Foreclosure Hearing Update
Motions have been made setting the stage for foreclosure of the resort.
Details of the March 22, 2012 hearing were outlined in a letter from the TMA to homeowners.
Foreclosure motions were heard in State Court on Thursday, March 22nd.
Here is a recap of what happened in court on the Tamarack Foreclosure.
Judge Owen heard motions to grant orders allowing for a sheriff's sale.
Credit Suisse asked for an order granting a sheriff's sale on the bulk of the Resort, excluding Village Plaza, Lake Wing, certain Trillium Townhomes, and the BAG parcels (Belvedere Ridge). This proposed order of foreclosure includes Credit Suisse's goal to become the successor tenant on the State Lease lands.
BAG requested an order granting a sheriff's sale of its vendee's lien on the Belvedere ridge parcels.
Banner Sabey and Tristate Electric moved for separate orders granting sheriff's sales on their construction liens on Village Plaza.
MHTN requested an order granting a sheriff's sale on the Lake Wing.
OZ architect moved for an order granting a sheriff's sale on several of the Trillium Townhomes.
TMA's best guess is that all except the Village Plaza orders requested by Banner Sabey and Tri-state will be granted. The Village Plaza lienholders are complicated by the fact that there are multiple lienholders who are senior to Credit Suisse. They want to be able to "credit bid" their lien rights. Judge Owen seems reluctant to allow credit bidding by any except a single senior lien claimant.
However, no rulings occurred. Judge Owen took all pending matters under advisement. TMA expects a ruling shortly. TMA will let the Membership know as soon as those rulings are issued.
TMA's website will provide the orders requested by Credit Suisse, Banner Sabey-II, Tri-State, BAG, MHTN and OZ, when they are approved by Judge Owen.