active member
Naw, I'm not hating on him at all. But it's not a great idea to put all your trust in a rumors when he doesn't technically have control of the place. The whole thing is so convoluted. But apparently there's now six potential serious buyers:
http://www.idahostatesman.com/business/story/786306.html
Lenders give Tamarack another week
Several buyers are interested in getting the resort at a discount.
removed story sidebar from here
BY BRAD TALBUTT - btalbutt@idahostatesman.com
Published: 05/30/09
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With only a day left
before time and money run out, Tamarack's lenders told a judge that
they won't foreclose on the property. Yet.
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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.
http://www.idahostatesman.com/business/story/786306.html
Lenders give Tamarack another week
Several buyers are interested in getting the resort at a discount.
removed story sidebar from here
BY BRAD TALBUTT - btalbutt@idahostatesman.com
Published: 05/30/09
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With only a day left
before time and money run out, Tamarack's lenders told a judge that
they won't foreclose on the property. Yet.
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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.
conman2800
Member
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
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
selkirks
Active member
http://www.localnews8.com/Global/story.asp?S=10475016&nav=menu554_1_1
Funding for the receivers has been assured for another two weeks.
http://www.idahostatesman.com/BUSINESS/story/791165.html
The judge has decided to resume a hearing on June 11.
Although it's too early to jump to conclusions, this paragraph in the second article was pretty interesting. Some high-profile companies (that have previously invested in ski resorts/companies) are preparing bids for Tamarack Resort:
"Sources have told the Idaho Statesman that potential buyers include two
East Coast capital investment firms, Starwood Capital of Greenwich,
Conn., and Apollo Investments of New York. Tamarack's co-owner, Mexican
businesssman Alfredo Miguel Afif, is also reportedly preparing a bid,
as are minority owners Jerry Barnett and Richard Getty, who have
invested in the Blackhawk development 12 miles north of the resort."
That's interesting because:
Starwood Capital bought the majority stake in Mammoth Mountain, CA in 2005 for $365 million.
Apollo Investments owns AMC Entertainment, Harrah's, Norwegian Cruise Line, and Coldwell Banker/Century 21 Realty. Apollo also owned/invested in Vail Resorts in the 1990s. Their ownership really molded Vail Associates into the company that it is today.
Funding for the receivers has been assured for another two weeks.
http://www.idahostatesman.com/BUSINESS/story/791165.html
The judge has decided to resume a hearing on June 11.
Although it's too early to jump to conclusions, this paragraph in the second article was pretty interesting. Some high-profile companies (that have previously invested in ski resorts/companies) are preparing bids for Tamarack Resort:
"Sources have told the Idaho Statesman that potential buyers include two
East Coast capital investment firms, Starwood Capital of Greenwich,
Conn., and Apollo Investments of New York. Tamarack's co-owner, Mexican
businesssman Alfredo Miguel Afif, is also reportedly preparing a bid,
as are minority owners Jerry Barnett and Richard Getty, who have
invested in the Blackhawk development 12 miles north of the resort."
That's interesting because:
Starwood Capital bought the majority stake in Mammoth Mountain, CA in 2005 for $365 million.
Apollo Investments owns AMC Entertainment, Harrah's, Norwegian Cruise Line, and Coldwell Banker/Century 21 Realty. Apollo also owned/invested in Vail Resorts in the 1990s. Their ownership really molded Vail Associates into the company that it is today.
selkirks
Active member
The hearing and negotiations resumed today, June 11, between the owners, the lenders and the receivers. Not much new information yet, but the hearing will resume again tomorrow, June 12.
Tamarack Resort's fate not yet settled, lawyers tell judge
http://www.idahostatesman.com/business/story/799206.html
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.
Tamarack Resort's fate not yet settled, lawyers tell judge
http://www.idahostatesman.com/business/story/799206.html
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.
selkirks
Active member
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.”
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.”
selkirks
Active member
It looks like a deal could be very close at Tamarack Resort. J-P and others have said that a deal could be possible within the next week or so. Does this mean Tamarack could reopen for skiing by 2009-10?
Owner says Tamarack Resort could be sold soon
http://www.ktvb.com/news/business/stories/ktvbn-jun1609-tamarack_resort.89083444.html
BOISE --
Troubled Tamarack Resort could be getting a new lease on life -- the
resort's owner says serious offers are on the table. 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.
