from the new west blog: resorts in trouble
Wall Street Journal Analyzes Idaho Resort’s Collapse
By Jill Kuraitis, 7-08-08
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Reporter Justin Scheck at the Wall Street Journal has an extensive piece today analyzing the downfall of Tamarack Resort in Valley County, Idaho.
“The luxury-resort boom brought windfalls to once-sleepy towns throughout the Rockies, as developers planned resorts with secluded homes and memberships to golf and ski clubs. Banks such as Credit Suisse Group, which syndicated nearly $1 billion in loans to luxury developments in the West, fueled the boom.
A resort’s success was often staked to real-estate sales: As a Tamarack lender recounted in recent court filings, the resort had a business model in which ‘operating expenses would exceed revenue and the primary source of profit would be generated by the sale of real estate.’”
Scheck’s piece recalls Tamarack’s winter 2007-2008 bankruptcy story (first broken by NewWest.Net) and the subsequent house-of-cards collapse:
“Tamarack went into default on its Credit Suisse payments. Business entities owned by (company leaders) Messrs. Boespflug and Miguel, which hold a majority ownership stake in Tamarack, filed for Chapter 11 bankruptcy in February. Credit Suisse followed with a foreclosure suit, seeking to take over Tamarack’s majority-ownership stake, according to state and federal court filings.”
Read the rest of the story here.
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Comments
You have to be original, Tamarack and Promotory and Las Vegas Lakes were all copy-cat spins from Yellowstone Club.
Anyway, too bad for Idaho and Utah.
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The boyz at the resort have financing and are waiting until the final days of bankruptcy protection till they come forth. Or says my sources. So haterz stay away. The lifts are spinning and this winter they will spin. I know it sucks its the worst ski hill in America. 5 minute hikes to 2000 foot plus backcountry runs really suck. I'm sure you all have been there done that or have you?
I got chiggers the other day swimming and now I scratch my privates even more. I went to some hot springs and got crabs by just sittng down. So please stay away.
Thanks
inbred idaho gap toothed V plate moron.
<a >паркет</a> 0l