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Bank of America Reposesses Two Tamarack Lifts

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SAM Magazine-Boise, Idaho, Jan. 4, 2011-U.S. bankruptcy judge Terry Myers has lifted a stay on two lifts at Tamarack Resort, allowing Bank of America Corp. (BAC) to repossess them. It's likely that BAC will try to sell the lifts to Tamarack's eventual buyer, or to another resort for reinstallation elsewhere.

BAC now owns a mile-long detachable quad that rises 1,650 vertical feet to a pod of intermediate and advanced runs, and a shorter access lift for the Whitewater neighborhood. Tamarack owes more than $4 million on the lifts.

BAC would likely be able to sell the lifts separately for more than it would eventually receive as part any broader bankruptcy settlement. Tamarack has debts of more than $350 million, and the highest publicly disclosed bid for the resort is $40 million.

The two lifts have not been part of this year's operations at Tamarack, which opened Dec. 20 under the management of the Tamarack Municipal Association, a homeowners group. The area is operating four days a week as well as holidays. Five other lifts are running, and serve about 85 percent of Tamarack's terrain.