Owner says Tamarack Resort could be sold soon
http://www.ktvb.com/news/business/stories/ktvbn-jun1609-tamarack_resort.89083444.html
BOISE --
Troubled Tamarack Resort could be getting a new lease on life -- the
resort's owner says serious offers are on the table. 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.
selkirks
Active member
Swiss bank aims to end Tamarack funding by July 2
Associated Press - June 18, 2009 8:04 PM ET
BOISE, Idaho (AP) - Lenders led by Credit Suisse Group aim to end funding for the court-appointed receiver running beleaguered Tamarack Resort by July 2.
Fourth District Court Judge Patrick Owen on Thursday approved what could be the last budget funded by lenders who are owed more than $300 million by Tamarack.
Their latest $205,000 infusion would preserve the golf course and unfinished Village Plaza at least through early next month.
Meanwhile, Steve Millemann, a lawyer for Tamarack's majority owner, Jean-Pierre Boespflug, said it's still his goal to secure money from new investors to prop up Tamarack's finances by the end of June.
What's more, lawyers for the receiver, California-based Douglas Wilson Co., are squabbling with Credit Suisse over attorney's fees, which topped $5,000 per week in June.
---
Looks like the resort will be funded through a receiver while Boespflug and other parties continue negotiations with potential buyers.
Associated Press - June 18, 2009 8:04 PM ET
BOISE, Idaho (AP) - Lenders led by Credit Suisse Group aim to end funding for the court-appointed receiver running beleaguered Tamarack Resort by July 2.
Fourth District Court Judge Patrick Owen on Thursday approved what could be the last budget funded by lenders who are owed more than $300 million by Tamarack.
Their latest $205,000 infusion would preserve the golf course and unfinished Village Plaza at least through early next month.
Meanwhile, Steve Millemann, a lawyer for Tamarack's majority owner, Jean-Pierre Boespflug, said it's still his goal to secure money from new investors to prop up Tamarack's finances by the end of June.
What's more, lawyers for the receiver, California-based Douglas Wilson Co., are squabbling with Credit Suisse over attorney's fees, which topped $5,000 per week in June.
---
Looks like the resort will be funded through a receiver while Boespflug and other parties continue negotiations with potential buyers.
selkirks
Active member
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."
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."
selkirks
Active member
Tamarack Resort Reverts to Owners' Control
http://www.idahostatesman.com/business/story/826805.html
Credit Suisse Group told a state judge that it's ending funding for the court-appointed receiver running Tamarack Resort. That means operational control of the Valley County real-estate development, ski area and golf course will revert to its owners Wednesday. The resort still owes a lender group led by Credit Suisse $300 million for a construction loan.
Jean-Pierre Boespflug, the majority owner, said Tuesday that he doesn't plan to inject additional money and says he now fears the degradation of facilities if nobody provides new funding for preservation efforts. Boespflug says he's optimistic a new investor will be found.
Douglas Wilson, the San Diego, Calif.-based receiver, is also concerned about Tamarack upkeep after Wednesday. Wilson said after a 4th District Court hearing in Boise, "We stretched the dollars as far as we could responsibly, but at this point, the tank is out of gas."
Tamarack 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.
In a separate lawsuit, Bank of America Corp. seeks to repossess the Wildwood and Buttercup ski lifts because of missed lease payments.
Osprey Meadows Golf Course is Reopening Saturday
http://www.idahostatesman.com/sports/story/842475.html
The public course at Tamarack Resort, ranked No. 3 in the state by Golf Digest, is re-opening under new management.
Raven Golf Services, a partnership between BanBury Golf Club operators Jerry Breaux and Clint Travis, has reached a one-season agreement with West Mountain, which owns the golf course.
Osprey Meadows has been closed all season as part of a resort-wide shutdown in March because of financial problems. Raven will hire 12-15 people, including some who lost their jobs when the resort closed, Breaux said. A crew has been maintaining the course so the fairways and greens are in good shape, Breaux said. The bunkers needed some work, so Travis sent a crew of bunker specialists to clean them up.
"It's just been sitting there," Breaux said of Osprey Meadows, which was named the nation's top new course ($75 and over) by Golf Digest in 2006. "That's driving us nuts. It's a fabulous golf course."
Breaux and Travis also have stepped in to operate MeadowCreek in New Meadows and Teton Reserve in Victor, which also have gone through financial turmoil. All three courses are tied to Hopkins Financial Services of Meridian.
"They'll bring a great skill set and energy to what they're doing," said Hopkins Financial president Randy Hopkins, whose company is the lender for the other two troubled properties. "That adds value to these assets."
Hopkins investors own 60 percent of West Mountain, which owns Osprey Meadows, the commercial space in the lodge and other resort facilities such as the swimming pool. Tamarack Resort owns the other 40 percent.
