SAM Magazine-Boise, Idaho, Mar. 19, 2010-A federal judge has declared Tamarack Resort bankrupt. The decision will allow newly named trustee Jeremy Gugino to begin liquidating the resort's assets and pay off creditors. Liquidation is expected to be a lengthy process.

One major complication: Tamarack's largest creditor, Credit Suisse, is moving in state court to foreclose on Tamarack. The state court must determine which creditors are entitled to recover their loans to Tamarack, and which creditors will be first in line for cash. That case is set for trial this fall.