Documents: Former billionaire reaches deal with creditors

BILLINGS, Mont. (AP) — Former billionaire Tim Blixseth and his creditors reached a $3 million settlement to satisfy longstanding claims that the real estate developer illegally pocketed hundreds of millions of dollars from a Montana resort for the superrich, according to court documents filed Friday.
The agreement calls for an Oregon real estate developer to pay $3 million on Blixseth’s behalf to creditors for the Yellowstone Club. In exchange, the creditors will drop their legal claims against Blixseth that have resulted in more than $525 million in unsatisfied court judgments against him.
Blixseth and his third wife, Edra, founded the exclusive resort near Big Sky in the late 1990s.

Original published: 2018-01-13 02:42:21 Read the full Seattle News here


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