Swiss bank cleared to pursue resort sheriff’s sale
Sep 24, 2012, 7:58 PM
BOISE, Idaho (AP) – Lenders led by a Swiss bank could quickly ask for a sheriff’s sale of a failed Idaho ski resort’s assets now that a judge has refused to block their foreclosure case from advancing.
Credit Suisse Group, whose lender group is owed some $300 million, declined to comment Monday. But a Tamarack Municipal Association lawyer says a sheriff’s sale could be concluded in about 60 days.
That wouldn’t completely unravel the Tamarack Resort’s tangled finances.
Additional creditors with millions in separate claims to resort assets still need the Idaho Supreme Court’s permission before a district judge can process them.
Meanwhile, one Tamarack ski lift has been removed and homeowners saw a $300,000 loss last ski season.
Tamarack Municipal Association director Tim Flaherty says his group still plans another ski season, starting this December.
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