Former Billionaire Questioned Under Oath About Squandered Funds

BUTTE, Mont. (AP) – Former billionaire Tim Blixseth was forced to answer questions under oath about what happened to his fortune after creditors accused the Yellowstone Club founder of hiding assets.

Blixseth was questioned over several hours during a debtor’s examination Monday at the federal courthouse in Butte.

Courts have ruled that the Washington state resident diverted more than $200 million from the Yellowstone Club prior to its 2008 bankruptcy. The club’s creditors want to collect on civil fraud judgments against Blixseth totaling $241 million.

U.S. Bankruptcy Judge Ralph Kirscher closed Monday’s proceedings at Blixseth’s request.

The Associated Press and The Bozeman Daily Chronicle intervened to object to the closure.

Kirscher gave all sides in the case 21 days to submit arguments as to whether transcripts of the proceedings should be made public.

(Copyright 2014 The Associated Press. All rights reserved.)

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