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CrossHarbor Capital completes acquisition of the Yellowstone Club

An investment partnership led by alternative investment firm CrossHarbor Capital Partners and comprised of a large group of Yellowstone Club members and Discovery Land has completed the

An investment partnership led by alternative investment firm CrossHarbor Capital Partners and comprised of a large group of Yellowstone Club members and Discovery Land has completed the acquisition of the equity interests in the reorganised Yellowstone Club.

Together with Discovery Land, CrossHarbor will manage and develop the private ski and golf resort.

‘We are pleased that we have acquired the Yellowstone Club so that we can provide the leadership, professional management and development expertise needed to ensure its long-term success,’ says Sam Byrne, managing partner and co-founder of CrossHarbor Capital Partners. ‘Today, the club emerges from Chapter 11 as a well capitalized enterprise, positioned to maintain and build on its premier status for the benefit of the Club’s members, employees and the Big Sky community. With a solid business plan now in place, we are confident that the club has a very bright future.’

Mike Meldman of Discovery Land says: ‘This is an important milestone for the Yellowstone Club. Most of all, we thank the club’s members and employees, who have worked tirelessly over the past nine months to make this transaction a reality. This is the start of a new chapter in the history of the Yellowstone Club, and we look forward to working closely with CrossHarbor, the members, all of the employees and the Big Sky community.’

On 9 November 2008 the Yellowstone Club filed for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Montana. Under the Chapter 11 plan of reorganisation confirmed by the court on 3 June 2009, a USD15m fund will be established by CrossHarbor to ensure payment to local trade and other creditors of the club, and it is anticipated that the allowed claims of all or substantially all general unsecured creditors will be paid in full.

The designation of beneficiaries of the Trade Creditor Fund and reconciliation and allowance of their claims is proceeding on an expedited basis, in order that payments can be made as soon as possible. It is expected that most, if not all, such payments will be made in the next 30 to 60 days.

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