In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

The department just lost a bankruptcy petition against Blixseth to the tune of $57 million. It alleged that he had unpaid taxes in the state of Montana. If the bankruptcy petition had been successful, Blixseth would have been forced to liquefy his assets to pay the $57 million. However, the petition was dismissed in the District of Nevada U.S. Bankruptcy Court this week.

Blixseth’s latest financial venture, the Yellowstone Club, filed forChapter 11 bankruptcy protection back in 2008; he still has a pending $40 million civil judgement from that filing. The Associated Press reported that Blixseth was funded by a Credit Suisse Loan to build the club, but also used the funds to support his lavish lifestyle.

As for the sanction, Blixseth said: “We are going to depose everyone in the food chain that filed this […] They took a shot at me and it was a bad-faith bankruptcy filing.”

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