Lawyers for Yellowstone Club founder say Credit Suisse, not timber baron, to blame in scheme

Blame game continues in Yellowstone Club hearings

MISSOULA, Mont. — A down-on-his-luck billionaire and a global banking giant are sparring in a Montana bankruptcy court.

Each side blames the other for fleecing the exclusive Yellowstone Club of nearly $300 million.

Lawyers for club founder Tim Blixseth argued Wednesday that Credit Suisse has seized control of the club’s bankruptcy trust and now wants Blixseth to repay a $286 million loan to the club, even though the club emerged from bankruptcy last year.

Creditors say Blixseth intended to defraud the Yellowstone Club by using the loan to bankroll a lifestyle of luxury estates, personal jets and luxury cars.

The creditors say Blixseth knew bankruptcy loomed, looted club assets and sought to hid them amid a myriad of other investments.