Resort Founder Has 10 Days for Asset Decisions

By Beacon Staff

BILLINGS – U.S. Bankruptcy Judge Ralph Kirscher says the bankrupt co-founder of Montana’s millionaires-only Yellowstone Club has 10 days to arrange how she will part with jewelry, furs, cars, houses, art and furniture.

Kirscher this week denied Edra Blixseth’s request to reorganize her businesses in a bid to salvage her fortune.

She now must sell off more than $107 million in assets to cover debts estimated to top $350 million. That liquidation sale will be coordinated by a court-appointed trustee.

In a written order issued Friday, Kirscher criticized Blixseth for waiting until June to come up with a reorganization plan after realizing in February that she was going bankrupt.

Meanwhile, the ritzy Yellowstone Club — which counts Bill Gates and Dan Quayle as members — is being sold for $115 million. That money will go to the club’s creditors.