Now if you were the manager or controller, say, of a very large financial concern that had many, many dollars to ‘give’ in the form of loans, would ya give it to Tamarack right about now? Especially after this.
The majority owners of Tamarack Resort have filed for bankruptcy to avoid foreclosure by Credit Suisse, which is owed more than $262 million from loans the resort took out for construction.
Perhaps the name ‘Credit Suisse’ leaps out at you…. but it shouldn’t be confused with – Société Générale, who had a “rogue trader” running the show for a few minutes. Société Générale is French; Credit Suisse is, well, Swiss. However, now, Credit Suisse is having its own problems with “pricing errors.”
Credit Suisse said its internal review had “identified mismarkings and pricing errors by a small number of traders in certain positions in our structured credit trading business “. The bank did not detail the problem.
Sooo – that’s a bit on the big picture background. Now for Tamarack. Tamarack is investigating other options in the way of other financing avenues.
One of current places Tamarack is looking toward is the Municipal Bond Bank (MBB) for the State of Idaho. The chair of the MBB is the state treasurer; Idaho’s state treasurer is none other than Ron Crane. (Some of us remember Ron Crane.) Now this is for infrastructure needs, more specifically – sewer and water.
Soooo – now that the major owners/investors of Tamarack have filed for bankruptcy protection, where’s this leave the loan application with Municipal Bond Bank of the state of Idaho? Welll, it is, of course, up to the board according to the State Treasurer’s office. Investment Management in the Treasurer’s Office was very helpful and quite encouraging in relaying the importance of the public’s involvement as we are, after all, taxpayers. They stressed, the meetings are always open to the public.
The next meeting: March 4, 2008 at 1:30 pm in Room 208, 2nd Floor of the Borah Post Office (Federal Building) – downtown – . The state treasurer’s office temporary quarters while the Capitol is being renovated. The street address is 304 N. 8th Street.
As an aside – The North Lake Recreational Sewer and Water District is the entity that Tamarack is approaching to help with their infrastructure needs in further construction and development. North Lake’s involvement is no more partisian than, say, Boise’s Bench Sewer District. North Lake covers the property on the west side of Cascade lake up to Tamarack.