158 replies to this topic

[Peter]

I can't help but wonder whether any lift maintenance is going on with stuff like this happening.

[Outback]

Skier, on Sep 11 2008, 04:10 PM, said:

I can't help but wonder whether any lift maintenance is going on with stuff like this happening.

It is and the lifts are in great shape.

[aug]

SkiBachelor, on Sep 11 2008, 08:35 AM, said:

So Whitewater became the Buttercup lift. I guess the name Whitewater was a little to extreme for beginner terrain.

white water and wildwood where too confusing to the guests
maint. is still being performed i assure you

[tahoeistruckin]

Here is the latest on Tamarack's woes.
http://www.localnews...y.asp?S=9149290

Credit Suisse wants receiver to run Tamarack

Associated Press - October 8, 2008 8:34 PM ET

BOISE, Idaho (AP) - An investment bank suing to take control of central Idaho's troubled Tamarack Resort wants a 4th District Court judge to appoint a receiver for the property.

Credit Suisse fears efforts by Tamarack's current owners to winterize unfinished buildings are inadequate to withstand the rigors of approaching winter weather.

As a result, it's asking that San Diego-based receiver Douglas Wilson Cos. be allowed to step in. A hearing is set for next week in Boise.

An architect who reviewed Tamarack's unfinished Village Plaza construction site for Credit Suisse concluded inclement weather could cause severe damage - if millions in winterization work isn't done.

Meanwhile, Jean-Pierre Boespflug, the resort's largest owner, believes measures being overseen by Tamarack construction chief Sean Donovan that cost about $250,000 are adequate.

Resort spokesman Ken Rider said Wednesday no new information was available about resort owners' efforts to find new investors to pay mounting debts. Tamarack owes some $273 million on what was originally a $250 million syndicated Credit Suisse loan, according to court documents.

Boespflug has pledged to find a buyer by October's end.

I wonder with the way Wall St. is sliding, will they be able to find someone to buy.

[Peter]

The saga continues...

New management co. takes control of Tamarack

06:23 PM MDT on Tuesday, October 21, 2008

100 workers laid off

BOISE -- Two weeks earlier than expected, Tamarack Resort is now in the hands of a court-appointment management team, while its CEO and most of its workforce are, at least temporarily, out of a job.

For frustrated homeowners it's seen as very good news - a giant step forward.

But for the 100 workers who just got furloughed - it's quite the opposite.

On the surface, nothing appears different -- but behind the scenes, nearly everything has changed.

Tamarack's CEO Jean-Pierre Boespflug is no longer in charge, replaced by a California management team specializing in problem resolution.

"I hope we can do this in a civilized way that allows us to do what's best for Idaho," said Jean-Pierre Boespflug.

This judicial intervention stems from a $250 million loan Tamarack failed to pay back. With interest, it's now up to $270 million -- more than the resort is worth.

At the bank's request, a judge appointed a receiver to secure the resort's assets.

Right now, four representatives from Douglas Wilson Companies are at Tamarack, taking inventory and designing a business plan.

During this transition 100 workers are temporarily laid off -- two-thirds of Tamarack's total workforce. The immediate future for those employees and the resort depends on the promise of a $10 million loan from Credit Suisse -- money to secure the ski season, winterize the unfinished buildings and put workers back on the payroll.

Despite his ouster as CEO, Boespflug will be allowed to keep an office at Tamarack, as long as he doesn't interfere with day-to-day operations.

He says that's critical to his continued efforts to sell the property.

“What's important to us is to be able to finish the deals we're working on and at the stage we are, we are definitely the best party to do that," he said.

Several high rollers are rumored to be interested in Tamarack, from major ski operators to Donald Trump. But Boespflug is staying mum.

"You will allow me to not comment on the buyers. OK, if you sit on the door of the resort you can see a lot of people going back and forth. A lot of the finest developers in the country have been there, but let me keep that my domain, the name of these buyers," he said.

Details are still being worked out in court as to when the $10 million will be available to Tamarack.

It’s hoped that infusion of funds will be in the bank account by Nov. 3, which could allow the resort to bring back many of the people it laid off.

[Peter]

Tamarack Resort to close next week

By Bethann Stewart - bstewart@idahostatesman.com


The financially imperiled Tamarack Resort will close March 5, said spokesman Ken Rider.

"It's a new development. We're still working on it," Rider said.

He believes it was a judge's decision to close the resort, which has been run by San Diego, Calif.-based receiver Douglas Wilson Co. since October.

It's unknown how long the resort will be closed, Rider said.

Douglas Wilson will issue a formal announcement over the weekend, he added.

