Ore. Bank Sues For $3.5M In Tamarack Golf Default

JOHN MILLER

BOISE, Idaho (AP) — An Oregon bank has sued owners of the golf course at financially troubled Tamarack Resort, asking a judge to order the 18-hole lakefront course be sold to satisfy loans and interest of more than $3.5 million.

The claim filed by Pacific Continental Bank, of Eugene, this month is the latest against the failed central Idaho resort. Investors in the development 90 miles north of Boise stand to lose millions of dollars after a collapsing real estate market, tight credit and a construction spending spree left them short of cash to finish buildings.

Zurich-based Credit Suisse Group is in the midst of a separate foreclosure battle as it seeks to recoup more than $300 million in syndicated construction loans, interest and penalties from Tamarack and its owners, Jean-Pierre Boespflug, Alfredo Miguel, Jerry Barnett and Richard Getty.

In its lawsuit, Pacific Continental alleges that West Mountain Golf LLC, owner of the Osprey Meadows golf course, is in default on a $3.5 million loan even after a pair of payment extensions since July 2008. West Mountain Golf is 60 percent owned by Meridian, Idaho-based Hopkins Financial Services, Inc., with 40 percent owned by Tamarack Resort.