Boise office will close
Another Sign of Tamarack’s Troubles
By Jill Kuraitis, 4-16-08
The Boise offices of Tamarack Resort will close this week, according to reports from KBCI, the Idaho Statesman and others.
The Valley County resort, led by CEO Jean-Pierre Boespflug, is in financial crisis after Credit Suisse foreclosed on a $250 million loan for which payments had stopped. Boespflug and his partner declared bankruptcy.
Independent contractors have filed at least 20 liens against the resort to recover their unpaid bills. There is now no construction active at Tamarack.
Boespflug told the Statesman that about 20 employees are affected by the closing.
[End of article]The thought has crossed my mind that if you bought enough Cracker Jacks, you would find a Credit Suisse loan in with the tin whistles and rub-off tattoos. Tamarack, and at least two other tanking big time developments share a commonality of credit from that Swiss bank. I wonder how many decades it will be, if ever again, before that bank loans on recreation real estate again?
This article was printed from www.newwest.net at the following URL: http://www.newwest.net/city/article/another_sign_of_tamaracks_troubles/C108/L108/