Tamarack homeowners fear Idaho resort’s closing
Interesting issue about the effects of the economy on the resort market. What’s happening in your area?
By JOHN MILLER (AP) – October 20, 2009
BOISE, Idaho — Tamarack Resort homeowners fear lifts and other equipment will be stripped and sold for pennies on the dollar if they can’t convince an Idaho judge to approve their plan to take $7.9 million from a Mexican real-estate investor to save the upcoming ski season.
On Monday, 4th District Court Judge Patrick Owen heard competing salvos from lawyers for homeowners and a lender group led by Zurich-based Credit Suisse Group.
Mexico-based Inmobiliaria Las Fuentes, S.A. de C.V. has offered the loan to reopen the ski resort and to protect unfinished buildings over the next 11 months, but made a deal contingent on being repaid before existing creditors, something Credit Suisse and others are fighting. Tamarack creditors are already owed upward of $300 million.
