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Yellowstone Club Files For Bankruptcy
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MaineSkiLady
Ski Diva Extraordinaire
Messy story, per below:
"Keegan says the club has financing in place for day-to-day operations and plans to be open for the ski season. The club's estimated 600 winter employees still have jobs, but Keegan said layoffs were possible "down the road."
The tony club first ran into financial trouble when Tim Blixseth sought to expand even as the real estate market turned south.
Its problems grew after the Blixseths allegedly diverted money meant for the club to their own use, according to court documents. At roughly the same time, Tim Blixseth went on a property-buying spree in a bid to take the club concept global, with an enterprise called Yellowstone Club World."
Hope someone is on to that "allegedly diverted money"....ah, the problems of the ultra-rich.....
"Keegan says the club has financing in place for day-to-day operations and plans to be open for the ski season. The club's estimated 600 winter employees still have jobs, but Keegan said layoffs were possible "down the road."
The tony club first ran into financial trouble when Tim Blixseth sought to expand even as the real estate market turned south.
Its problems grew after the Blixseths allegedly diverted money meant for the club to their own use, according to court documents. At roughly the same time, Tim Blixseth went on a property-buying spree in a bid to take the club concept global, with an enterprise called Yellowstone Club World."
Hope someone is on to that "allegedly diverted money"....ah, the problems of the ultra-rich.....
As they always do, Aspen, Sun Valley, Telluride.
