Bankrupt Ski Club's Founder Must Pay $41M For Loan Misuse

Law360, New York (December 7, 2012, 3:40 PM EST) -- A Montana bankruptcy judge on Wednesday finalized a ruling that requires Yellowstone Mountain Club LLC's founder to pay nearly $41 million for misappropriating the ski resort's funds from a $375 million Credit Suisse Group AG loan before it spiraled into bankruptcy.

U.S. Bankruptcy Judge Ralph B. Kirscher entered a final order setting the damages against Timothy Blixseth at $40.9 million, significantly lower than the $286 million Yellowstone's liquidating trustee had sought and slightly higher than an original $40.1 million judgment in the case.

“As the record...
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