Posted on 07/02/2012 10:40:10 PM PDT by Kartographer
The High Sierra town of Mammoth Lakes said Monday that it filed for bankruptcy because it cannot afford to pay a $43-million breach-of-contract judgment against it brought by a developer.
In a prepared statement, Mammoth Lakes officials said "bankruptcy, unfortunately, is the only option left" for the town, whose largest creditor, Mammoth Lakes Land Acquisition, had won a state court order requiring full payment by June 30, 2012.
Facing a judgment nearly three times the size of its annual operating budget and a $2.8-million shortfall in its 2011-12 fiscal year, the town had already cut many services and asked employees to take reductions in pay. Compounding problems, the adjacent Mammoth Mountain ski resort was forced to lay off 70 full-time employees last year due to a dearth of snow.
(Excerpt) Read more at latimesblogs.latimes.com ...
I love Mammoth Lakes. But just like everything in the Peoples’ Republik of Kalifornia someone’s got to screw it up.
It's blue state sickness.
California has long been ground zero for thieving, rapacious lawyer parasites. Serves their citizens right for kowtowing to the filthy pirates.
California has long been ground zero for thieving, rapacious lawyer parasites. Serves their citizens right for kowtowing to the filthy pirates.
Yep, that’s at least two big dominoes to fall in one week. Stockton went as well.. And so it begins. So much for summer of recovery. Or was that last year. LOL
I've lived here 52 years and I have witnessed a prosperous State full of opportunity turn into something I could never had imagined.
People like me fight the good fight but we are outnumbered.
I don't want to chased from my home, and with Family commitments it would be impossible to leave for quite some time.
I will keep on keeping on, but it looks like Obama will destroy the entire Country long before the idiot Politicians here will accomplish all their Evil plans.
Don't forget that many FReepers are Citizens of California, including the guy who runs this Site.
BTW, It takes 1,000 billion, to make just 1 trillion...lol
While their gawking and pointing fingers at California's frying pan fire, their entire home is nearly engulfed.
I am a fifth generation California native and proud of it. All the
“Kalifornia” haters out there should be thanking us for taking in
their losers because it sure as hell ain’t the natives and long time
transplants that are turning this state into the craphole it is be-
coming. And, you’re right Obama is on a path to make the whole
country a whole lot worse than California.
Obama always screws up the West Side Rush Hour Traffic and even the Libtards are loudly complaining about it every time it happens. I actually think some of them could tolerate Romney since there are no comparisons being made between him and Bush, the guy they couldn't stand.
You never know, weirder things have happened.
Moonbeams are falling on the Golden State... fairies dance by their midnight glow... what a governor... what a legislature... what a majority electorate!
LLS
Mammoth Lakes in 1997 signed an agreement with Mammoth Lakes Land Acquisition that required the developer to make substantial improvements to Mammoth-Yosemite Airport’s fixed-base operations.
The developer, in turn, earned rights to develop a $400-million hotel project on 25 acres of airport land, with an option to purchase the property.
The court agreed, however, that Mammoth Lakes did not keep its end of the agreement after discovering that the hotel project would interfere with Federal Aviation Administration policy and essentially disallow the expansion of the airport runway to accommodate large passenger jets.
If so, that's being between a Rock and a Hard Place -- damned if you do, damned if you don't.
They wouldn’t have had this problem if it wasn’t for global warming. /sarc
No force mejure clause?
Oops.
Mammoth Lakes is no "big domino".
They contractually agreed to do something and then later decided not to do it because if they had done it FAA policy would then have forbidden them from doing something else they wanted to do.
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