In October, Fourth District Judge Patrick H. Owen agreed to Credit Suisse's demand for a receiver to replace Tamarack management, including Chief Executive Officer Jean-Pierre Boespflug, under whose leadership Tamarack defaulted on a $250 million Credit Suisse loan, and his partner, Chairman Alfredo Miguel. At that time, Tamarack owed $273 million.

Also in October, Chief U.S. Bankruptcy Judge Terry Myers ruled that resort Boespflug and Miguel improperly sought Chapter 11 bankruptcy protection in February for their real-estate companies, which hold about 58 percent of the resort's equity. Myers said the maneuver wasn't designed to reorganize their companies, but rather to buy Boespflug and Miguel enough time to find new investors.

Tamarack opened in 2004, selling itself to baby boomers as an all-season retreat. As real estate markets soured, so did Tamarack's plans.

Construction on the Village Plaza centerpiece stalled, tennis aces Andre Agassi and Steffi Graf canceled a luxury hotel project and two separate banks foreclosed on the resort's conference center and employee housing.


I wonder how quickly Credit Suisse will attempt to liquidate the assets including the 3 high speed quads, 2 fixed grip quads, and platter.

[Peter]

A more detailed article:

Tamarack to close, more than 100 jobs cut

03:44 PM MST on Saturday, February 28, 2009


Its money troubles have been no secret -- but conflicting reports from the resort have many wondering what's going on.

It's been a flurry of contradicting information over the past 24 hours, but late Saturday afternoon, all sides seem to be saying the same thing -- that, barring any last minute funding, Tamarack will close its ski hill and lodge next week -- and with those closures, come more than 100 job cuts.

Employees say they learned of the layoffs in a meeting last night.

As of March 5th, they were told, only a skeleton crew will remain to technically keep the resort running, but from the public's perspective it will be closed -- no skiing, no lodging.

There's a court hearing next Thursday to determine whether any additional capital is coming from the lenders.

Without that cash flow, the resort cannot continue.

"What I am most concerned about is the process," said Tamarack Homeowner, Bill Ciraco.

Bill Ciraco is one of the resort's original homeowners.

When Tamarack defaulted on a $250 million dollar loan with Credit Suisse last year, Ciraco began spearheading efforts on behalf of other homeowners who were frustrated by what was happening.

When then CEO Jean Pierre Boesflug was kicked out of his position and a court-appointed manager was put in place last fall -- Ciraco and other homeowners became more optimistic about the resort's future.

At the time, a $10 million bridge loan was also given to the resort so it could winterize some unfinished buildings and get its ski season underway.

Tamarack's independent operator says the money from that loan is nearly gone -- which is why all parties are convening in court next Thursday.

Despite the recent setbacks, Ciraco says he remains hopeful for the future.

"I have no doubt and I have complete confidence that there will be a resolution one day which will involve new ownership. My biggest concern is the time that it takes to get to the point and that timeline is dictated by the court process," Ciraco said.

Part of that court process involves "judicial foreclosure" proceedings -- a move where the resort is forced into involuntary foreclosure so the bank can claim the assets.

Those wheels are already in motion.

"I could say that I am not happy with what is transpiring. It did not have to happen this way, but I can say that I don't regret it. I am going to be out there March 14-21 with my wife and three year old daughter-- and we are going to have a great time whether the lifts are running or not," Ciraco said.

Ciraco says he wishes the court hearing on the foreclosure could be expedited -- it's currently scheduled for a year from now.

He says the sooner that happens, the less of an economic impact it will have not only on Valley County, but the entire Treasure Valley.

[aug]

Iam sure glad I left last spring when the getting was good. Aug

[Compuboks]

I have a feeling that Tamarack will become a casualty of the current depression we are entering (or in?). Perhaps, after the US recovers someday, someone might take up what will be left of the resort and make it viable. For now, I think the resort will end up abandoned for some time. It's unfortunate, it seemed like Tamarack helped turn that community around from the slump that it was in after Boise/Cascade left the area. Now, it just seems like another piece of the Real Estate boom gone awry.

I thought from day one that they were being too ambitious and moving far too fast for it to succeed. It would seem that my suspicions were confirmed.

This post has been edited by Compuboks: 01 March 2009 - 05:57 PM

[agillskis]

mjturley34, on Mar 1 2009, 09:46 AM, said:

I've never been to Tamarac, so I know nothing about the area. I am wondering what will happen to the community around Tamarac if the resort does not re-open ? What will the resort employees do ? Move away or find other work in the area ? How much infrastructure is already in place ? Is this just the first story about change of ownership or the final chapter for Tamarac ?

