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So, the junior lender, Ramsfield Hospitality Finance, ended up owning the land. But little got done there, save for some condominiums that sold at far less than the prices being paid in 2007.
"The market is very difficult right now," said Richard Mandel, president of Manhattan-based Ramsfield Hospitality Finance. "The land isn't worth as much as it used to be worth."
Bank of America, the senior lender, could end up owning the land if no one bids. The Telluride Daily Planet said the price would start at just more than $25 million.
Meanwhile, in Utah, bankruptcy of Premier Resorts International, known also as Deer Valley Lodging, is likely to wrap up this year. The company went into bankruptcy in May 2009.
In court filings, reports The Park Record , the company estimated debts of $13 million to tax authorities, former employees, vendors and condominium owners who never received their share of winter revenue. It said it has assets of $725,000.
Danny Kelley, an attorney for the bankruptcy trustee, told the newspaper that the trustee is coming to the conclusion that the money had been sent to a resort in South Carolina to fund operations and losses.