The playground for the super-rich near Big Sky, Montana got a little breathing room with the resolution of a bitter battle over an interim financing plan.In a ruling that averts a possible shut-down of the bankrupt Yellowstone Club, a federal judge on Friday gave final approval to a $20 million interim loan for the club from the Boston-based investment firm CrossHarbor Capital Partners—despite the vehement objections of primary lender Credit Suisse.

By Jonathan Weber, 12-12-08,

The ruling from U.S. Bankruptcy Court Judge Ralph B. Kirscher assures that the club can operate through the winter season and paves the way for the eventual sale of the property. But what the club is actually worth—and whether it’s anywhere near enough to pay off the $309 million owed to Credit Suisse and tens of millions owed to tradesmen and other creditors—remains very much in question.

Link to full article