I'm sure there are some folks out there that know it all, look into your crystal balls and share what the future holds for the troubled resort in Idaho.

I'm new to this forum, but I've been following the Tamarack bankruptcy for a while now, so I figured I'd post. From what I've heard, there aren't many other jobs in the area around the resort (although, there aren't many jobs anywhere in the US right now).

The resort already has (pretty much) an entire village wrapped in Tyvek and not complete yet. They were working on it when they literally ran out of cash. There's a golf course, one finished hotel and dozens to hundreds of condominium units and single family homes around the base of the mountain. On the mountain, they've got two Leitner-POMA HSQs, one Doppelmayr CTEC HSQ, and two Doppelmayr CTEC FGQs. There's 1,100 acres of terrain over 2,900 vertical feet.

This is definitely not the end of Tamarack. Too much money has already been put into the place. Someone will buy or invest in it. The problem at this point is the economy. In 12-18 months, we'll see Tamarack rise again, I'm sure of it.

What's interesting in this point is that there's no notice that the resort is closing on their website, they're selling season passes, and it seems as if it's business as usual. We'll see what happens as this develops, though.

I also think this whole thing bears a resemblance to Schweitzer Mountain's bankruptcy in 1996-7. They built a couple buildings to start a village, a YAN HSQ and moved a bunch of chairlifts in 1990. The trouble was, they ran out of money to market the resort and nearly closed before Harbor came in. With the economy as it is, I doubt anyone will step in at Tamarack for a while.

[Peter]

While it appears they are selling passes, the link to actually purchase them is not active.

I think new resorts today have to start big to attract real estate buyers. If it was just about skiing, they could start small. Look at Revelstoke, Kicking Horse, etc.

[LuvPow]

SAM


TAMARACK TO SHUT DOWN MAR. 4 DUE TO LACK OF FUNDING

SAM Magazine—Donnelly, Idaho, Mar. 2, 2009—Tamarack Resort, which has been in receivership since last fall, is shutting down after the close of business on Mar. 4. The area has been operating on funds provided by the lender group that has been attempting to foreclose on the resort, and that group has agreed to provide only limited funding for the near future. That level of funding is not sufficient to continue resort operations.

The receiver, Douglas Wilson, will continue to address the necessary and essential functions to maintain the resort, such as taxes, insurance, environmental issues, safety, and maintenance.

Two weeks ago, the lender group led by Credit Suisse failed to agree with Douglas Wilson Co. on a financing plan to keep the resort open after February. At that time, a state court judge approved a temporary plan to tap a $2 million fund remaining from a $10 million loan that allowed the resort to mothball its village construction project and prepare the resort to open for the 2008-09 season.

As of mid-February, skier visits were just 27,000, hampered by a lack of marketing over the past 13 months. The area had amassed an operating deficit of $304,000 as of Jan. 23, more than double the $133,555 deficit projected two months ago by Douglas Wilson.

How long Tamarack will remain closed is not known.

[Allan]

Skier, on Mar 1 2009, 06:42 PM, said:

While it appears they are selling passes, the link to actually purchase them is not active.

I think new resorts today have to start big to attract real estate buyers. If it was just about skiing, they could start small. Look at Revelstoke, Kicking Horse, etc.

Revelstoke you say...

http://www.cbc.ca/canada/british-columbia/...t-gaglardi.html

[Peter]

It's kind of hidden, but it's now on the website:

"03/04/2009
Final Day to Ski and Ride Tamarack Resort
Location: Tamarack Resort
Time: 9 a.m. - 4 p.m.
Contact: Tamarack Resort
Contact Email: info@tamarackidaho.com
...saddest thing I've ever written...

Come enjoy Tamarack's final day of operations."

[Peter]

Here is a much more detailed article that discusses the resorts' forest service permits as well as a comparison to Stagecoach, Colorado.

Http://seattlepi.nwsource.com/local/6420ap...ck_closing.html

Read it while you can, the Seattle P-I is about to shutdown as well!

[Peter]

Tamarack's website is now gone, replaced with this:

"As of March 4, 2009, Tamarack Resort is no longer operating. We thank you sincerely for your business and support over the past years."

[kstrange3]

This is terrible. I hope the employees are cashing in on some funemployment.

[Kicking Horse]

Quote

Feted as hot new resort, ID's Tamarack goes bust

By JOHN MILLER
ASSOCIATED PRESS WRITER

BOISE, Idaho -- Tamarack Resort in central Idaho billed itself as the first new destination ski resort in a quarter century when its first customers climbed aboard lifts in December 2004.

