[Vision2020] Has It Already Been a Year Since . . .

[Tom Hansen]

Courtesy of New West at:

http://www.newwest.net/city/article/warrant_issued_for_arrest_of_edra_blixseth/C396/L396/

Or try . . .

http://tinyurl.com/Blixseth

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New West Bozeman
Warrant Issued for Arrest of  Edra Blixseth
By Jonathan Weber, 2-19-09

A federal judge in Colorado has issued a warrant for the arrest of Edra
Blixseth, owner of the bankrupt Yellowstone Club, after she failed to
appear for a court proceeding relating to her alleged default on a $13
million loan.
A warrant was issued last week for the arrest Edra Blixseth’s son, Matthew
Crocker, in connection with the same loan. The loan, from a Colorado real
estate finance company called Western Capital Partners, was for the Story
Mill development project in Bozeman.

While the warrant for Matthew Crocker was limited to the state of
Colorado, the jurisdiction of the so-called “bench warrant” for Edra
Blixseth has not been determined, according to the minutes of the Colorado
court hearing.

The hearing minutes also state that Blixseth’s attorney told Western
Capital’s attorney that he “anticipated a bankruptcy filing by Ms.
Blixseth.” Crocker filed for personal bankruptcy last week, but a search
of court records has not revealed any such filing by Edra Blixseth.

Blixseth assumed ownership of the Yellowstone Club in August following her
divorce settlement with Tim Blixseth. The club fell into bankruptcy in
November, staggering under the weight of the resort real estate bust and
$309 million worth of debt on a loan arranged by Credit Suisse. The
proceeds of that loan went mostly to Tim and Edra Blixseth personally, and
to the purchase of properties largely unrelated to the Yellowstone Club.

Edra Blixseth is subject of a growing pile of lawsuits, including one
filed this week in Madison County, Montana relating to a Mexican real
estate deal. She is also in default on a $35 million loan from CrossHarbor
Capital Partners that’s secured against her Palm Springs estate. She also
allegedly owes money to several other banks and individuals.

CrossHarbor is trying to buy the Yellowstone Club, which is operating
under Chapter 11 bankruptcy protection. The bankruptcy judge this week
rejected the proposed rules for an auction of the club, though an auction
under revised rules remains likely. CrossHarbor has offered to buy the
club for $100 million in cash and debt and invest an additional $75
million in the property. Tim Blixseth has said he intends to try and
regain control of the club, and accuses CrossHarbor and Edra Blixseth of
conspiring against him.

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Seeya round town, Moscow,

Tom Hansen
Moscow, Idaho

"The Pessimist complains about the wind, the Optimist expects it to change
and the Realist adjusts his sails."

- Unknown