CREDIT Suisse and its investors, meanwhile, have taken a big hit on Yellowstone: Under the terms of a court settlement reached in May, the $310 million the club still owed the bank has been replaced with a new $80 million note. Should the French chateau sell, the bank — as the agent for the debt holders — will pocket those proceeds on behalf of its clients. “We continue to work to maximize the recoveries,” said Mr. King, the Credit Suisse spokesman.
In late May, Ms. Blixseth’s bankruptcy was converted from a Chapter 11 filing to a Chapter 7, so instead of having time to reorganize her finances, she would have to liquidate. She recently filed a motion to vacate that order; a hearing is scheduled for Tuesday.
Should the court stand firm, she knows the outcome: “Fire sale,” she says. But if she prevails, she hopes to stay at Porcupine Creek, which she has told the court she will turn into a revenue-generating golf resort. She also hopes to keep her home at Yellowstone, where members have told her she will always be welcome. There is even talk of her serving as an informal ambassador for the club.
Recently, Ms. Blixseth says, she got word that her ex-husband was spreading rumors about her again. Instead of reacting in anger, she says, she sent him an e-mail message laying out a new strategy: she was going to pray for him.
She rises from the leopard-print couch in her great room at Porcupine Creek and beckons a reporter to follow. Down a long hall crowded with curios, we arrive at her prayer room, a vast windowed space filled with Buddhas and silk pillows that faces a faux waterfall. Giggling, she opens a cabinet and hands me a bobblehead doll of a bespectacled man in jeans and cowboy boots and a red fleece vest emblazoned with the Yellowstone Club insignia. He is a miniature Tim Blixseth.
“We had these made at one point. Most people used them for skeet or got angry and trashed them,” she says, walking past a photograph of her and the Dalai Lama to a table where she likes to place the tiny Tim.
“I only put him in one spot, right here,” she says. “And I usually hit the heart chakra, and I say my prayer. And then I use sage to rid the room.”
You should do a follow up invetigative article. Nothing has changed at the Yellowstone Club. Now the corruption is focused on it’s hiring and firing practices and they try to eliminate all minority emplyoees.
http://www.bozemantalks.com/2010/07/25/the-yellowstone-club-strikes-out-again