Tamarack leased the golf course from West Mountain. Since the resort defaulted on its lease and is searching for a buyer, Hopkins Financial invested money to get the course up and running and hired Raven, Hopkins said. "It begins to stabilize and increase the value of the lodge and the golf course," Hopkins said. "A golf course open is worth a lot more than a golf course shut down."
The goal is for a buyer to purchase the entire resort and, like before, lease the course from West Mountain, which was intended to take a "passive" role in the investment, Hopkins said. Until then, West Mountain will be proactive in preserving its investment. The deal with Raven needed the support of Tamarack Resort and the Tamarack Municipal Association, the homeowners group that maintains the resort infrastructure.
"We're laying a foundation for next year, whether a buyer comes or not," Hopkins said.
The zip line at Tamarack also likely will open this summer, said Jean-Pierre Boespflug, the resort's majority owner. "It's very positive to see people taking a chance on the area," Boespflug said.
Both of these articles are good news. It's a great sign, and I'm hopeful we'll be seeing more in the weeks and months to come. With the economy on the rebound and the resort resuming some operations, it's looking better at Tamarack.
Importantly, there is still no indication on a reopening for skiing in time for 2009-10. While the open golf course will give new investors something to look at, it's still not a safe bet for a reopening for skiing. Meanwhile, Gov. Butch Otter has scheduled an economic "summit" in Boise to develop an "action plan" with local businesses, including Tamarack Resort.
Also, am I the only one wondering how Bank of America would repo a chairlift?
http://www.idahostatesman.com/business/story/826805.html
Credit Suisse Group told a state judge that it's ending funding for the court-appointed receiver running Tamarack Resort. That means operational control of the Valley County real-estate development, ski area and golf course will revert to its owners Wednesday. The resort still owes a lender group led by Credit Suisse $300 million for a construction loan.
Jean-Pierre Boespflug, the majority owner, said Tuesday that he doesn't plan to inject additional money and says he now fears the degradation of facilities if nobody provides new funding for preservation efforts. Boespflug says he's optimistic a new investor will be found.
Douglas Wilson, the San Diego, Calif.-based receiver, is also concerned about Tamarack upkeep after Wednesday. Wilson said after a 4th District Court hearing in Boise, "We stretched the dollars as far as we could responsibly, but at this point, the tank is out of gas."
Tamarack 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.
In a separate lawsuit, Bank of America Corp. seeks to repossess the Wildwood and Buttercup ski lifts because of missed lease payments.
Osprey Meadows Golf Course is Reopening Saturday
http://www.idahostatesman.com/sports/story/842475.html
The public course at Tamarack Resort, ranked No. 3 in the state by Golf Digest, is re-opening under new management.
Raven Golf Services, a partnership between BanBury Golf Club operators Jerry Breaux and Clint Travis, has reached a one-season agreement with West Mountain, which owns the golf course.
Osprey Meadows has been closed all season as part of a resort-wide shutdown in March because of financial problems. Raven will hire 12-15 people, including some who lost their jobs when the resort closed, Breaux said. A crew has been maintaining the course so the fairways and greens are in good shape, Breaux said. The bunkers needed some work, so Travis sent a crew of bunker specialists to clean them up.
"It's just been sitting there," Breaux said of Osprey Meadows, which was named the nation's top new course ($75 and over) by Golf Digest in 2006. "That's driving us nuts. It's a fabulous golf course."
Breaux and Travis also have stepped in to operate MeadowCreek in New Meadows and Teton Reserve in Victor, which also have gone through financial turmoil. All three courses are tied to Hopkins Financial Services of Meridian.
"They'll bring a great skill set and energy to what they're doing," said Hopkins Financial president Randy Hopkins, whose company is the lender for the other two troubled properties. "That adds value to these assets."
Hopkins investors own 60 percent of West Mountain, which owns Osprey Meadows, the commercial space in the lodge and other resort facilities such as the swimming pool. Tamarack Resort owns the other 40 percent.
Tamarack leased the golf course from West Mountain. Since the resort defaulted on its lease and is searching for a buyer, Hopkins Financial invested money to get the course up and running and hired Raven, Hopkins said. "It begins to stabilize and increase the value of the lodge and the golf course," Hopkins said. "A golf course open is worth a lot more than a golf course shut down."
