BILLINGS – 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 the club’s creditors, who alleged damages topping $286 million.
Kirscher subtracted damages to Credit Suisse because the financial firm knew a 2005 loan to the club would 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 could not be reached for comment. He has sought unsuccessfully to have Kirscher disqualified.