Monthly Archives: August 2011

Join us this Saturday, September 3rd for a BSU Bronco Tailgate and live game coverage!  Come watch the 6th rated  Boise State Bronocs beat the Bulldogs out of the SEC on the big screen!  Tailgate to be hosted on the Canoe Grill Patio from 4pm to 6pm. Game to be viewed on the big screen inside the Canoe Grill from 6pm to 10pm. Food will be served from 4pm to 8pm; drinks from 4pm to 10pm. Wear your Bronco gear!

For the THIRD straight month, a local title company reports NO NEW notices of default for properties in Tamarack Resort!   This is another great sign of recovery and stabilization within Tamarack.  There are currently only 3 bank owned properties in Tamarack actively listed.  Contact me at trisha@trishasears.com for more information!

You have only 9 more days to lock in your 2011-2012 Season Pass rates for skiing/riding at Tamarack Resort this upcoming season.  Go to www.tamarackidaho.com and reserve your season pass on line.  You can even just pay the $49 down to lock in the rate NOW.  So, what are you waiting for???   Season Pass Sale ends 8/31/11.

Join us for a  Beach Party this Saturday, August 20, from 6pm to 9pm (food from 6pm to 8pm). Cost for the all-you-can-eat beach buffet, which includes roasted pig, hamburgers, hot dogs, macaroni salad, fruit salad, and more, is $20 for adults and $12 for kids.  Includes taxes, but  beer and soda is extra.  Listen to the tunes of our DJ, James Orr.  There will also be a 100 foot slip ‘n slide, volleyball net, beach balls, kiddie sand pit, and more!   Located on the deck of the Canoe Grill in Discovery Square.  See  you there!

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SOURCE Blixseth Group

COMPLAINT ACCUSES BANK OF FRAUD AND RICO CONSPIRACY CHARGES

BOISE, Idaho, July 25, 2011 /PRNewswire/ — Two prominent resort developers are suing Credit Suisse, the giant Swiss bank, for $2.5 billion, with the potential for triple damages that could reach $7.5 billion. The complaint, filed in federal court in Idaho, accuses Credit Suisse AG and Cushman & Wakefield, the real-estate firm, of fraud, RICO conspiracy charges, negligence and breach of fiduciary duty.

Resort developer Tim Blixseth, the founder of the Yellowstone Club in Montana, filed suit along with Alfredo Miguel, a founder of the Tamarack Resort in Idaho. They are seeking to join a multi-billion-dollar class-action lawsuit previously filed against Credit Suisse and related firms.

The initial lawsuit was filed in January 2010 on behalf of homeowners, property owners and other investors who lost billions of dollars at luxury resorts including Tamarack, the Yellowstone Club, the Lake Las Vegas Resort and development in Nevada and the Ginn Sur Mer Resort in the Bahamas. U.S. Magistrate Judge Ronald E. Bush ruled in January 2011 that the plaintiffs could proceed with their lawsuit against Credit Suisse. Now, developers Blixseth and Miguel are seeking to join that ongoing suit.

“Proposed Intervenors [Blixseth and Miguel] were defrauded by Defendants in much the same way that the existing plaintiffs were defrauded,” the complaint states. “Credit Suisse through its loans to the Yellowstone Club and Tamarack, and Cushman & Wakefield through its inflated appraisals of the resorts, created a parade of horribles for Proposed Intervenors and the existing plaintiffs.”

Blixseth, of Blixseth Group of Washington, Miguel and the property owners accuse Credit Suisse of operating a “predatory” loan scheme.” that artificially inflated the value of resorts to saddle them with enormous and unsustainable debt. The bank earned tens of millions of dollars in fees in the process, “with the expectation that Credit Suisse would foreclose on, or use the non-performing loan to obtain ownership of the Resort at a cost significantly below market value,” the original suit states. All four resorts defaulted on their loans, and Credit Suisse tried to buy the properties at massive discounts.

“Naked Greed”

Credit Suisse set up a Cayman Islands branch to market its syndicated resort loans. As U.S. Bankruptcy Judge Ralph Kirscher observed, Credit Suisse used the island branch–little more than a mail drop–to appraise the private resorts at grossly inflated values. The bank used a “total net value” appraisal method that Judge Kirscher ruled did not comply with the Financial Institutions Recovery Reform Act of 1989, or FIRREA.  

“The naked greed in this case combined with Credit Suisse’s complete disregard for the Debtors or any other person… shocks the conscience of this Court,” Judge Kirscher wrote in a blistering rebuke. “While Credit Suisse’s new loan product resulted in enormous fees to Credit Suisse in 2005, it resulted in financial ruin for several residential resort communities. Credit Suisse lined its pockets on the backs of the unsecured creditors.”

The investors also have sued Cushman & Wakefield, the appraisers who used the “total net value” method.

In the new complaint, lawyers for Blixseth and Miguel lay out Credit Suisse’s many deceptions. “Had Mr. Blixseth known that Credit Suisse’s loan was grossly inflated, unlawful or of Credit Suisse’s true intentions, Mr. Blixseth would never have engaged in the transaction with Credit Suisse. As it turned out, Credit Suisse perpetrated a fraud on Mr. Blixseth and the Club and then compounded its fraud by using the bankruptcy proceedings for its own profit and to breach its obligations to not seek repayment of the loan from Mr. Blixseth personally,” the complaint states.

