CrossHarbor Wins Yellowstone Club Auction

By Beacon Staff

BUTTE – Rival parties vying for control of the bankrupt Yellowstone Club have reached a court-approved deal that gives CrossHarbor Capital Partners ownership over the resort.

Boston-based CrossHarbor will pay $115 million for the exclusive club. Of that, $35 million will be in cash and the other $80 million takes the form of a promissory note to Credit Suisse.

Under the agreement, claims that Credit Suisse drove the club into bankruptcy with a fraudulent $375-million loan will also be dismissed. Credit Suisse also has the option to buy a stake in the new CrossHarbor investment.

Bankruptcy Judge Ralph Kirscher has approved the parties’ deal Monday. The resort’s auction stalled repeatedly over legal squabbles last week.

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