The Bitterroot Resort in Lolo, Montana – "Complaint of Foreclosure." – Maclay goes it alone

The Bitterroot Resort answered two weeks ago to its lender’s attempt to foreclose on the sprawling ranch below Lolo Peak, the second step in a legal back-and-forth in Missoula District Court that could last years—and eventually determine the fate of Tom Maclay’s grand vision for a four-season resort south of Missoula.

In the filing, the defendants—the various business entities that make up the yet-to-be-built Bitterroot Resort—admitted or denied a series of allegations levied by Metropolitan Life Insurance Company (MLIC) Asset Holdings, LLC, in its October 2009 "Complaint of Foreclosure." The current value of the loans, given in 2000 and 2005, total nearly $19 million, and MLIC claims the resort, in April and May 2009, defaulted on its payment obligations. The resort denied that claim in its filing on Jan. 21.

by Matthew Frank

Full Story: http://missoulanews.bigskypress.com/missoula/maclay-goes-it-alone/Content?oid=1215802