In August, Mammoth people heard from their officials that the dreadful $43 million lawsuit judgment debt was settled. A press release told how the court-ordered mediation resulted in a tentative agreement on a settlement with Mammoth Lakes Land Acquisition and developer Terry Ballas. So far, officials have declined to reveal the dollar amount and terms of the proposed settlement. Tonight, the Town Council will offer what they are calling a community update on the tentative deal.
The Council scheduled a closed session at 4pm on the bankruptcy issues. The first item on the open session agenda of this regular meeting is the community update on the tentative settlement. Last week, Town Manager Dave Wilbrecht said only that as in any process there are general terms of an agreement and then details that have to be crafted. He said, “High level decisions are discussed and agreed on. Details are being worked out – terms and conditions.”
Wilbrecht did add that the Town’s hired legal teams are sorting out all of the details and the next steps. The Town’s August press release said that the agreement details will remain confidential until it is “fully documented and executed.”
The Town’s filing in U.S. Bankruptcy Court is still there, and the schedule of hearings is on hold as the two sides attempt to work out a final settlement. The Bankruptcy Judge will have to approve the deal before it is final.
Again, officials will talk about this issue at tonight’s Mammoth Town Council meeting.