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Homeowners Near the Shuttered Tamarack Resort in Idaho Take
 Legal Steps in Hopes of Opening the Ski Area and Lodge

By Joe Estrella, The Idaho Statesman, BoiseMcClatchy-Tribune Regional News

September 29, 2009 - A group of nine Tamarack homeowners has asked state District Judge Patrick Owen to appoint the receiver, saying they have lined up a Mexican real estate company to provide operating funds.

The group, which calls itself the West Mountain Preservation Management Association, filed paperwork Friday indicating that Inmobiliaria Las Fuentes S.A. had agreed to lend $7.9 million "for the operation of the resort from Oct. 1, 2009, through August 30, 2010."

The group asked that former Tamarack Government Affairs Director Scott Turlington be named as the receiver. Turlington's firm, Principle Strategic Advisors in Boise, would be in charge of protecting and preserving the property's assets.

Tamarack property owners have worried that their property values would decline without an operating ski area and lodge. Values already have declined more than a third, according to the group's court filing.

The property owners also worry that Tamarack's Village Plaza will become a "total loss" without utilities, maintenance and winterization.

The Mexican company said it would lend its money at slightly more than 17 percent interest, plus a 2 percent loan-initiation fee, only if it received a deed of trust to 80 acres and a mortgage for the remaining land.

Boise-based bankruptcy trustee Bernie Rakozy said Monday that appointing a new receiver would effectively place the homeowners association ahead of Tamarack's principal lender, Credit Suisse Group, in the line of creditors seeking to be paid. Lenders generally are unwilling to take subordinate positions in foreclosure proceedings.

But Bill Ciraco, one of the nine Tamarack homeowners involved in the filing, said the group is optimistic.

Credit Suisse heads a group of creditors owed about $300 million by Tamarack. The bank ended the role of the previous receiver in July when it said it would not put any more money into Tamarack. That turned control of the resort back to majority owner Jean-Pierre Boespflug.

A hearing on the homeowners' request is scheduled for 3:15 p.m. Monday, Oct. 19.

Joe Estrella: 377-6465

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To see more of the Idaho Statesman, or to subscribe to the newspaper, go to http://www.idahostatesman.com

Copyright (c) 2009, The Idaho Statesman, Boise

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