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Tamarack set to move forward with $10M infusion

05:27 AM PDT on Tuesday, October 28, 2008

KTVB.com

DONNELLY -- A judge is expected to make $10 million available to Tamarack Resort this week -- money that will be managed by the new court-appointed "receiver."

In simplified terms, the receiver's job is to secure the assets that are already here, until a permanent resolution is reached between Tamarack Resort and the bank that's owed $273 million.

"A receiver is a court-appointed agent.  I'm working for the judge," said Doug Wilson.

And put in charge of day-to-day operations.

Of paramount concern to him is the immediate winterization of the numerous, multi-story buildings that comprise the unfinished Village Plaza -- progress on that has already begun.

The other pressing priority is the ski season which is scheduled to open December 12th.

"You want to say 'We are open for business.' We want the experience this winter to be what homeowners and others expect," said Wilson.

Contributing to that experience he hopes will be the inconspicuousness of this transition.

"We do not put a big sign out that says 'Tamarack under receivership!' To the contrary, we want that experience to be as good as last year.  Hopefully the snow's as good!" said Wilson.

When this major management transition took place a week ago, 100 Tamarack employees were temporarily laid off.  Since then, 40 have been brought back and many more are expected to return once the $10 million is in place. 

That funding could be available as early as this Wednesday.

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