Ultimate Repo Man

We've heard of banks foreclosing on homes and repossessing cars in the current economic crunch, but uprooting ski lifts? That's a new one.

Bank of America threatened to remove two ski lifts from the Tamarack Resort near Boise when the resort's developers fell behind on lease payments.

Things have gotten so bad for the Idaho resort that tennis stars Andre Agassi and Steffi Graf have dropped out as investors. Majority owner Jean Pierre Boespflug conceded he might have to resign as chief executive to help entice new investors to the resort.

Of course, not having a way to get skiers to the top of the mountain may be an immediate red flag for any prospective investor.

Ken Rider, a Tamarack spokesman, told the Associated Press that developers had begun conversations with Bank of America. He referred to the lifts as, "very important to our overall resort experience."

But how long can they keep the ski lift repo men at bay? Bank of America is not the only disgruntled creditor in the equation.

Sterling Bank already began foreclosure proceedings on the resort's employee building and Credit Suisse went to court to foreclose on the property after the resort defaulted on a $260 billion syndicated loan.

If the credit crisis worsens, who knows what else banks will start repossessing. Elevators? Moving walkways? Roller coasters? Nothing is safe.

by Rafael Cohen

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