53 replies to this topic

[zeedotcom]

Skier, on Apr 7 2009, 09:59 PM, said:

This can't be good...

Donald Trump makes a bid for Montana's private golf and ski residence club, the Yellowstone Club

"You're Fired!" ??

[OldSki]

Billionaire accused of 'looting' posh resort

From http://www.komonews....l/43422192.html

MISSOULA, Mont. (AP) - Flamboyant billionaire Tim Blixseth lived the high life as the posh mountain resort he founded for the ultrarich spiraled into bankruptcy.

The timber baron turned luxury resort developer bought plush airplanes, sprawling estates in France, Mexico and Scotland and a private island in the Caribbean.

But creditors say he paid for all of that with a 2005 loan ostensibly meant for the Yellowstone Club, a 13,600-acre private ski resort that counts former Vice President Dan Quayle and Microsoft's Bill Gates among its members.

A civil trial for Blixseth was set to begin Wednesday, with creditors seeking to have the $375 million loan arranged by Credit Suisse declared illegal. They also want Credit Suisse to return to the club $146.4 million in principal and interest already paid.

"Enticed by the riches available from Credit Suisse, the Blixseths chose to breach their fiduciary duties (and) abandon the Yellowstone Club," creditors' attorney Thomas Beckett wrote in documents filed with the court.

In another brief, Beckett described Tim Blixseth as "looting" the club prior to transferring control to his wife, Edra, as part of their divorce settlement last August. The pair built the club in the late 1990s from former U.S. Forest Service land near Yellowstone National Park.

The Yellowstone Club filed for bankruptcy protection in November. Its members and creditors blame Blixseth and Credit Suisse, a Swiss investment bank.

In recent years, Credit Suisse packaged more than $2 billion in loans to at least six luxury resorts now in financial trouble. Some of those deals - including the Yellowstone Club's - were marketed as a way for resort owners to extract massive and early "profit dividends" before the developments were completed.

After the real estate market collapse, the resorts were unable to keep selling property to cover the loans.

Tim Blixseth's attorney contends the money he took from the loans was deserved, and that the bankruptcy was spurred by economic forces outside his control.

Credit Suisse contends there was nothing improper about the deal and that it was approved by numerous attorneys. That included Tim Blixseth's attorney Steven Brown, who now sits on the creditors' committee that is suing Credit Suisse.

The club is up for auction next month, with a starting minimum bid of $100 million.

If the creditors prevail in the lawsuit, any sale proceeds would go to the contractors, utilities, banks, employees and others owed between $25 million and $50 million by the club. Credit Suisse would have to wrangle directly with the Blixseths to reclaim the $307 million it is still owed.

Whether Credit Suisse could get its money back from the Blixseths is uncertain. Edra Blixseth filed for personal bankruptcy last month, while Tim Blixseth has been trying to unload his island in the Turks and Caicos for $75 million.

[CH3skier]

Lawyer says $375M loan to ritzy Mont. club legal
April 30th, 2009 @ 9:37pm
By KAHRIN DEINES
Associated Press Writer


MISSOULA, Mont. (AP) - An attorney who led negotiations on a $375 million loan to the Yellowstone Club said Thursday that the transaction was legal, refuting claims that the club should not be held liable for it.

Michael Doyle testified that the transaction was legal under Montana law and that the chairman of the creditors' committee filing the lawsuit over the Credit Suisse loan had approved its legality, including the transfer of money to club owner Edra Blixseth.

Stephen Brown, the creditors' chairman and a former attorney for Blixseth's then-husband Tim, refuted Doyle's testimony, saying that he was never "expressly" asked to consider whether the loan was fraudulent and that he would not have been qualified to make such a determination.

The legality of the loan is at the center of a federal trial linked to the Chapter 11 bankruptcy of the club, a posh ski resort for the rich founded by the Blixseths. The couple divorced and Edra Blixseth now owns the club, but her husband was in control when the loan was made in September 2005.

Most of the loan was later moved into private accounts for the Blixseths and was spent on paying off existing debts on luxury jets and estates.

Edra Blixseth and a committee of the club's creditors contend the loan was fraudulent and want it voided so the money does not have to be paid back to Credit Suisse. Tim Blixseth has accused his ex-wife of engineering the bankruptcy to lower the club's price for a sale.

Mike Flynn, attorney for Tim Blixseth, argued that the attorney-client privilege between Brown and Tim Blixseth should prohibit Brown from working with the creditors on their suit.

