Yet another setback for Idaho's Tamarack Resort - multiple sources are reporting that Bank of America has repossessed the resort's Wildwood Express Quad chairlift. The Wildwood Express serviced mainly intermediate and expert terrain. Full details after the jump.
Many people are unaware, but homes and real estate are not the only assets that are forecloseable by a creditor. Personal property (i.e. anything that isn't real property) can also serve as collateral. When a borrower defaults on a loan, creditors can foreclose on the collateral and sell it in an attempt to recoup the monies owed.
Both the Wildwood Express Quad (marked as "B" above) and the Butternut quad (marked as "A" above) were collateral securing Bank of America's loan to the resort. Even when the resort reopened after the filing of the Chapter 11 petition, neither lift operated, presumably because Bank of America had sued to foreclose on both lifts.
The one bright spot in an otherwise dismal story for the resort is that the homeowner's association was able to retain possession of the Buttercup lift. The Buttercup lift services the resort's "Whitewater Estates" real estate development. Losing the ski in/out access afforded by the lift would have resulted in a tremendous diminution in property values for homeowners, so it is unsurprising that the association would prefer saving the Buttercup over the Wildwood. Of course, the Buttercup is also worth a lot less because it both a fixed grip quad and shorter in length than the Wildwood. Creditors would (and did) much prefer removing the longer, more valuable Wildwood Express.
Operations are slated to continue for the time being, but the future of the Tamarack resort remains unclear.
Below an NWCN piece about the removal:
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