Idaho Judge: Vacation Resort Funded Through June 21

June 15, 2009

An Idaho judge has approved a lender’s plan to fund minimal operations at Tamarack Resort, but the moribund central Idaho vacation retreat’s future remains shrouded in uncertainty.

Fourth District Court Judge Patrick Owen approved reallocating money remaining from loans lenders led by Credit Suisse Group have provided starting in late 2008.

It’s costing about $250,000 to preserve the property for the first three weeks of June.

Lenders have agreed to pay about $35,000 for liability insurance, but Douglas R. Pahl, lawyer for the court-appointed receiver running Tamarack, says a $160,000 property tax bill to Valley County won’t be paid.

That will likely mean extra fees of up to 3 percent a month, Pahl says.

Meanwhile, discussions continue on resolving $300 million in outstanding loans and penalties owed by Tamarack to the Credit Suisse-led lending group — and finding a potential buyer for the resort, shuttered in March as losses mounted.

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