Two financial entities are battling for control of Big Sky, Montana's Yellowstone Club, which boasts memberships by some of the world's wealthiest...
Both Credit Suisse and CrossHarbor Capital with financial help offered by some Club members, are battling for control of Edra Blixseth's bankrupt Big Sky, Montana Yellowstone Mountain Club:
Credit Suisse, failing in its attempt to setup a seven-figure loan plan, argues that because it's owed over $300M by the Club it should maintain control and is trying to block a financing deal from Boston-based CrossHarbor Capital, which has offered $20 million to maintain the club through the winter skiing and snowboarding season.
Some Club members, siding with CrossHarbor Capital and Sam Byrne, showed up for the Tuesday, November 25th court proceedings, agreeing to inject an additional $5 million into Cross Harbor Capital's plan.
Credit Suisse, with substantially more owed it and carrying more weight into the court room as primary creditor, is in a parlous state because if the judge sides with CrossHarbor's plan, Credit Suisse will lose its primary creditor status, which means it wouldn't be paid first, if and when the Yellowstone Club is solvent again.
In a sort of "geometric strategy," Credit Suisse offered to continue financing the club into the first week of December 2008, hoping it may be able to scrape up enough cash to gain control, possibly close, and sell the Yellowstone Club...
giving you the advantage...®