"It's an obvious conflict of interest, obvious compromise and obvious taint on the trial," said Flynn, who wants the judge to force the creditors' attorneys to hand over copies of private communications with Brown.

Brown said he was no longer a lawyer for Tim Blixseth and that he was "just a committee member like anybody else, with some organizational duties that not every one else may have."

Bankruptcy Judge Ralph Kirscher said he was unlikely to order the communications with the creditors' attorneys to be released.

"We can't just bring this to a halt," Kirscher said. "I'm not going to allow it over a request like this."

The judge also banned the use of Twitter in the courtroom Thursday, a day after he discovered that a reporter was sending brief text messages from the courtroom about trial proceedings. He said it could give witnesses access to evidence they should not know about.

[Peter]

Y-stone Club owner has personal debts of $150M

By MATTHEW BROWN – 3 hours ago

BILLINGS, Mont. (AP) — Court filings show Yellowstone Club owner Edra Blixseth is more than $150 million in debt, while most of her houses, cars and other property have been put up as collateral on overdue loans.

Blixseth and her former husband, Tim, developed from scratch the posh club with its private ski hill near Big Sky. That rags-to-riches tale came full circle last month after she sought Chapter 11 bankruptcy protection to stave off more than 100 creditors owed at least $157 million.

A disclosure of her finances filed with U.S. Bankruptcy Court in Montana showed Blixseth with at least $107 million in assets. The tally did not place a value on the club, which is for sale for at least $100 million but has liabilities topping $400 million.

Among her assets were $469,515 in jewelry; nine homes, condos and guest houses; $2.7 million in fine art; and five cars: a Rolls Royce, two Mercedes, an Aston Martin and a BMW.

The court filings revealed Blixseth produced zero income last year.

If she receives bankruptcy protection, Blixseth would be shielded from her creditors while she reorganizes to pay off her debts. But Harold Dye, who represents Archer Capital Fund, a New York firm owed $1.9 million, said she could be forced to sell off her property if there is no other way to raise money.

"She doesn't have any alternative with no income coming in," Dye said. "The only thing left is a liquidating plan."

Much of her property has multiple liens and mortgages, meaning she repeatedly borrowed money against their value. Blixseth's debts include $7.6 million in unpaid federal income taxes and at least $4 million in unpaid taxes in California and Montana.

She declared personal bankruptcy after a federal judge in Colorado issued a warrant for her arrest following her failure to pay back a $13.2 million loan from Western Capital Partners of Denver.

She took control of the club last August as part of her divorce settlement, only to have it collapse financially three months later. Her other businesses also are foundering, including a failed housing development in Bozeman and a software company, Blxware, that has been hamstrung with lawsuits.

Meanwhile, she's trying to unload the Yellowstone Club for $100 million to Sam Byrne of CrossHarbor Capital Partners LLC of Boston. The selling price could be driven higher during an auction scheduled to begin next week.

Edra Blixseth owes CrossHarbor and Byrne $35 million. That fact has been seized on by attorneys for Tim Blixseth who say she is beholden to Byrne and any sale to him would be tainted.

Tim Blixseth has been sued by the club's creditors over his involvement in a $375 million loan for the resort. Most of that money was later transferred to accounts under his control, and he's been accused of "looting" at least $200 million from the club.

Tim Blixseth argues the club's finances went bad only after control passed to Edra.

How much of the 2005 loan ended up with Edra Blixseth is uncertain. Several of the accounts that received the loan money were jointly held by the couple before their divorce.

This is Edra Blixseth's second go-round with bankruptcy. In the late 1980s in Oregon, where she ran a restaurant and Tim was in the timber business, the couple declared bankruptcy after lumber prices crashed and her restaurant fell into debt.

The couple moved to Montana in 1993 and over the next several years began accumulating the land that was to become the Yellowstone Club. They attracted more than 300 deep-pocketed members, among them former Vice President Dan Quayle, Los Angeles Dodgers Owner Frank McCourt and hotel mogul Barry Sternlicht.

Property sales dried up last year when the real estate market turned south, cutting off the spigot of new money that had fueled the club's development. The resort's pending sale will determine who gets their money back in the bankruptcy cases of both Edra Blixseth and the club.

"Certainly the higher the value the more chance of being paid," said Kenneth Frazier, an attorney for Palm Desert National Bank, which is owed $2.5 million.

