Yellowstone Club sets sale bids at $100 million

The Yellowstone Club haven for the mega-rich in the Gallatin Mountains area of Montana is attempting to put the club up for sale for a minimum bid in excess of $100 million.
 
The club, controlled by CEO and co-founder Edra Blixseth after her divorce from timber magnate Tim Blixseth, filed for Chapter 11 bankruptcy reorganization protection in November and recently filed a reorganization plan with the U.S. Bankruptcy Court that hinges on the sale of the club for at least $100 million.
 
Members of the exclusive private resort and gated ski and golf course community, set on 13, 600 acres 20 miles north of Yellowstone National Park, include Microsoft founder Bill Gates and former Vice President Dan Quayle. The club reportedly already has a $100 million bid from CrossHarbor Capital Partners LLC, a private equity firm that lent the club $23.3 million, reportedly to ease cash flow problems and financially survive the winter.
 
One potential problem with the CrossHarbor bid is that its founder, Sam Byrne, is a Yellowstone Club member. Other lenders and potential creditors in any bankruptcy scenario, including Credit Suisse Group, have cried foul, claiming that Byrne and CrossHarbor’s bid represents a conflict of interest.
 
According to Bloomberg.com, U.S. Bankruptcy Judge Ralph Kirscher has promised to appoint an independent examiner to investigate the Credit Suisse allegations of collusion between CrossHarbor and the club’s owner.

  

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