A district judge issued a warrant Wednesday to get Jean-Pierre Boespflug into court, after he failed to show for a hearing on his assets and couldn’t be found by his lawyer. The judge set bail at $3.5 million.
Boespflug was supposed to disclose his assets and answer any questions about them at the hearing before District Judge Michael McLaughlin as part of a $4.9 million judgment Banc of America Leasing & Capital LLC recently won against Tamarack Resort LLC, Boespflug and co-investor Jerry R. Barnett.
Boespflug’s Boise lawyer, T.J. Angstman, who mailed and emailed notices to Boespflug, drove Wednesday morning to his last known address.
“It does not appear anyone is residing” there, Angstman told the judge. “I have had two emails from Mr. Boespflug in the last month, so he is aware of the proceedings.”
Angstman then asked for and got permission from the judge to withdraw from being Boespflug’s attorney in the case.
“We cannot represent our client without violating rules that govern our conduct,” Angstman said.
Boespflug is majority owner of the failed Tamarack Resort, a ski and golf resort, which ran out of money in early 2008 after about five years of construction and real estate sales near Cascade. He and other investors have been in lawsuits to resolve the resort’s financial problems, including one by Credit Suisse, which is owed a $250 million construction loan. Bank of America owns equipment there, including ski lifts.
Brad A. Goergen, the Seattle lawyer for Bank of America, added an extra twist to the behemoth lawsuit. He said Boespflug not only failed to hand over the documents showing what he owns, but he might skip town and shield all his money and possessions that could be used to satisfy the $4.9 million judgment.
Goergen said he had evidence that in December 2009, a domestic limited liability company was formed in Nevada called Cerulean Holdings. About 15 days later, Boespflug and his wife transferred their seven-bedroom Parkhill Drive residence in the Boise Foothills, then assessed at $1.2 million, to Cerulean. But they apparently kept living there and paying the taxes, he said.
“That has several hallmarks of a fraudulent transfer” meant to keep the house safe from the lawsuit, Goergen said. “Later, they sold it through Cerulean Holdings. (But) there’s no explanation for what happened to those proceeds,” he told the judge, adding that the deed was notarized by someone from the Cook Islands, “a notorious haven for fraudulent asset-protection trusts.”
New owners bought the house in February.
Goergen asked the judge to charge Boespflug a daily fine of $25,000, jail him and hold his passport until he complies.
“The longer this proceeding takes, the increasing likelihood that he’s going to shield assets and make it all the more complicated for my client to collect on its judgment, all in violation of the law,” Goergen said.
Judge McLaughlin said Boespflug’s behavior was “of concern.” He set a contempt hearing for May 26.
Multiple attempts by the Idaho Statesman to reach Boespflug and his wife, Nancy, through email, phone, and current and former attorneys and associates were not successful.
Boespflug “is a good man,” Angstman said Thursday. “In my experience, he’s always had the best interest of the Valley County community in his heart, and I have no reason to believe he still doesn’t.”
Audrey Dutton: 377-6448