$40 million, $1 million deposit. That's basically the deal Tamarack's board of directors chose as its preferred buyer. The mysterious Green Valley Holdings of Eagle (which still hasn't answered any media inquiries) was selected Wednesday, Dec. 22 as the preferred purchaser of the Valley County resort.
It has been quite a week for Tamarack, seeing its ski lifts go full-tilt for the first time in 20 months and now having a possible buyer.
J.P. Boespflug, the creator and current debtor-in-possession of Tamarack, stood in the shadow of a Christmas tree at Banbury Golf Club in Eagle and used a stocking-full of metaphors.
On the resort's bankruptcy status: "Chapter 11 is bit like being in a hospital. But you have little access to modern medicine."
Regarding the negotiation: "When you're going through a divorce, you have to consider the children."
On striking a deal: "It a little like an engagement, but then you somehow have to get to the marriage."
On selling the resort: "It feels like when you become an empty-nester. Your teenage kids don't want to talk to you, but maybe someday when they grow up you'll have a good relationship with them again."
Boespflug considered three offers to buy the resort from Pelorus Group of Salt Lake City, JMA Ventures of San Francisco, and Green Valley Holdings. Green Valley's offer was chosen because they had the highest bid ($40 million), an adequate deposit ($1 million) and proof of funding.
Bankruptcy Judge Terry Myers still has to sign off on the deal.
"How long will it take?" asked Boespflug. "Sometimes it's a matter of days. Sometimes it's months. You guys can put your wagers on what might happen next."