Wednesday, January 12, 2011

Federal Judge: Move Tamarack Case Out of Bankruptcy Back to State Court

Posted By on Wed, Jan 12, 2011 at 8:29 AM

A federal judge has thawed some of the hopes of the current owner, operators and potential buyers of the Tamarack Resort.

U.S. Bankruptcy Judge Terry Myers has shifted the troubled Valley Country resort from Chapter 11 protection back to state court. Under Chapter 11, the resort was expected to "remain whole," easing sale of the entire entity. In December 2010, Green Valley Holdings of Eagle offered to buy Tamarack for $40 million. The investment group indicated that it would be much more difficult to complete a purchase of "bits and pieces" of the resort.

By moving Tamarack's case back to state court, foreclosure proceedings may eventually proceed, and that, in turn, could result in a sheriff's action of assets to pay back the many millions to creditors including lender Credit Suisse and the scores of contractors and subcontractors never paid for their work at the resort.

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