Post by Logan on Oct 1, 2016 4:40:30 GMT -6
Judge orders former real estate mogul Blixseth to pay creditors $286M
A U.S. judge has ordered a former luxury real estate mogul to pay $286 million to the creditors of a Montana club for the ultra-rich that he is accused of fleecing for personal gain before driving it into bankruptcy.
The order Wednesday from U.S. Bankruptcy Judge Ralph Kirscher is the latest turn in a years-long hunt for assets of Timothy Blixseth, the founder of the Yellowstone Club, a private ski and golf resort near Big Sky with an elite group of members including Microsoft co-founder Bill Gates.
Blixseth diverted hundreds of millions of dollars from a 2005 Credit Suisse loan to the club, using the money to buy jets, yachts and luxury properties around the globe. His ex-wife received the club as part of their divorce settlement in 2008 and it went bankrupt within months after its huge liabilities were uncovered. The club later emerged from bankruptcy under new ownership.
Blixseth said Thursday via email that he had no comment on the $286 million judgment. He is now representing himself in the case and said in a court filing last week that blame for the club's bankruptcy should be shared by Credit Suisse, which he claimed unfairly enticed him into accepting a reckless loan.
Read more: billingsgazette.com/news/state-and-regional/montana/judge-orders-former-real-estate-mogul-blixseth-to-pay-creditors/article_384337ba-853e-5918-b8c7-3d1fbfca48c2.html
A U.S. judge has ordered a former luxury real estate mogul to pay $286 million to the creditors of a Montana club for the ultra-rich that he is accused of fleecing for personal gain before driving it into bankruptcy.
The order Wednesday from U.S. Bankruptcy Judge Ralph Kirscher is the latest turn in a years-long hunt for assets of Timothy Blixseth, the founder of the Yellowstone Club, a private ski and golf resort near Big Sky with an elite group of members including Microsoft co-founder Bill Gates.
Blixseth diverted hundreds of millions of dollars from a 2005 Credit Suisse loan to the club, using the money to buy jets, yachts and luxury properties around the globe. His ex-wife received the club as part of their divorce settlement in 2008 and it went bankrupt within months after its huge liabilities were uncovered. The club later emerged from bankruptcy under new ownership.
Blixseth said Thursday via email that he had no comment on the $286 million judgment. He is now representing himself in the case and said in a court filing last week that blame for the club's bankruptcy should be shared by Credit Suisse, which he claimed unfairly enticed him into accepting a reckless loan.
Read more: billingsgazette.com/news/state-and-regional/montana/judge-orders-former-real-estate-mogul-blixseth-to-pay-creditors/article_384337ba-853e-5918-b8c7-3d1fbfca48c2.html