The goal is for a buyer to purchase the entire resort and, like before, lease the course from West Mountain, which was intended to take a "passive" role in the investment, Hopkins said. Until then, West Mountain will be proactive in preserving its investment. The deal with Raven needed the support of Tamarack Resort and the Tamarack Municipal Association, the homeowners group that maintains the resort infrastructure.
"We're laying a foundation for next year, whether a buyer comes or not," Hopkins said.
The zip line at Tamarack also likely will open this summer, said Jean-Pierre Boespflug, the resort's majority owner. "It's very positive to see people taking a chance on the area," Boespflug said.
Both of these articles are good news. It's a great sign, and I'm hopeful we'll be seeing more in the weeks and months to come. With the economy on the rebound and the resort resuming some operations, it's looking better at Tamarack.
Importantly, there is still no indication on a reopening for skiing in time for 2009-10. While the open golf course will give new investors something to look at, it's still not a safe bet for a reopening for skiing. Meanwhile, Gov. Butch Otter has scheduled an economic "summit" in Boise to develop an "action plan" with local businesses, including Tamarack Resort.
Also, am I the only one wondering how Bank of America would repo a chairlift?
head-skier
Member
I live right here right next to the mountain and i hear that they were supposed to lose their lifts like the bank was supposed to take them and they said they had this buyer so they couldn't lose their lifts but i really doubt they have a buy maybe trying to persuade someone but not a serious buyer for the resort
selkirks
Active member
I've always found the idea of Bank of America repo-ing the chairlifts amusing.
The judge asked BoA to wait on the chairlifts, because (obviously) if they were removed, the resort would look less enticing to potential buyers/investors. That's the significant part, because it means that there is serious interest for the resort from investors.
With Starwood Capital (the owners of Mammoth) one of the prospective buyers, I wonder if Tamarack passholders would get some days at Mammoth (if Starwood jumps on Tamarack)?
The judge asked BoA to wait on the chairlifts, because (obviously) if they were removed, the resort would look less enticing to potential buyers/investors. That's the significant part, because it means that there is serious interest for the resort from investors.
With Starwood Capital (the owners of Mammoth) one of the prospective buyers, I wonder if Tamarack passholders would get some days at Mammoth (if Starwood jumps on Tamarack)?
selkirks
Active member
That was awhile ago. And it would put Tamarack in a worse state than it is in now.
We're now watching Starwood Capital (the majority owner of Mammoth Mountain who bought that resort for $365 million), Apollo Investments (the former owner of Vail Resorts/Vail Associates), and a possible local buyer.
Did everyone hear about Moonlight's possible foreclosure?
http://www.newwest.net/city/article/moonlight_basin_faces_foreclosure_by_lender/C396/L396/
We're now watching Starwood Capital (the majority owner of Mammoth Mountain who bought that resort for $365 million), Apollo Investments (the former owner of Vail Resorts/Vail Associates), and a possible local buyer.
Did everyone hear about Moonlight's possible foreclosure?
http://www.newwest.net/city/article/moonlight_basin_faces_foreclosure_by_lender/C396/L396/
selkirks
Active member
Looks like Tamarack won't lose the Wildwood and Buttercup/Whitewater chairlifts. For now. 09-10's still looking bleak, by the way. No new progress on talks with a potential buyer, it seems.
Idaho judge dismisses push to repo resort's lifts
http://www.forbes.com/feeds/ap/2009/08/27/business-financials-financial-impact-us-tamarack-lift-repo-idaho_6821370.html
An Idaho judge dismissed Bank of America Corp.'s bid to repossess ski lifts from Tamarack Resort, saying the demand should instead be handled as part of separate litigation brought against the moribund central Idaho vacation getaway by another bank.
Tamarack's Wildwood and Buttercup lifts, as well as a snow plow, a shuttle bus and a Mack truck, will stay put for now after Judge Michael McLaughlin's ruling on Wednesday in 4th District Court in Cascade.
Bank of America's efforts to repossess equipment estimated to be worth $4.3 million could now be part of a March 2010 foreclosure trial. In that case, Credit Suisse Group seeks to recover more than $300 million from a syndicated loan, plus penalties and interest.
McLaughlin's decision will help keep the resort's infrastructure from being carted off piece by piece as efforts continue to hash out a deal with a possible Tamarack buyer, a process made difficult because dozens of financial institutions including hedge funds own pieces of the syndicated loan and there's disagreement over terms they'll accept.
"My clients are very interested in a new owner taking over the resort with all of the assets intact," said TJ Angstrom, a Boise-based lawyer for Jean Pierre Boespflug and Alfredo Miguel, the two biggest Tamarack owners. "They think it's the best thing for the community, for the former employees and the best thing for them, as well as for all the creditors."
