Missoula
43° F
Clear
Clear
Kalispell
54° F
Mostly Cloudy
Mostly Cloudy
Bozeman
46° F
Clear
Clear
Advertisement

Judge finalizes $41M order against resort founder

By Associated Press
Published On: Dec 06 2012 09:57:01 AM MST
Tim Blixseth
BILLINGS, Mont. -

A federal judge has finalized a $41 million judgment against the founder of a private Montana ski resort that fell into bankruptcy soon after his departure.
   
U.S. Bankruptcy Judge Ralph Kirscher said Wednesday that Yellowstone Club founder Tim Blixseth was responsible for financial damages to creditors stemming from the club's 2008 bankruptcy.
   
That's in line with a 2010 ruling that was appealed by both Blixseth and creditors, who alleged damages topping $286 million.
   
Kirscher subtracted damages to Credit Suisse because the financial firm allowed a 2005 loan to the club to be diverted for Blixseth's personal use.
   
Creditors' attorney Charles Hingle says no decision has been made regarding an appeal of Wednesday's ruling.
   
Blixseth says he will be filing an emergency motion to block the judgment.