Why is Tamarack for sale?
Tamarack, which opened in 2004, closed unfinished in March after defaulting on a quarter-billion-dollar loan from the Credit Suisse bank. Credit Suisse sued to try to get its money back. Credit Suisse and other creditors have put up about $12 million to protect the resort from deterioration, but last week they told state District Judge Patrick Owen in Boise that they were through funding the property, which will be out of cash at the end of the month. A sale could prevent a foreclosure, bankruptcy ordecay from lack of maintenance. Q: Why is a state court involved? A: Tamarack is in receivership, meaning control is in the hands of a court-appointed receiver, not Tamarack’s owners. Credit Suisse sought the receivership after Tamarack’s owners filed for protection last year from Credit Suisse and other creditors. A judge dismissed the bankruptcy. A receivership gives the creditors – people to whom Tamarack owes money – operating control. A bankruptcy typically allows the owners – the debt
