CHARLESTON – A prominent Charleston attorney again is making a name for himself nationally as he works to recover assets of a former billionaire following a Montana ski resort bankruptcy.
Brian Glasser is working to track down money from Timothy Blixseth, who developed Yellowstone Club Ski Resort. That business went bankrupt in 2009, and investors and creditors now are seeking $209 million Blixseth moved into his personal bank accounts.
Glasser is a partner with Bailey & Glasser, which specializes in complex litigation.
Last month, Glasser offered 10 percent of money recovered to anyone who provides information about how Blixseth spent the money.
“He’s just decided he doesn’t want to pay up on all of these verdicts we’ve received against him,” Glasser said. “So we’re going to go after him and do what we can to get this money back for the investors and creditors.”
Glasser is acting as a trustee on the Blixseth bankruptcy. So he has spent years following Blixseth’s money trail around the world.
“I hope someone has some information and provides some good leads for us and allow us to collect on the judgments against him,” Glasser said.
Glasser, 47, was appointed trustee in this case, in part, because of his work in the Refco bankruptcy years ago. Former trustee Mark Kirschner had hired Glasser to work on the Refco matter and was impressed enough to make Glasser the trustee to chase Blixseth and his money.
Records indicate Blixseth used some of the money to buy yachts, a chateau in France, a resort in Mexico and other extravagances.
When Glasser recently told Forbes about the his bounty, Blixseth told the Associated Press that he’d offer 50 percent to anyone who tracks down hidden assets belonging to him.
Glasser won a $41 million verdict against Blixseth, but Blixseth has used legal maneuvers to put off making any payments so far.
“I’ve spent enough money getting judgments,” says Glasser. “It’s time to start collecting.”
Glasser said the legal aspect of the case make it an interesting one to work on, but he said he also enjoys being able to go to different places.
“It’s interesting to go to different courtrooms to see how they work and to see how other attorneys handle things,” he said. “It’s an eye-opening experience. It’s a lot of hard work, but it’s also fun.”
Earlier this year, Glasser represented HCR Manor Care before the West Virginia Surpeme Court of Appeals and was able to get a $90 million medical negligence verdict down to $32 million.