Town Manager says no date yet on release of more debt settlement details

davewilbrecht

Mammoth Town Manager Dave Wilbrecht said that Mammoth may be one of the first municipal bankruptcy cases in which the parties have actually gone through to settlement.

For residents of Mammoth Lakes, the looming $43 million lawsuit judgment has been a matter for courtrooms and Town Council closed sessions.  Now, citizens wait nervously for real details about what they will have to pay and for how long.

In the week since the Town of Mammoth Lakes announced a tentative settlement with MLLA over the $43 million debt, speculation has run high over the actual amount of the settlement. Officials still will not say. Town Manager Dave Wilbrecht said that he does not have a “specific date” when officials will release full details of the agreement.

Wilbrecht declined to offer much information, but he did say that as in every process there are general terms of an agreement and then details have to be crafted. The Town Manager said, “High level decisions are discussed and agreed on. Details are being worked out – terms and conditions.”

Asked what will happen once all of the paperwork is finalized, Wilbrecht said, “Our legal teams are sorting that out.” He did add that Mammoth may be one of the first municipal bankruptcy cases in which the parties have actually gone through to settlement.

As community speculation over the settlement agreement ranges from high to low dollar amounts, Wilbrecht said the sooner officials can reveal the facts the better. The Town’s earlier press release says that the agreement will remain confidential until it is “fully documented and executed.”

Facts in court briefs posted on the US Bankruptcy Court website show that two documents were filed August 22nd. One lists a schedule of legal procedures toward Mammoth’s hearing for bankruptcy eligibility. The other document is a stay order of all those schedules. That order says, “The parties have executed a term sheet that provides for the resolution of their disputes, subject to the execution of definitive documentation.”

That order says both parties intend to seek the Court’s approval of their agreement. A hearing earlier scheduled for August 29th has been cancelled.
The Town’s original press release announcing a settlement with MLLA said that officials would release additional information to the public “within weeks.”

, , , ,

12 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
rafael
rafael
9 years ago

I just heard….20,000,000….was the deal…

Mr. Chow
Mr. Chow
9 years ago

Blah, Blah, Blah who cares? It’s funny because its true.

A format for insults
A format for insults
9 years ago

Though formats like this can be a good source of information and facts exchanged, there are a number of things about it that causes concern. People here have an inclination to think in terms of “black and white,” and “either, or,” which ignores the facts of interdependence and relativity. Between… Read more »

Barney Frank
Barney Frank
9 years ago

Seems to me “Inherited a nightmare” that you don’t know how to spell.

mustang
mustang
9 years ago

Forgot he still worked for the town?!

Inherited a nightmare
Inherited a nightmare
9 years ago
Reply to  mustang

You seem to have forgotten the mess Dave Wilbrecht inherited from the poor decisions of from some of our multi-term elected officials running the show (some are STILL around). Sems to me, Dave Wilbrecht managed Mono County better than any elected official whose only qualifications, experience, education, etc., are that… Read more »

Where r u getting your information?
Where r u getting your information?
9 years ago

‘Inherited a nightmare’ he doesn’t manage mono county. Read the article again, debate like a responsible, well informed person. Reading, spelling, need help with both?

Good man for the job
Good man for the job
9 years ago

Sadly, more childish insults sounding like something direct from The Rush Limbaugh Show. Such is the abrasive and demonizing style of far too may today. Dave Wilbrecht left Mono County high and dry, accomplishing many goals and building a strong team of dedicated, educated, and hard-working professionals. Not just people… Read more »

cat
cat
9 years ago

two things:

a. Is Mammoth maybe one of the first Muni’s to make it through to settlement because we really are not insolvent???

b. With the amount of construction (sidewalks)and erecting of trail signs throughout town I truly wonder how down and out we are.

ForMammoth
ForMammoth
9 years ago
Reply to  cat

All of those trail signs and sidewalks are funded through grants that the Town (and Forest Service) secured, and not from Town’s General Fund. That grant money is protected and can’t be used for the settlement.

cat
cat
9 years ago
Reply to  ForMammoth

What about when the Town takes a few days to put up new posters on all the lightposts around town. Printing, labor, having the police department sit for hours behind the cherry picker…..is that all grant money as well???

Baby Jesus
Baby Jesus
9 years ago
Reply to  ForMammoth

what about the new shady rest park sign? That thing is awful to look at, what a waste! Was there something wrong with the rock?