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Cross Atlantic, VPG Investments' Chapter 11 cases dismissed
By Caroline Salls
Pittsburgh, Oct. 15 - Cross Atlantic Real Estate LLC and VPG Investments, Inc.'s Chapter 11 bankruptcy cases were dismissed Tuesday by the U.S. Bankruptcy Court for the District of Idaho in response to a motion filed by secured creditor Credit Suisse.
In its motion to dismiss the cases, Credit Suisse said the companies do not have a reasonable likelihood of rehabilitation and neither company has filed a plan of reorganization.
In addition, the creditor said Cross Atlantic and VPG have experienced a substantial and continuing loss to their estates.
Credit Suisse also cited an alleged gross mismanagement of the companies' estates and a lack of good faith related to their bankruptcy filings.
Cross Atlantic and VPG are the majority owners of Tamarack Resort. The companies filed for bankruptcy on Feb. 15, 2008. Cross Atlantic's case number is 08-00249 and VPG's is 08-00253.
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