Isle developer Stark
wants piece of Idaho
ski resort

From staff and wire reports

Two family members who own Schweitzer Mountain Resort in Idaho have proposed using financing from Honolulu developer Bruce Stark to lead the ski hill out of bankruptcy protection.

A reorganization plan filed this week by Bobbie Huegenin and her mother, Jean Brown, proposes paying creditors some of the $28 million they are owed through a $30 million pledge from Stark.

Stark, developer of the Waterfront Tower luxury apartments in Honolulu and the nearby Restaurant Row complex, has one of his own companies in a Chapter 11 reorganization.

Stark could not be reached for comment this morning.

In a letter submitted to the bankruptcy court in Idaho, Stark said he is prepared to offer the major creditor of the ski resort, U.S. Bank, $15 million to settle its debt.

The money would not come from his bankrupt development company, Stark Ventures Inc., the letter said. The family and the resort owe the bank about $23 million.

The two owners are seeking to prevent the sale of the family-owned ski hill outside Sandpoint. Last November, they filed for protection from creditors under Chapter 11 of the federal bankruptcy code.

The 100-plus-page reorganization plan has been submitted to a judge for review.

In his letter, Stark says he will participate only if the court approves the plan before Oct. 31.

Stark also wants to review the resort's finances and operations as well as those of the resort's parent company, Pack River Limited, before he antes up.

For the use of his money and collateral, Stark would receive an undisclosed interest in the resort and Pack River.

Schweitzer is being run by court-appointed attorney Ford Elsaesser, who has overseen resort operations for two years.