DILLON, Mont.—Lawyers on both sides of a legal fight between former cycling star Greg LeMond and the exclusive Yellowstone Club have set a timetable to settle a multimillion dollar business dispute.
Lawyers for LeMond, a three-time Tour de France champion, agreed that the club should pay LeMond and other plaintiffs the final $20 million payment, plus interest, by April 15.
The millionaires-only, 13,400-acre gated community is for sale, and negotiations are under way with a Boston-based real estate and private equity firm, the Wall Street Journal reported last month. The deal is expected to close April 15.
"Plaintiffs simply want to get paid and that's our bottom line," Chris Madel, who's representing LeMond and other plaintiffs in the case, told District Judge Loren Tucker in Dillon. "We intend to go forward, keep our foot on the gas until we see the money."
LeMond, his parents-in-law and a family friend sued the club's founder, Tim Blixseth, in 2006.
LeMond, David and Sacia Morris and Jorge Jasson own just over 4 percent of the Yellowstone Club. They claim in the lawsuit that Blixseth tried to buy their shares for a total of $13 million -- which the plaintiffs said was a fraction of their value. The complaint said Blixseth also refused to provide an accurate accounting of the club's worth. It is expected to sell for between $400 million and $600 million.
The parties reached a $38 million settlement in the case last year, plus attorney's fees.
Under the terms of a settlement, Blixseth must pay LeMond $9.5 million, Jasson $9.5 million, and the Morrises, who bought two shares, $19 million, according to court records. Last fall, Blixseth paid the first $4.5 million-per-share installment but missed a $5 million-per-share payment on Jan. 31. Interest on the final $20 million began accruing at an annual rate of 10 percent when the payment was missed.
LeMond and the other plaintiffs have attached a lien on Blixseth's house for the remaining $20 million of the settlement.
Thursday's agreement, which sets a timetable for the final payment, also stipulates that LeMond won't file further briefs in the case.
Stephen Brown, a Missoula lawyer representing Blixseth and the club, refused to comment on the settlement.
Blixseth established the Yellowstone Club in 1999, partly with money from land and timber sales.
