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club for rich goes bankrupt


     yellowstone club for rich goesbankrupt.The yellowstone club,the rocky mountain playground of billgatesand other billionaries, has filed for chapter 11bankruptcyprotection, citing a cash crunch and a poor real-estatemarket.
     the filing is the latest in a stringofcontroversies surrounding yellowstone. It is also anindicationthat the financial crisis has reached even the mostgilded resortsand real-estage communities.
     In a letter to members Monday,clubownerEdra Blixseth said the "unprecedented economic events' ofrecentweeks have forced yellowstone to seek protection fromitscreditors. "She said the club would be open for ski season withnodisruption of services. But, She added, the currentfinancialsituation is negatively affecting club operations,employee moraleand the confidence of vendors."
     yellowstone, a private golf andskicommunity with more than 350 members, including Mr. GatesandDan Quayle, is nestled near big sky, Mont.
      Its current financial troublesstemlargely from a $ 375 million loan provided by credit suissegroupin 2005. The loan, secured by the club's assets, wasusedto fund an overseas expansion, dubbed yellowstone club world,thatlater folded. Ms. Blixseth hoped to sell some of the clubworldproperties--including a castle outside paris--tohelpservice the loan. But the sales haven'tmaterialized.
    
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