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Revision as of 13:35, 12 November 2008 by Ricky@36 (talk | contribs)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)The Yellowstone Club also Yellowstone Ski Resort, is an ulta-exclusive, invitation-only residential club, ski resort, and golf resort located in Montana. This Rocky Mountain ski and golf club is located near Big Sky, Montana, just north of Yellowstone National Park.
History
The club was founded in 1999, in the Gallatin Mountains and counts Bill Gates and Dan Quayle among its 340 members. During its peak season, almost 600 people are employed at the club. In addition, Yellowstone Club is one of the few employers in the area which offers medical insurance for service-industry jobs.
Chapter 11
On November 10, 2008, in the midst of the economic downturn, Yellowstone filled for Chapter 11 bankruptcy protection. Yellowstone had been in the planning stages of an expnasion, with a development partnership with the Discovery Land Company of Arizona, which would include 450 additional houses and condos, an ice rink, a baseball field, a luxury spa and more ski runs.. When filing, they owed 343 million to creditors such as banks and local contractors. However the club's property was listed as 778 million dollars in court filings. In addition, this does not include the 336 million potential of unsold memberships. If the club is given Chapter 11 protection, it would be able to continue operating and creating a plan to pay off its debts.
References
- ^ [http://www.foxnews.com/story/0,2933,450546,00.html Associated Press: Yellowstone Ski Resort for Super Rich Files Bankruptcy
- Bozeman Daily Chronicle: Trickle-down econmics