Want to have some fun? For the past year, there has been an entertaining situation occurring at the exclusive Yellowstone Club. It is an ultra expensive private enclave with its own ski trails, 60 of them, and its own private Tom Weiskopf golf course.
It has everything you could want in a trashy novel. An interesting couple, the Blixseths who are the developers, who previously filed another company they owned for bankruptcy years ago. They then divorced a couple of years ago with the two of them fighting over the Club. There was the creative lending by Credit Suisse of hundreds of millions of dollars to the couple who allegedly used a significant portion of the proceeds for personal uses including other developments.
It has name investors, homeowners and board members including Bill Gates, Dan Quayle, Annika Sorenstam, Jack Kemp and Greg LeMond to name a few.
There was a lawsuit last year against the Club by LeMond which resulted in a multi-million dollar judgment against the Club. Credit Suisse has come under attack for loose lending to high flying developments such as Yellowstone.
Now according to an article on MSNBC, a bankruptcy judge has ordered a hearing on the auction of the Yellowstone Club in March. And according to this article, the auction is moving forward.
The Yellowstone bankruptcy was recently followed by the bankruptcy of the 200 year old Greenbriar Resort in West Virginia. How many more such bankruptcies and auctions will there be?
Cheers, Mike
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