[Peter]

Yellowstone Club Auction Draws Few Bidders

By Jonathan Weber , 5-07-09


The court-supervised auction of the Yellowstone Club has attracted only two bids as of Wednesday’s deadline for the submission of initial offers, according to sources close the situation, with no bid materializing from former owner Tim Blixseth or the group of members that had been expected to make an offer.

While people involved in the process said there were rumblings about some late bids emerging, as of Thursday morning the only offers were the “stalking horse” bid from CrossHarbor Capital Partners and a so-called “credit bid” from Credit Suisse and several of the primary owners of the $310 million in debt remaining on the $375 million Credit Suisse-brokered loan to the club.

The credit bid may yet be disallowed, pending U.S. Bankruptcy Judge Ralph B. Kirscher’s decision on whether the Credit Suisse loan was a “fraudulent transfer.” A week-long trial on that issue, and a related allegation of breach of fiduciary duty against Credit Suisse and Tim Blixseth, concluded Wednesday afternoon, with a decision likely next Tuesday.

CrossHarbor, which has provided about $25 million in interim funding to the club, has offered $100 million for the club - $30 million cash and $70 million in assumed debt - and pledged to invest another $75 million in the coming years and set aside $7.5 million to pay unsecured trade creditors.

Sources said the Credit Suisse offer is for $10 million more than that, though the structure of the bid is different and it could not be learned exactly who was providing the cash component of the offer. Two hedge funds who hold big chunks of the debt are said to be involved in the Credit Suisse offer.

It is also possible that various parties, including Tim Blixseth, may be looking to work with Credit Suisse on an offer. In a brief conversation with NewWest.Net earlier this week, Blixseth said one could bid “directly or indirectly,” suggesting he may be looking to partner.





Yellowstone Club hearing ends, ruling next week
By JESSICA MAYRER Chronicle Staff Writer

MISSOULA - A weeklong hearing to hash out whether former Yellowstone Club owner Tim Blixseth should be held responsible for a $375 million loan that drained the club’s coffers concluded Wednesday with his attorneys arguing that the case against him should be dismissed.

Federal bankruptcy Judge Ralph B. Kirscher is expected to rule on the case before the club goes up for auction, which is slated for May 13.

As part of the club’s Chapter 11 bankruptcy proceeding, the judge will now wipe out all or part of the 2005 loan, leave it intact or hold Blixseth personally responsible for diverting more than $200 million to his personal interests.

The decision will dictate how much capital is left in the cash-strapped club.

Blixseth’s legal team argued Wednesday that because an attorney who represented Tim Blixseth in his contentious divorce from Edra Blixseth now chairs the committee of unsecured creditors suing the former owner, there is a conflict of interest and the case should be dismissed.

Furthermore, the legal team argued, that attorney, Stephen Brown, also crafted an agreement as part of the divorce proceeding that left Edra Blixseth legally responsible for the loan now being debated in federal court.

As part of the divorce settlement, Edra Blixseth assumed full responsibility for the club and all its financial obligations, including the loan in question, they argued. And the document crafted by Brown specifically released Tim Blixseth from breach of fiduciary duty and fraudulent transfer, allegations now being launched against him.

“That was really one of the cornerstones of the settlement as far as I was concerned,” Blixseth said of the document. “Those waivers and releases were so important to me. That gave me piece of mind.”

Yet Yellowstone Club attorney Troy Greenfield said Blixseth put a suspicious amount of forethought into covering his legal liability.

“You’re a careful and calculating man, are you not, sir?” Greenfield said. “You were so worried that you made it a cornerstone of your marital settlement agreement.”

Forces largely outside Tim Blixseth’s control triggered the club’s troubles, his attorneys said, pointing to negative publicity generated when Edra Blixseth intervened in a 2008 lawsuit between her ex-husband and three-time Tour de France winner Greg LeMond.

That negative publicity, which highlighted contentious money management issues, sent $50 million in property sales out the door, Tim Blixseth testified.

“It killed the brand. It killed the club,” he said.

His attorneys have asserted throughout the weeklong hearing that the club was not in immediate financial jeopardy when he handed over the reins to his estranged wife.

But CrossHarbor Capital principle Sam Byrne, who has invested more than $200 million in the club and whose bid to buy it fell apart last year, said financial problems were brewing before the 2008 LeMond suit.