Regarding Alfredo Miguel, the complaint adds: “Mr. Miguel’s claims involve, in part, how Credit Suisse breached its duty of good faith and fair dealing when it demanded to meet with Mr. Miguel privately and insisted that Mr. Miguel not bring his attorneys, and then during the meeting Credit Suisse through Highland Capital extorted Mr. Miguel with threats of criminal prosecution and unorthodox collection practices unless Mr. Miguel acceded to Credit Suisse’s settlement demands.”

“Ill-Gotten Financial Gains”

Credit Suisse, the second largest bank in Switzerland, has a long history of wrongdoing. It refused to release the assets of Nazi Holocaust survivors until decades after the end of World War II. And last year the bank admitted to the U.S. Justice Department that it had illegally helped Iran, Sudan, Libya and other sanctioned nations move hundreds of millions of dollars, for more than a decade, in violation of federal and state banking laws.

Credit Suisse forfeited a record $536 million as part of deferred prosecution agreements, a pattern of behavior that was laid bare in the Academy Award winning documentary “Inside Job.” “The criminal misconduct perpetrated by Credit Suisse in this case is simply astounding,” Attorney General Eric Holder said. “This case offers a stark and disturbing example of the lengths to which some corporate wrongdoers are willing to go in seeking ill-gotten financial gains.”

The class-action lawsuit proposes creation of a $600 million fund to help the creditors, laborers and small businesses harmed by the Credit Suisse loan, or $150 million for each of the four affected communities where the resorts are located.

The case is 1:10-cv-00001-EJL –REB, filed in US District Court in Boise, Idaho.

Banc of America questions conditions placed on building permit

BY MICHAEL WELLS
The Star-News

August 4, 2011

The removal of two Tamarack Resort ski lifts owned by Banc of America Leasing & Capital will not happen until at least after Sept. 6.

That is the date Valley County commissioners will hear an appeal of the Valley County Planning & Zoning Commission decision to place conditions on the removal of the lifts.

Banc of America Leasing & Capital owns the Buttercup and Wildwood ski lifts at the resort and has obtained a court order to remove them.

B of A wants to sell the lifts to another ski resort, although no buyer has been found.

P&Z commissioners decided July 18 that B of A only needed a building permit in order to remove the lifts rather than a conditional-use permit. However, the P&Z placed several conditions on the building permit.

The building permit was issued to Banc of America last week, but B of A attorneys appealed the P&Z conditions.

A condition of the permit allowed for the work to be stopped if the decision was appealed. That was one of the conditions challenged by B of A.

Other conditions appealed by Banc of America included

• No staging of ski lift removal activities on Tamarack’s private property. The lifts are located on state land leased by the resort.

• Requiring Federal Aviation Administration approval of flight plans for helicopters that would be used to remove the lift towers and other lift equipment.

• An operating plan has to be provided to the Tamarack Municipal Association, the association of homeowners at the resort.

• Banc of America’s contractor should comply with requirements of construction permit applications with the resort.

• Banc of America should comply with all previous conditions placed on the resort’s planned unit development.

B of A is claiming many of the conditions were either vague or unnecessary.

TMA officials sent Banc of America officials guidelines for construction at the resort last week, but have not had a reply from Banc of America, TMA attorney Stephen Lord said.

“We don’t dispute they own the lifts and as long as they remove them in a way that is respectful we know there’s nothing we can do to stop them,” Lord said.

If the Buttercup and Wildwood lifts are removed, the resort will still have five working ski lifts. The two lifts in dispute were not used by the TMA during last winter’s operation of the ski area.

Tamarack Municipal Association also attempted to appeal the decision, but was too late in turning in its appeal last week.

The appeal was delivered at 5:09 p.m. Thursday, nine minutes after the deadline, and it was rejected, Valley County P&Z Administrator Cynda Herrick said.

“TMA did not need to file an appeal as it received most of the conditions it wanted in the issuance of the building permit,” Lord said Tuesday. “TMA’s late appeal was only protective in case (Banc of America Leasing & Capital) did not appeal.”

For the 2nd straight month, a local title company reports NO NEW notices of default for properties in Tamarack Resort!  As with my prior blog a few weeks ago, this is another great sign of recovery and stabilization within Tamarack.

Well that, and another 8 offers submitted this past week for my clients!

  (information provided by Valet Vacation Rentals)

The next few weeks at Tamarack Resort will be loaded with fun things to do!

Friday, Aug 5:  James Orr –  FREE live music on the Terrace at The Lodge at Osprey Meadows

Friday, Aug 12: Haven Snow  – FREE live music on the Terrace at The Lodge at Osprey Meadows

Saturday, August 20th  BEACH PARTY!!!  DJ, roasted pig, beach food, volleyball, slip-n-slide, limbo contest and more.  Party will be hosted on the Canoe Grill Patio from 5PM to 9PM.  Food will be served from 6PM to 8PM.  Prizes – wear your favorite beach and Hawaiian clothing.

Saturday, September 3th:  Bronco Tailgate Party and Viewing.  Come watch Boise State beat the University of Georgia on the big screen at the Canoe Grill.  Tailgate 3PM – 6PM.  Bar open from 3PM to 10PM. Food Service from 6PM to 10PM. Wear your Bronco gear and show your support!

Saturday, September 17th:  Western all-you-can-eat BBQ, please call for reservations and menu/prices.  Live country music, western food and perhaps even some line dancing and prizes.  Located on The Terrace at The Lodge at Osprey Meadows.

Call Morel’s 208-325-1013 for more information, pricing and reservations.

Need help planning your Idaho Wedding, Family Reunion or Corporate Retreat? What about a Girls Getaway, Family Fun or a Romantic Rendezvous? 

www.ValetVacationRentals.com

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