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Thumper Pond Will Be Sold By Bank This Summer
Wednesday, 23 March 2011 15:21

This from a Star Tribune article on credit unions:

T humper Pond was sinking. By March of 2006, 30 banks across the country had passed on the chance to rescue the Northwoods-themed resort from cost overruns and mismanagement.

Then came the credit unions. More than a half dozen of them, originally founded by electricians, railway workers, state highway employees and others, wanted a piece of the indoor water park, hotel, spa and upscale houses being built in this tiny town of 451, about 90 minutes east of Fargo. The $13.8 million loan deal was reached on the 18-hole golf course designed by two first-time developers, Verle Blaha and Jim Ahlfs, from Ottertail, who had never swung a golf club.

Four years and millions of dollars in losses later, Thumper Pond is in foreclosure. Lead lender Spire Federal, the 75-year-old credit union founded by oil cooperative workers, is expected to sell it later this summer for a big loss.

The article continues here .