Yellowstone Club Mess Getting More Messy

Posted By: Steve Bellamy on September 27, 2009 10:25 pm

In the latest round of pass the hot potato of stupidity, Tim Blixseth the founder of Yellowstone Club private ski resort is subpoenaing as many as 31 Credit Suisse officials.  He is asking them to turn over documents that could prove that Credit Suisse was using predetory lending practices. 

Brady Dougan, the Chief Executive Officer of Credit Suisse First Boston, and Hans-Ulrich Doerig, Chairman of the Board of Directors, received the subpoenas along with past and current Executive Board officials and Credit Suisse’s Board of Directors.

The punches are being traded over a defaulted upon $375 million loan.  The club and unsecured creditors are suing Blixseth over his supposed diversion of about $200 million of those dollars for personal use.

Last week, $6 million was paid to numerous creditors and it is getting cold enough to start making snow.  Many more chapters to go through on this dime novel.