CHARLESTON, W.Va. – A West Virginia attorney is leading efforts to recover assets from former billionaire Timothy Blixseth and his now bankrupt Yellowstone Club Ski Resort in Big Sky, Montana.
Earlier this week, Brian Glasser altered his strategy by offering 10 percent of what’s recovered to anyone providing information about where Blixseth spent the more than $209 million that was moved from the luxury site and into his personal accounts before the business collapsed financially in 2009.
That $209 million was part of the $375 million Blixseth borrowed to develop Yellowstone Club Ski Resort. He’s since been ordered to pay it all back to investors and creditors, but Blixseth — who charged club members a minimum membership fee of $3 million — has not complied up to this point.
“I presumed at some point, once we got a bunch of verdicts against him, that he would come to the bargaining table, but he has decided he doesn’t want to do that and he just doesn’t want to pay,” Glasser said on Thursday’s MetroNews “Talkline.”
Acting as a trustee, Glasser has spent years tracking Blixseth’s finances around the globe.
Of the newly offered bounty, “I hope it’s effective,” Glasser said. “Hopefully, by getting the word out, we will get some leads that will help us run down and collect on our judgment.”
Glasser is a partner with Bailey & Glasser which is a law firm based in Charleston that specializes in complex litigation.
Earlier this week, he was featured in a Forbes piece about Blixseth that can be read in full here.