In August, as Edra Blixseth assumed control, the resort needed at least $100 million to dig it out of financial straits, Byrne said.

“It was in bad shape,” he said.

Although Tim Blixseth appeared ready to sell the club to Byrne last year, his $407 million bid likely wasn’t enough to cover club debt and the deal fell apart, Byrne said.

The club’s financial problems grew, and, as Edra Blixseth began assuming control of the club months later, she contacted Byrne.

“She wanted to get in touch with us about solving the problems,” Byrne said.

Edra Blixseth used Porcupine Creek, her personal residence, a 240-acre property in Rancho Mirage, Calif., as collateral on a $35 million loan from Byrne. Foreclosure proceedings are now being filed on that property, Tim Blixseth said.

The $35 million was supposed to be a short-term loan, Byrne said. But Edra Blixseth was unable to secure additional funding to keep the club afloat. And so, the resort continued to spiral.

Tim Blixseth’s attorneys have said throughout the hearing that Byrne’s actions were designed to get control over Edra Blixseth, drag out the club’s money problems and send it into bankruptcy so he could buy the Yellowstone Club on the cheap.

“And you’re now in control of Ms. Blixseth, are you not sir?” asked Tim Blixseth’s attorney, Michael Flynn.

Byrne responded, “I know that’s the story you’re trying to create.”

But Byrne acknowledged that the idea of a prepackaged bankruptcy was discussed as a solution to the club’s financial woes while Tim Blixseth was in charge.

“It was a very short discussion,” Byrne said. “To Tim’s credit, Tim was adamant. He didn’t think it was a good idea.”

Really, Byrne said, he provided the money to keep his investments alive.

“We had a lot of dough in this thing,” he said.

Byrne and Tim Blixseth have both said they intend to bid on the club when it goes up for auction. Bidding starts at $100 million.

[Peter]

I'd say this is great news for all the local contractors who are owed millions.

Citing “Naked Greed,” Judge Eviscerates Credit Suisse in Yellowstone Club Case

By Jonathan Weber , 5-12-09



Declaring that Credit Suisse actions in making a $375 million loan to the Yellowstone Club were “so far overreaching and self-serving that they shocked the conscience of this court,” U.S. Bankruptcy Court Judge Ralph B. Kirscher on Wednesday ruled that Credit Suisse’s secured claim claim to $232 million of the remaining $310 million laon balance would be “subordinated” to the claims of tradesmen, vendors and other unsecured creditors in the case.

The ruling vastly complicates Credit Suisse’s effort to buy the club in an auction slated for tomorrow. It could also expose the bank to numerous claims from both the institutional investors to whom it sold the Yellowstone Club debt, and from those damaged by similar Credit Suisse loans made to Tamarack Resort, Promontory, Lake Las Vegas and a number of other resorts around the world.

At the same time, Kirscher’s decision makes it likely that most other creditors will get a good chunk of their money. “The main thing is that the moms and pops and small businesses will get paid first, and that’s how it should be,” said J. Thomas Beckett, the Salt Lake City-based attorney for the Unsecured Creditors Committee and leader of the litigation against Credit Suisse. “This is substantial justice.”

Kirscher’s ruling was only a partial judgement and did not address any of the claims relating to Tim Blixseth and allegations of breach of fiduciary duty; they will be decided at a later time by the Judge. But the tone of the order suggests that Kirscher found the case brought by the club’s unsecured creditor’s committee and the club itself against Blixseth and Credit Suisse to be quite convincing. In particular, he found that the Credit Suisse’s appraisals of the property and related due-diligence were scandalously lacking and all but guaranteed the eventual failure of the club.

“The only plausible explanation for Credit Suisse’s actions is that it was simply driven by the fees it was extracting from the loans it was selling, and letting the chips fall where they may. Unfortunately for Credit Suisse, those chips fell in this Court with respect to the Yellowstone Club loan. The naked greed in this case combined with Credit Suisse’s complete disregard for the Debtors or any other person or entity who was subordinated to Credit Suisse’s first lien position, shocks the conscience of this Court,” Kirscher wrote.

“While Credit Suisse’s new loan product resulted in enormous fees to Credit Suisse in 2005, it resulted in financial ruin for several residential resort communities. Credit Suisse lined its pockets on the backs of the unsecured creditors. The only equitable remedy to compensate for Credit Suisse’s overreaching and predatory lending practices in this instance is to subordinate Credit Suisse’s first lien position to that of CrossHarbor’s superpriority debtor-in-possession financing and to subordinate such lien to that of the allowed claims of unsecured creditors.”

