Tamarack Woes

I'm probably on the other side of the issue than a majority of people. I would not mind if Tamarack went down the tubes. I would love for the McCall area to turn back into the VERY small town with very few residents of yesteryear. It's a b.U.tee.full resort but I long for less development.

KTVB Channel 7 Story click there to see full story

Two weeks earlier than expected, Tamarack Resort is now in the hands of a court-appointment management team, while its CEO and most of its workforce are, at least temporarily, out of a job.

For frustrated homeowners it's seen as very good news - a giant step forward.

But for the 100 workers who just got furloughed - it's quite the opposite.

On the surface, nothing appears different -- but behind the scenes, nearly everything has changed.

Tamarack's CEO Jean-Pierre Boespflug is no longer in charge, replaced by a California management team specializing in problem resolution.

"I hope we can do this in a civilized way that allows us to do what's best for Idaho," said Jean-Pierre Boespflug.

This judicial intervention stems from a $250 million loan Tamarack failed to pay back. With interest, it's now up to $270 million -- more than the resort is worth.

At the bank's request, a judge appointed a receiver to secure the resort's assets.

Right now, four representatives from Douglas Wilson Companies are at Tamarack, taking inventory and designing a business plan.

During this transition 100 workers are temporarily laid off -- two-thirds of Tamarack's total workforce. The immediate future for those employees and the resort depends on the promise of a $10 million loan from Credit Suisse -- money to secure the ski season, winterize the unfinished buildings and put workers back on the payroll.

Despite his ouster as CEO, Boespflug will be allowed to keep an office at Tamarack, as long as he doesn't interfere with day-to-day operations.

He says that's critical to his continued efforts to sell the property.

“What's important to us is to be able to finish the deals we're working on and at the stage we are, we are definitely the best party to do that," he said.

Several high rollers are rumored to be interested in Tamarack, from major ski operators to Donald Trump. But Boespflug is staying mum.

"You will allow me to not comment on the buyers. OK, if you sit on the door of the resort you can see a lot of people going back and forth. A lot of the finest developers in the country have been there, but let me keep that my domain, the name of these buyers," he said.

Details are still being worked out in court as to when the $10 million will be available to Tamarack.

It’s hoped that infusion of funds will be in the bank account by Nov. 3, which could allow the resort to bring back many of the people it laid off.

No comments: