Jailed Montana resort founder Timothy Blixseth invokes right to silence

BILLINGS – The jailed founder of a Montana resort for the ultrarich says he won’t answer a judge’s demands to reveal what happened to hundreds of millions of dollars in assets sought by his creditors.

Yellowstone Club founder Timothy Blixseth invoked his Fifth Amendment right to remain silent to avoid self-incrimination in court documents filed Thursday.

Simultaneously, Blixseth declared bankruptcy in California for a financial trust his creditors allege was used to hide his assets.

Courts have ruled Blixseth fraudulently transferred $286 million from the Yellowstone Club prior to its 2008 bankruptcy.

He’s been in jail for a year for contempt of court, but has not been criminally charged.

Blixseth’s attorney Phillip DeFelice said the bankruptcy filing will allow Blixseth to maximize the value of his assets and begin paying off creditors.