Friday, October 23, 2009

Brother, can you spare a few chairlifts?

Tamarack is a brand new ski resort, near Boise Idaho, on the verge of going away. The resort, built around 2005, is small with 1,100 skiable acres, a base elevation of 4,900' reaching to 7,700' and counts 7 lifts. It's located more than 3 hours from Boise airport or just 35 minute from the nearby, tiny Mc Call airstrip. The brainchild of Jean-Pierre Boespflug, a French native, who controls just over 50 percent of its interests, the resort is today bankrupt and has ceased operations since March of this year.

Crédit Suisse is holding $300 millions in debt and doesn't like to hear that a group of second-homeowners are intent to secure a $7.9 million loan to continue “skeletal operations” this winter and prevent creditors from dismantling and selling the resort's chairlifts. The issue has been brought to court this past Monday , but the judge declared that there is not much a court can do to counteract the effects of the economic downturn, the state of neglect of the project and its difficult access. With mountain real-estate values still tanking, there is little chance these rich homeowners can prevail and would be better off funding their survival themselves.

Now, who can lend me some tools so I can start taking these seven lifts apart before winter?

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