Feb
05

Updates from the TMA on the foreclosure proceeding

 Foreclosure motions were recently filed in State Court by Credit Suisse and Banner Sabey. A court date has been set to hear these motions on February 16th. Understanding there are a lot of questions we don’t have answers to right now, this is something we all need to be appraised of. The official motions can be reviewed by going to www.tmaidaho.com then click the legal link on the home page.

From TMA’s perspective, the motions filed in State court this week may be viewed as a positive move for the future of Tamarack Resort. The motions start a series of events that will set a date and finalize the nearly 4 year Bankruptcy/Foreclosure process for Tamarack Resort.

 While “Foreclosure” is typically not a good word, these motions will eventually answer the four year old question…. What is the future of Tamarack Resort?

 The Tamarack Municipal Association has been operating the resort during the winter since December of 2010. We have been working closely to develop a cordial relationship with Credit Suisse during the last several years. We are confident there will be no interruption of services for this winters ski season.

 While the foreclosure process moves forward there are still several parties interested in purchasing the resort, and this motion may expedite the purchase and make it easier for potential buyers to acquire the resort. Regardless of future ownership — by Credit Suisse or by another owner — the TMA is positioned to continue as the operator of the resort. 

We will continue to keep you updated on the legal proceedings as they develop.