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 the Credit Suisse Group loan.
Boespflug's resort financing ran out before buildings were completed, prompting potential partners including star tennis couple Andre Agassi and Steffi Graf to bolt from a hotel project. Meanwhile, lenders balked at new funding, the vacation property market collapsed and a court-appointed receiver exited in July after Credit Suisse decided to no longer fund preservation efforts.
Credit Suisse, as part of its separate lawsuit, maintains the ski lifts are resort fixtures that should be part of mortgage collateral on the syndicated loan.
Lawyers for Banc of America Leasing & Capital LLC, the bank's Delaware-based leasing unit, have argued Boespflug has been holding out the prospect of new investors for months without any signs of a successful deal.
Consequently, the lender claims it shouldn't be forced to sit idly by while the lifts remain silent and Tamarack misses payments and interest and penalties pile up at more than $1,000 every day.
Bank of America lawyer Brad Goergen didn't immediately return a phone message left at his Seattle office seeking comment following Wednesday's hearing.
Asked about the likelihood of Tamarack opening its facilities for the 2009-2010 ski season, Boespflug told The Associated Press that's not at the center of current discussions.
"The focus is on negotiating with a buyer, rather than having a lot of discussion" about reopening, Boespflug said.
Currently, the resort's guest facilities are closed. Its Osprey Meadows golf course is open until late October, while a municipal association funded by those who purchased Tamarack resort property are funding some maintenance and security at the site along the Cascade Lake reservoir.
Idaho judge dismisses push to repo resort's lifts
http://www.forbes.com/feeds/ap/2009/08/27/business-financials-financial-impact-us-tamarack-lift-repo-idaho_6821370.html
An Idaho judge dismissed Bank of America Corp.'s bid to repossess ski lifts from Tamarack Resort, saying the demand should instead be handled as part of separate litigation brought against the moribund central Idaho vacation getaway by another bank.
Tamarack's Wildwood and Buttercup lifts, as well as a snow plow, a shuttle bus and a Mack truck, will stay put for now after Judge Michael McLaughlin's ruling on Wednesday in 4th District Court in Cascade.
Bank of America's efforts to repossess equipment estimated to be worth $4.3 million could now be part of a March 2010 foreclosure trial. In that case, Credit Suisse Group seeks to recover more than $300 million from a syndicated loan, plus penalties and interest.
McLaughlin's decision will help keep the resort's infrastructure from being carted off piece by piece as efforts continue to hash out a deal with a possible Tamarack buyer, a process made difficult because dozens of financial institutions including hedge funds own pieces of the syndicated loan and there's disagreement over terms they'll accept.
"My clients are very interested in a new owner taking over the resort with all of the assets intact," said TJ Angstrom, a Boise-based lawyer for Jean Pierre Boespflug and Alfredo Miguel, the two biggest Tamarack owners. "They think it's the best thing for the community, for the former employees and the best thing for them, as well as for all the creditors."
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 the Credit Suisse Group loan.
Boespflug's resort financing ran out before buildings were completed, prompting potential partners including star tennis couple Andre Agassi and Steffi Graf to bolt from a hotel project. Meanwhile, lenders balked at new funding, the vacation property market collapsed and a court-appointed receiver exited in July after Credit Suisse decided to no longer fund preservation efforts.
Credit Suisse, as part of its separate lawsuit, maintains the ski lifts are resort fixtures that should be part of mortgage collateral on the syndicated loan.
Lawyers for Banc of America Leasing & Capital LLC, the bank's Delaware-based leasing unit, have argued Boespflug has been holding out the prospect of new investors for months without any signs of a successful deal.
Consequently, the lender claims it shouldn't be forced to sit idly by while the lifts remain silent and Tamarack misses payments and interest and penalties pile up at more than $1,000 every day.
Bank of America lawyer Brad Goergen didn't immediately return a phone message left at his Seattle office seeking comment following Wednesday's hearing.
Asked about the likelihood of Tamarack opening its facilities for the 2009-2010 ski season, Boespflug told The Associated Press that's not at the center of current discussions.
"The focus is on negotiating with a buyer, rather than having a lot of discussion" about reopening, Boespflug said.
Currently, the resort's guest facilities are closed. Its Osprey Meadows golf course is open until late October, while a municipal association funded by those who purchased Tamarack resort property are funding some maintenance and security at the site along the Cascade Lake reservoir.
spliff.Life
Active member
anyone heard anything about tam?
spliff.Life
Active member
TAMARACK!!!