Wells Fargo v. Talisker: sheriff’s sale scheduled in November
October 13, 2015
The Talisker corporate family holdings involved in a foreclosure case brought by Wells Fargo are scheduled to be sold at auction in November, according to paperwork that was publicly posted in recent days.
It will almost certainly be one of the most closely watched sheriff’s sales in the Park City area in recent years given the significant holdings that are at stake and Talisker’s status as a high-profile landowner.
The sheriff’s sale is scheduled at 10 a.m. on Nov. 17 at the 3rd District Court building at Silver Summit. Procedural details regarding the sale were not immediately available.
The land that is scheduled to be a part of the sale was the collateral on loans dating to the fall of 2010. Wells Fargo filed a lawsuit in February on behalf of itself and another lender. The lawsuit named 14 defendants under the Talisker corporate umbrella. It outlined a claim of $163.8 million worth of loans and accrued interest owed by the defendants. Another firm, called Midtown Acquisitions, L.P., is also a lender and is represented by the Wells Fargo side.
The land was the collateral on the loan. The land includes undeveloped parcels in Tuhaye, residential lots in the Empire Pass subdivision of Red Cloud, other parcels in Empire Pass and undeveloped land in Summit County. There is also collateral in Wasatch County that would be sold separately in an auction in that county. The paperwork recently posted in Park City indicates the sale in Summit County will involve the interests of United Park City Mines, Tuhaye, LLC and Mountain Developments I, Inc.
Some of the Summit County land listed in the posted paperwork includes two lots in Bonanza Flats, five parcels in Tuhaye, 12 parcels in Red Cloud and five parcels elsewhere in Empire Pass.
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The land underlying Park City Mountain Resort, held by a firm called Talisker Land Holdings, LLC, is not involved in the Wells Fargo case. The acreage at PCMR was central to the high-profile lawsuit between the former owners of PCMR and Talisker Land Holdings, LLC that ultimately led to the sale of PCMR to Colorado-based Vail Resorts.
The case stems from 2010 loans that were later modified. The initial loans were provided by Wells Fargo and the Bank of Scotland. Midtown Acquisitions, L.P. later acquired the Bank of Scotland’s interest in the loans. The lawsuit outlined that one of the Talisker corporate family firms in late 2013 executed an updated promissory note with Wells Fargo with a principal amount of a little less than $76.5 million. On the same day, a promissory note with a principal amount of approximately $66.9 million was executed with Midtown Acquisitions, L.P., according to the lawsuit.
Wells Fargo is administering the loans and is representing both of the lenders.
The Talisker side did not repay the money by an April 30, 2014 deadline, the lawsuit claims, leading to discussions between the parties that resulted in the possibility of the repayment date being pushed back if certain performance benchmarks were hit. The lawsuit said the lenders provided more than $7 million to fund the operations of a firm called Talisker Finance LLC between April of 2014 and the time the lawsuit was filed.
The Park Record was unable to contact an attorney representing the Talisker corporate family side.
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