Closed sessions on bankruptcy settlement continue in Mammoth

After Measure U Committee concerns and lots of public comment, the Council voted unanimously for a loan from Measure U.Last week, private reports in Mammoth Lakes indicated there might have been some news on the settlement of the $43 million debt to MLLA. There wasn’t. Assistant Town Manager Marianna Marysheva-Martinez had invited us to contact her Friday to check on any developments. We did, but she had nothing to report. Again, this week, the Town Council has scheduled two closed sessions on the debt issue and bankruptcy in general.

At 5:30pm Tuesday, the Town Council scheduled a special meeting compromised only of a closed session on town bankruptcy proceedings. On Wednesday, the Council has scheduled a regular meeting with a 4pm closed session on bankruptcy issues. The agenda notes a teleconference location as a condo in Mexico. Town Clerk Jamie Gray explained that Councilman Michael Raimondo wanted to be able to call in and vote on the closed session item.

It is still an unknown when or if the Town will conclude a settlement deal with MLLA and Terry Ballas. Mammoth officials had announced that a settlement was reached but must go through documentation and detailing. Assistant Town Manager Martinez had said that she hoped to have some news by the Wednesday night Town Council meeting. The public now waits to find out how much the Town may have settled for and the terms of payment.

Also on Wednesday’s agenda – a 5pm workshop with the Recreation Commission and Measure U Application Committee on funding priorities for tax Measures R and U, a report from the Sierra Business Council on economic possibilities in Inyo and Mono, Measure R fall funding applications, and some planning issues.

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Fool me once!
Fool me once!
9 years ago

“Assistant Town Manager Marianna Marysheva-Martinez had invited us to contact her Friday to check on any developments. We did, but she had nothing to report”. “The agenda notes a teleconference location as a condo in Mexico. Town Clerk Jamie Gray explained that Councilman Michael Raimondo wanted to be able to… Read more »

We the People
We the People
9 years ago

Two have been calling the shots for years (and still keep getting voted in) and now a developer at the head.
Demand a recall and vote somebody else in … for a change.

power politics
power politics
9 years ago

Elected officials.
One is an attorney.
One has been around for far too long.
But they keep getting elected.
One is a developer and also the mayor.
All that power.
And all because they got more votes than the other guy.
What’s wrong with this picture?

a flaw in the system
a flaw in the system
9 years ago

Attorneys on both sides are having a field day with this. Everytime one files a counter-motion to counter the counter-motion they bill their respective parties tons of $$$ in the process and keep gettting richer and richer and … Attorneys can play this game forever. And nobody can stop them.… Read more »

upthecreek
upthecreek
9 years ago

open up the phone book.. How many attorneys are in the eastern sierra?

I Rest my case

Mark
Mark
9 years ago

Yes the attorneys are making lots of money. However the clown council is to blame. It’s funny how some thought it was over a few weeks ago, when in reality the pain of paying the debt hasn’t even started. TOML is more fun to watch then Comedy Central. Complete idiots… Read more »

S. Dogood
S. Dogood
9 years ago

Sep 5, (12 days ago) after council’s quiet request for input from the public about the settlement made in CLOSED SESSION that no details were available to question, we wrote and delivered this letter that was censored by management and never delivered to council and staff. Bennett, we know they… Read more »

Bemused
Bemused
9 years ago
Reply to  S. Dogood

What many appear not to understand, is that municipal bankruptcy is unlike a “no-asset” personal bankruptcy. The debt is not simply discharged in a muni bankruptcy, it is structured/restructured to be paid over time. In this case; because of the town’s perceived (and largely true) bad-faith dealings and abuse of… Read more »

Bemused
Bemused
9 years ago
Reply to  Bemused

Once again; you gotta love the people who “thumbs-down” factual statements. Congratulations…you are the reason the civilized world laughs at our country. Morons.

Trouble
Trouble
9 years ago
Reply to  Bemused

Bemused- did you mean Morons or Mormon candidates?

taxifornia
taxifornia
9 years ago
Reply to  Bemused

they are from the sheep or the public Servants

Ed Cesnalis
Ed Cesnalis
9 years ago
Reply to  Bemused

Bemused,

You got your facts all wrong. The town or debtor can submit a plan where creditors would be paid a portion of what they are owed. The court has limited powers in Chapter 9 due to the 10th amendment.

Bemused
Bemused
9 years ago
Reply to  Ed Cesnalis

I’m well aware of the “facts”…I’ve represented creditors in BK proceedings many times. Yes, the potential for debt reduction exists. However, because of the bad-faith nature of the dealings/proceedings from which this debt results, and the lack of systemic municipal insolvency involved, it is likely that we would be stuck… Read more »

Ken Warner
Ken Warner
9 years ago
Reply to  S. Dogood

10 years too late!

Realist
Realist
9 years ago
Reply to  S. Dogood

Right on Ms. Dogood!
You have nailed the disconnect between local Mammoth government and the rest of US right on the head. Expect 5 dislikes, the council’s meager showing, disregarding the 400% opposition for their irresponsible, closed (minded) sessions and highly distorted views.

taxifornia
taxifornia
9 years ago

Why even bother on telling the Sheeple about ANOTHER closed session??
In the end they will do what they want.

Govt Gone Wild