BOISE -- A homeowner group at Tamarack Resort has abandoned its plan to reopen ski lifts this winter after a Mexican lender withdrew a $7.9 million loan offer.
The West Mountain Preservation Management Association homeowners group failed to get a court hearing for its proposal amid opposition from a Credit Suisse Group-led lending syndicate owed $300 million by the failed resort.
In a letter provided by the homeowners to The Associated Press on Thursday, they wrote, "Without a hearing in mid-to-late December, there would be no possibility of winter season skiing."
Credit Suisse opposed Inmobiliaria Las Fuentes, S.A.'s offer because the Mexican company demanded to be repaid before existing creditors.
The homeowners blame the Swiss bank for scuttling their plan, saying Inmobiliaria's appetite for a potentially costly legal battle "simply wore thin."
