Taunya Fagan Bozeman Real Estate Blog: SW Montana Information & Listings: Cycling Great versus Timber Baron

Cycling Great versus Timber Baron

Tour de France champion, Greg LeMond, David and Sacia Morris, and Jorge Jasson, each invested $2 million to purchase ~1% of the total Yellowstone Club real estate in its early days of the late 1990s.

In May 2005, Yellowstone Club owner, Tim Blixseth tried to buy their shares for a total of $13 million, offering them each $1.25 million in cash and one undeveloped lot at the resort, valued at about $2 million, but the plaintiffs said this figure was a fraction of the true value.

Last year, the parties reached a $38 million settlement, plus attorney's fees. Blixseth paid the first $4.5 million-per-share installment but on Jan. 31, 2008, he missed the other $5 million-per-share payment due date.

Lawyers for LeMond, just settled: the Yellowstone Club must compensate LeMond and the three other plaintiffs the total $20 million payment ($5 millon-per-share), plus interest, by April 15, 2008.

The total $38 million ruling, in essence, would give the four plaintiffs an ownership value of ~4% of the Yellowstone Club.

giving you the advantage...®

Taunya Fagan Bozeman Real Estate   406.579.9683   taunya.fagan@prumt.com


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Comment balloon 0 commentsTaunya Fagan • February 22 2008 01:37PM


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