Credit Suisse's "greedy antics" cost it $229M

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Story Published: Sep 8, 2010 at 7:00 PM MST

Story Updated: Sep 8, 2010 at 7:00 PM MST

BILLINGS, Mont. (AP) — A federal bankruptcy judge says he will not reward the "greedy antics" of financial giant Credit Suisse by ordering the repayment of $229 million it loaned to the exclusive Yellowstone Club.

U.S Bankruptcy Judge Ralph Kirscher in a Tuesday order denied a request from club creditors that former owner Tim Blixseth repay all the money he took from the resort to finance his lavish lifestyle.

Credit Suisse arranged a $375 million loan to the club in 2005, with $229 million still outstanding.

But Kirscher says the firm was complicit in Blixseth's diversion of that money and should not benefit from any judgment against him.

Blixseth still must pay other club creditors more than $40 million.

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