[Peter]

On the lengthy list of companies that YC owes money: Doppelmayr CTEC, Inc. $43,999.37

Attached File(s)

•  YCclaims.pdf (945.18K)
  Number of downloads: 27

[Peter]

Judge to pick winning bidder for Yellowstone Club

By JAN FALSTAD
Of The Gazette Staff
Federal bankruptcy Judge Ralph Kirscher said he will choose between two rival bidders for the posh Yellowstone Club at a hearing starting at 12:30 p.m. today in Billings.

After intense negotiations starting Wednesday that dragged past midnight, CrossHarbor Capital Partners and investment bank Credit Suisse were still exchanging punches in court this morning, delaying the scheduled auction of the bankrupt resort for the ultra-rich.

The bids cannot be directly compared, at least not easily, because the amount of cash and debt behind the numbers must be analyzed to see if the club can be self-sustaining and avoid re-entering bankruptcy court.

But in the simplest terms, Credit Suisse offered $110 million, including nearly $44 million in cash, for the club that is $400 million in debt.
*
CrossHarbor's bid was $100 million, with $30 million in cash and $70 million in a note backed by the assets. Up to another $75 million would be available for future needs of the club that is hemorrhaging cash.

The court-appointed financial expert from Los Angeles, Ron Greenspan, said he had evaluated both bids and felt that CrossHarbor's was superior. Even though the overall bid was lower, the Boston offer put cash into the club where Credit Suisse's bid would saddle the club with another $80 million to $90 million in debt, he said.

That debt carries a 15 percent annual interest rate and a 5 percent exit fee.

Credit Suisse lead attorney Mark Chehi, from Wilmington, Del., strongly objected and accused Greenspan of favoring CrossHarbor, saying the bidding process was unfair to his client.

At the beginning of the 9 a.m. hearing, Kirscher expected to hear that an auction had been conducted last night and a winner chosen. Instead, he got more legal squabbling.

And the easygoing judge from Butte was visibly annoyed when attorneys for the two bidders said they had made little progress. This fight has been going on since November when the Yellowstone Club filed for bankruptcy.

Kirscher said he was disappointed that more club members, who have to be multimillionaires to join the gated ski-and-golf resort, hadn't participated more in a settlement or agreed to pay more to keep the club afloat. Yellowstone Club is losing about $20 million a year and real estate sales have all but dried up, so little cash is coming in.

"Frankly, we're getting very weary of the whining, complaining, seemingly penniless members who are paying far below cost," Kirscher said. "This club is in bankruptcy."

At one point, the judge scolded the attorneys saying that there would be a decision today on the winning bidders.

Then, in what the judge called an unorthodox request, he called Sam Byrne, managing partner of CrossHarbor who owns substantial property at Yellowstone Club, and the managing director for Credit Suisse, Steve Yankauer, into his chambers for 40 minutes. The judge said he had to know if there was "synergy" or any chance of working this out.

"I've given you every opportunity to work this out. There's too much on the line here to let this go nowhere," Kirscher said. "Are we going to have Yellowstone Club become a ghost town? Or will it be viable?"

[Peter]

Deal Seen Near in Yellowstone Club Bankruptcy
After many months of legal warfare, Sam Byrne and CrossHarbor Capital Partners appear poised to become the new owners of the Yellowstone Club.

By Jonathan Weber , 5-16-09 Newwest.net

A chaotic three-day auction of the bankrupt Yellowstone Club ended without formal resolution late Friday, but sources said a tentative settlement that would give control of the club to CrossHarbor Capital Partners had been reached.

Although parties including club founder Tim Blixseth and a group of club members had indicated their intention to take part in the auction, in the end only CrossHarbor and investment bank Credit Suisse made bids. Credit Suisse suffered a big setback earlier in the week when U.S. Bankruptcy Judge Ralph B. Kirscher ruled that the $375 million loan the bank brokered for the club in 2005 was “predatory” and erased the lenders’ priority claims, but the bank was able to muster a competitive bid that included $43 million in cash and a so-called “credit bid” component.

