Moonlight Basin, the 7,800-acre real estate development and ski-and-golf resort near Big Sky in Montana, will continue operations through winter despite Lehman Brothers Commercial Bank Bros' court action to foreclose on the property.
In a letter to homeowners, sent in July, that informed them of the pending action, Moonlight CEO Lee Poole predicted, "It is Lehman’s intention to continue summer and winter operations at the resort."
The resort borrowed $100 from Lehman two years ago to buy out two of Poole's partners while moving forward with construction on ski lifts, the Jack Nicklaus golf course, a restaurant and more. Several structures, such as a main base lodge for the ski mountain, remain incomplete, and the resort still owes the bank $86.9 million.
Lehman Brothers, one year after its notorious collapse, wants Moonlight Basin to be put up for sale as well as the opportunity to bid on property.