Thanks for the update. Merged into the existing topic on the subject for continuity.
Yellowstone Club files for bankruptcy
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rfarren
New member
So what happens now? Will bozeman have a new resort that anyone will be able to ski?
Personally I hope so. Skiing is already a sport for the privileged, but I always thought the country-club ski resort was a bit too much. I like things to be a bit more egalitarian. That's why I love alta and hate the new yankee stadium.
Personally I hope so. Skiing is already a sport for the privileged, but I always thought the country-club ski resort was a bit too much. I like things to be a bit more egalitarian. That's why I love alta and hate the new yankee stadium.
snowboard247
New member
rfarren":1jyts8s0 said:
big sky will turn into a huge mega epic resort with $135 lift tickets and $2000 season passes.
I mean its already at $93 for a day ticket to MB/BS & $1700 for a season pass, so its not too crazy to think!
The members can clearly afford to run the resort as it is if bankruptcy is resolved. The CrossHarbor Capital company that extended the loan to keep it going this season is likely allied with the members to bring that about. Credit Suisse (who loaned the $$$ that Blixseth squandered) is the wild card. If they get control they will just try to sell it off ASAP to the highest bidder. Not sure why Big Sky would really want to pay much to add YC to their ski area. It doesn't stand to add much to their modest skier numbers. I would have to think YC has to be worth the most to the members, most of whom have built homes there.
Bobby Danger
New member
pretty expensive divorce if she's entitled to fifty percent. his wife was there from the begining. six months common law . even something the size of yellowstone club isn't impervesious to a nasty divorce when she gets what she wants.the auto body facility at which i work at in s.l.c. services their cats. three years ago they bought two brand new prinoth tractors & two twelve passenger cabins with champagne glass holders for there cat skiing operations i muct say those passenger cabins were the finest i'd ever set foot in. the complaments we received from yellow stone club were grand. the club itself i think was a good thing in the beginning everyone who was a member was screened heavily assets had to be real. some where someone got greedywith all those real assets instead of paying attenion to what the real purpose was growing the yellowstone club. certainly if i had the assets to fit in somewhere like that i wouldn't hesitate privacy is a great thing. they just took it to another level. i've met some of the members of that club there nice people just rich beyond our dreams.
That was the era (2001) when I was there with NASJA. I don't think there's any problem with the members. They are so rich they can afford to take it over, which I think they are trying to do with CrossHarbor Capital.
But I also came away with the impression in 2001 that decision making at Yellowstone Club was 100% the Blixseth's. In 2001 all we heard was "strong family orientation" and "careful screening of members for personal/family as well as financial compatibility." But later Tim Blixseth got these grandiose "vacation club" ideas, borrowed $300+ million from Credit Suisse and there were no checks and balances to hold him back. My impression is that with the divorce Tim was put out of the YC picture but that his wife Edra still wanted to be involved in running the club.
So I'm sure it's a legal catfight for awhile, but I would be surprised if it doesn't end up controlled by the members as some kind of cooperative.
Bushwacker1951
New member
rfarren":jwtn5qi8 said:
I doubt if most skiers/riders in Bozeman could care less about the demise of the YC with Big Sky, Moonlight Basin and my personal favorite Bridger Bowl to still choose from.
This is presumably what most of the members wanted. I recall from one of the earlier news articles that CrossHarbor's lead investor was a YC member. Rather swift resolution unless Credit Suisse wants to fight that judge's ruling.
I hope Credit Suisse enjoyed that 2% fee they made off Blixseth.
They loaned him $375M and they have now agreed to take a $80M note from the reorganized Yellowstone Club in its place.
EMSC
Well-known member
Tony Crocker":1wpjz4bs said:
Not quite as bad as that - from previous article in the Bozeman paper:
Not sure where the other ~$75M between 375 -139 (71 in interest) get the club to only 232 owed before the settlement. Something missing in the article, or perhaps Blixseth directly owes that missing amount or etc... Either way the math works, it can't be a deal Credit Suisse is happy about at this point.
Credit Suisse probably isn't happy, but not all that sad either. They made a loan, collected the fees and then syndicated it out to a bunch of investors. I'm sure they have little to no $'s in the loan. As the originator of the loan they probably have a fiduciary responsibility to represent the investors in the BK court which is why they're still involved; they're probably also the agent who handles the servicing of the loan as well.
berkshireskier
Member
Off topic, but I'm unable to open the links to the news stories on this site. I keep getting the message that "internet explorer cannot open the site". Anyone else having this problem??
See, I'm not the only one! I can click through to FTO news articles and features from my home computer but not the work computer. Links to direct source material (i.e. Bozeman newspaper website, etc.) work fine.
OK, now I'm able to replicate the problem. It appears only in Internet Explorer, even in IE7 even though I've changed nothing on my end. I use Firefox which is why I didn't see the problem first off. It happens whether logged in or not. It happens whether I set the site to use short URLs or not. I'm stumped. I've got a support request out to the Zikula community to try to solve it.
berkshireskier
Member
Thanks for working on this problem. Glad to hear I'm not the only one having trouble opening the news stories.