Principal in Banc of America Leasing Case Skips Hearing



The Idaho Statesman reports an Idaho judge issued a warrant for ski resort Tamarack’s owner Jean-Pierre Boespflug after he missed a hearing to determine the value of his assets. In January Banc of America leasing won a $4.9 million judgment to repossess Tamarack’s ski lifts.

According to the article, Fourth District Judge Michael McLaughlin set bail at $3.5 million to force Boespflug, a native of France, into court. A contempt hearing will be held on May 26, 2011.

The article reports Bank of America lawyer Brad Goergen saying Boespflug might leave town and shield his assets to avoid satisfying the judgment.

To read the full Idaho Statseman article click here.

Previously on monitordaily:

Banc of America Leasing Gets Court OK to Repossess Ski Lifts

Tuesday, January 04, 2011

According to bankruptcy court documents, Banc of America Leasing & Capital (BALC) got the OK from an Idaho bankruptcy court judge to repossess two ski lifts that were leased to Tamarack Resort. The ski lifts were subject of a master lease agreement that was entered into on November 28, 2006. The filings note that Tamarack has failed to make payments required under the lease since January 2009. BALC said that damages as of March 31, 2010 total $4.6 million, which included unpaid rents, accrued interest and attorney fees.

According to the documents, BALC estimated that the value of the equipment to be between $1.494 million and $1.993 million based on varying disposition time frames. These values, however, exclude an estimated $492,500 in removal and transportation costs.

BALC said the ski lifts represent is primary source for recovery and noted the harm to BALC of delaying recovery far outweighs the potential benefit to the estate of making a sale marginally more likely. BALC has claimed that Tamarack has no reasonable prospects for an effective reorganization. And even if the debtor were able to timely reorganize, the ski lifts are not necessary for a reorganization, BALC said in its motion for relief from the automatic stay.

A creditor group led by Credit Suisse has been trying to recover more than $300 million in unpaid debts since the troubled vacation destination filed for bankruptcy protection in early 2010. In its motion for relief, BALC said, “The debtor has spent nine months in Chapter 11, with no plan in sight in sight, with no DIP financing in place and no motion on file with the court for a sale of assets, there is no reason to believe the ski lifts are necessary of an effective reorganization because no such reorganization is likely within a reasonable period of time.”


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