Bankruptcy judge summons ex-billionaire. A former billionaire has been ordered to appear in bankruptcy court. This is the latest development in this saga. The economy has hit everyone hard. Many working class people have had to visit bankruptcy lawyers for relief. Who would have thought the economy would hit a billionaire as well? This ex-billionaire has more troubles than money to worry about. U.S. Bankruptcy Judge Ralph Kirscher has ordered Tim Blixseth to appear in bankruptcy court in Butte, Montana. Blixeth used to run Yellowstone Club. Yellowstone Club was a luxury Montana resort. The resort was driven into bankruptcy while Blixseth was in charge. Creditors allege Blixseth used the company as his personal piggy bank. Blixseth is blamed for diverting $200 million from the resort for his personal use. The trustee for the resort’s creditors wants Blixseth to testify under oath. The point is to try and find out where the $200 million dollars went. Prior to the Yellowstone Club’s bankruptcy, Blixseth was a billionaire. He had properties in Montana, Mexico, California, Wyoming, Washington, and other properties as well. His net worth was estimated to be at $1.3 billion. His attorneys now say the former billionaire is broke. How did this happen? The same way it happens to ordinary people. His fortune was wiped out by several issues according to his attorneys. Legal fees, divorce, and the economic downturn are blamed for his downfall. The trustee for the creditors does not buy it. He believes Blixseth is hiding assets. The bankruptcy court will now attempt to sort this mess out. If you are having money problems, take some comfort in this story. Expensive resorts and billionaires can run into money problems too. Contacting a bankruptcy lawyer could help you. The bankruptcy code is for all Americans who need it. Not just for fancy resorts and the wealthy. Do not be afraid to make that call.
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