Much of the fighting over the last two days involved which of the two bids was actually superior. The Credit Suisse bid had a higher dollar amount than CrossHarbor’s long-standing “stalking horse” offer of $30 million in cash and a $70 million note, but the club and the committees representing creditors and members argued that Credit Suisse’s plan did not provide the club with enough working capital to ride out the real estate slump, and included too much debt at too high an interest rate. CrossHarbor had pledged $75 million in cash going forward.

Judge Kirscher was clearly frustrated with all parties and their insistence on fighting rather than working out a deal. He was repeatedly forced to intervene in the auction process, and at one point called CrossHarbor principal Sam Byrne and Credit Suisse representative Steve Yankauer into a private meeting in an effort to force a resolution.

If the two parties can finalize a settlement over the weekend, they will be back in court on Monday battling - together this time - to get the bankruptcy reorganization plan and sale approved. A number of parties, mostly members who have special claims, have objected to the plan, but approval is nonetheless likely if Credit Suisse and CrossHarbor are in agreement.

While the exact terms of the settlement were not clear Saturday morning, it will almost certainly involve full payment for all trade creditors and vendors; Kirscher made that a condition of Credit Suisse’s bid.

[zeedotcom]

The saga continues:
http://seattletimes....stories_section

Quote

A federal judge has pinned the financial collapse of Montana's ultra-exclusive Yellowstone Club on a series of fraudulent deals by founder Tim Blixseth, but says he doesn't have to repay all the resort's debts.

Attorneys in the case said Tuesday that Blixseth could end up on the hook for only $20 million to $65 million. That's versus more than $200 million in claims against the club that are still outstanding - money that for now will remain in Blixseth's pocket.

In a 135-page ruling, U.S. Bankruptcy Judge Ralph Kirscher slammed Blixseth for patterns of "self-dealing" and "deception" that allowed the real estate mogul to siphon hundreds of millions of dollars from the private ski club.

Yet Kirscher said some blame for the bankruptcy was shared by the financial giant Credit Suisse.

The firm arranged a 2005 loan to the club knowing Blixseth intended to take most of it - money he later used to buy multiple high-end estates and luxury planes and to pad his personal bank accounts.

"Blixseth and Credit Suisse have done a lot of finger pointing in this case, but in the end their conduct prompted (the club's) bankruptcies," Kirscher wrote.

Neither Blixseth nor his attorneys immediately returned telephone calls and an e-mail from The Associated Press seeking comment.

Built by Blixseth and his former wife, Edra, in southwest Montana's Madison mountains, the Yellowstone Club demands a multimillion dollar investment from would-be members.

Though it has since emerged from bankruptcy, in 2008 the club's reputation as a haven for the megarich disintegrated as the Blixseths went through a bitter and highly publicized divorce.

Within months of Tim Blixseth passing the keys for the club to Edra, the resort fell into massive debt. Unable to repay the $375 million loan Tim had taken out under the club's name, it declared bankruptcy in November 2008.

Kirscher's ruling detailed several fraudulent transfers by Blixseth leading up to the bankruptcy and as part of his divorce. The judge rejected Blixseth's repeated claims that the club was in good shape when he left and that he was the victim of a conspiracy hatched by Edra and the club's new owner, Boston-based CrossHarbor Capital Partners.

"Blixseth testified at trial that he wanted to see the creditors of the Yellowstone Club paid and that the buck stops with him. The Court agrees," Kirscher wrote.

Yet in a major break for Blixseth, the judge denied repayment of the outstanding amount on the 2005 loan.

Thomas Beckett, a Utah attorney formerly involved in the case, said the decision could have been much worse for the embattled Blixseth.

"If the party who is suing you for $225 million is suddenly told they can't, on some level it's a good day," Beckett said.

The legal options remaining for Credit Suisse and its investors appear limited because the loan was issued on a nonrecourse basis. That means Blixseth can not be held individually liable.

But Credit Suisse would stand to benefit if the trustee for the creditors, Marc Kirschner, appealed the bankruptcy court ruling and were successful.

The trustee had been seeking a judgment of $286 million against Blixseth - money he has allegedly stashed in a Nevada holding company to shield from potential creditors.

The trustee's attorney, Charles Hingle, said Tuesday he was reviewing the order.

[jeffe]

Bankruptcy= Legalized theft.

[Kicking Horse]

Any news from Yellowstone club?

[skier691]

Kicking Horse, on 27 October 2010 - 01:39 PM, said:

Any news from Yellowstone club?

they are making snow now when possible

[Peter]

I think no news is good news!