Four years later, the resort operation, including lodging, is shutting down Wednesday, leaving owners of resort real estate once worth millions fearing the worst.

Factors dooming Tamarack, at least for now, include a spending spree by French owner Jean-Pierre Boespflug that drained a $250 million construction loan, tight credit markets, collapsing resort real estate demand, foreclosure litigation and $20 million in unpaid construction bills.

Financiers at Credit Suisse Group are pulling the plug after a $2.8 million operating loss since Oct. 20 - "greater than the receiver (or anyone else) anticipated," according to court documents reviewed by The Associated Press.

Mom-and-pop ski areas come and go, the victims of fickle weather and fickle finances. Where there were once more than 800 such U.S. resorts, there are now about 475.

Still, to find a failed Western resort approaching Tamarack's size and aspirations, Michael Berry, president of the National Ski Areas Association, can recall only the 1974 demise of Stagecoach Ski Area, about 20 minutes from Colorado's Steamboat Springs.

"It hasn't happened in recent history," said Berry, who is following Tamarack's fortunes from his Denver offices. "It will be interesting to see if a rescuer comes along."

Tamarack, on the shores of Lake Cascade reservoir, has seven lifts. Of 2,100 planned chalets, condos and town homes, only 250 are completed, near a Robert Trent Jones, Jr.-designed golf course.

The Tamarack Municipal Association, the homeowners association that maintains roads within the resort, said it plans to keep the area open for owners but it's also cutting back staff.

In August 2005, Idaho's then-Gov. Dirk Kempthorne feted President George Bush at Tamarack, offering the president a chance to fish and do some mountain biking. Kempthorne was later named Bush's U.S. Interior secretary.

Another 174 residences sit half done, a mountain lodge is similarly incomplete and the centerpiece Village Plaza required emergency measures late last year to protect it from winter's destructive forces. Tennis stars Andre Agassi and Steffi Graf bolted from a luxury hotel project, and Bank of America threatened to remove ski lifts after Tamarack missed payments.

Flash back nearly four decades, to when Stagecoach opened in 1972.

A former Colorado governor handled the ribbon-cutting honors as hopeful locals looked on. There's even a nearby reservoir, and Stagecoach owners had Tamarack-sized visions, too: two dozen chair lifts, a golf course, five base areas and thousands of vacation getaways.

Two years later, creditors bolted and Stagecoach died, leaving behind three chair lifts, a temporary lodge and a deserted false-front Old West village, said Chris Wittemyer, whose family bought the property 30 years ago after the bankruptcy proceedings.

Some 200 condominiums and town homes were completed at Stagecoach, along with about 50 homes. Most remain, Wittemyer said, along with 200 homes added by newcomers seeking the rural lifestyle. These days, he takes enough guests up Stagecoach runs cut into Greenridge Mountain on snowcats every year to satisfy his U.S. Forest Service ski permits.

"We do enough to keep the permits alive," Wittemyer told the AP. "They burned the base buildings down about 25 years ago, after the bankruptcy. It's just private ground now."

Could Tamarack be the next Stagecoach?

Douglas Wilson, head of the San Diego, Calif.-based receiver running the resort since October, doesn't think so, despite a dour vacation home market, frozen lending, 38 percent fewer skiers than a year ago and a 67 percent drop in room revenue that led to the greater-than-expected losses and inability to find new financing.

"At some point when capital does become more available, people will realize there is a future here," Wilson said in an interview from his San Diego offices. "Unfortunately, they are going to have interim challenges. Big time."

Credit Suisse and lenders it represents are now owed more than $275 million on the construction loan. They've committed to chipping in $1.7 million, on top of a previous bridge loan of $10 million in November, but the money is well shy of the cash needed to finish the ski season, let alone open up the golf course, Wilson said.

As recently as 2008, Idaho officials aimed to relocate a Lake Cascade campground, to make way for Tamarack's planned $5 million marina, due to include 40 boat slips, tennis courts, a restaurant and refueling pumps. The state has since scotched the relocation and instead plans to improve the campground.

Meanwhile, George Bacon, Idaho Department of Lands director, said he has received Tamarack's $250,000 annual lease payment for the 2,100 acres of state land where the ski area is located. The next installment isn't due until January 2010.

"The real telling point will be next year, to see if the lease is going to continue," Bacon said. "If the lease were to end, the state could look and see if there was someone else wanting to take over what remained."

[SkiBachelor]

It's weird that Tamarack would take down its website since it has the potential to bring in business for its other activities, like golf.