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Each of the Debtors is a limited-liability company organized under Montana law.
From its inception to August 12, 2008, Blixseth was the sole managing member of Big Sky Ridge, LLC. Snow, Spano Yellowstone Holdings Limited Partnership and Robert P. Watsoneach owned 1.0204 percent of YMC and YD, or a total of 12.25 percent of YMC and YD. Edra's case was converted to Chapter 7 of the Bankruptcy Code on May 29, 2009.
It is a commonly-accepted practice to take "judicial notice" of a court's records. The practice is particularly useful in bankruptcy litigation in which individual adversary proceedings and contested matters, each of which is procedurally distinct and has its own record, all occur within, and are affected by, the context of the parent bankruptcy case. For the reasons discussed above, this Court takes judicial notice of the proceedings in the related bankruptcy cases and adversary proceedings discussed in this Memorandum of Decision for the purpose of providing additional background regarding the nature of the dispute and the relationship of the parties. Blixseth ("Blixseth"), the plaintiff-in-intervention and the now captioned Plaintiff in this matter, and his former spouse, Edra Blixseth ("Edra"), were the founders of Yellowstone Mountain Club, LLC ("YMC"), Yellowstone Development, LLC ("YD"), Big Sky Ridge, LLC, and Yellowstone Club Construction Company, LLC.
For instance, the loan product relied on an appraisal methodology that was based on future gross revenues, without any discount to current dollar value.
The new loan product was not tied to an as-is appraisal that set forth the fair market value of the real estate securing the loan.
Barcy first attempted to contact Blixseth via teaser emails, providing Blixseth with a brief overview of Credit Suisse and its equity recapitalization or syndicated term loan, which was described to Blixseth as something akin to a "home-equity loan." Blixseth initially rebuffed Barcy's emails but eventually developed an interest in the loan product and contacted Barcy to learn more.
Barcy and another person from Credit Suisse met Blixseth and Chris Campbell ("Campbell"), Yellowstone Club's Vice President of Finance, at Blixseth's home in Rancho Mirage, California ("Porcupine Creek") Barcy explained that Credit Suisse's syndicated loan product had previously been marketed to other master-planned residential and recreational communities such as Tamarack Resort, Promontory, Ginn, Turtle Bay and Lake Las Vegas.