Excerpt from: Ski Communities and New Developments
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| October 29, 2009 | | Locals worry that Tamarack ski resort will close | A couple of years ago, Tamarack ski resort in Idaho was going to be the most luxurious ski destination out there. The high end ski resort was primed to take off. Telling, then, that money problems ensued, management problems ensued, and earlier this year Tamarack shut down operations. And now there are concerns that the troubled ski resort will be shut down for good -- and the resort equipment will be stripped and sold.
Instead, home owners at Tamarack ski resort are trying to convince a judge to let the resort take money from a real estate investor in Mexico to get the ski resort open for this year's season. However, the Tamarack's creditor, Credit Suisse, is not interested. Credit Suisse is ready to foreclose, and doesn't want investment money from another source, reports Yahoo News:
Credit Suisse lawyer
Randall Peterman contended Tamarack vacation homes aren't part of the
lenders' foreclosure case, so homeowners should have no legal standing
to formally enter the court fight.
"There's no
nexus between the real property being foreclosed on ... and the
property of the intervening parties," Peterman said. "This organization
has no skin in the game." Of course, home owners at Tamarack ski resort differ on this opinion, pointing out their own investments are declining in value as the resort decays and their property values plummet.
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