Tag Archives | Mammoth Lakes Land Acquisition

SierraWave.net

The shadow of bankruptcy in Mammoth Lakes

Even as headlines shouted that Stockton, California would file for bankruptcy by Friday, Town of Mammoth people suspected the same fate for their town next week.  Mammoth officials have not confirmed that they will file for Chapter 9 municipal bankruptcy, but short of a deal on MLLA’s $43 million debt, bankruptcy seems the only choice. […]

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SierraWave.net

Mammoth’s money problems: chronic and serious

Mammoth Town government has a long-term, structural, financial problem that will require more cuts.  That’s what Assistant Town Manager Marianna Marysheva-Martinez said when Sierra Wave News asked her if the Town has a chronic lack of money to cover costs, aside from the $42 million debt issue. Next fiscal year, the Town expects a nearly […]

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SierraWave.net

Mammoth Town Council: MLLA offer, internal loan

In their meeting Thursday, the Mammoth Town Council planned to talk in closed session about the MLLA debt settlement offer and about internally borrowing  roughly $4.4 million to pay lawyers, consultants and a DIF fund imbalance. The money issues have deepened for the Town of Mammoth.  The Town Council faced analyzing the recent and somewhat […]

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SierraWave.net

MLTC: council appointments and court hearing coming up

It’s official.  The Town of Mammoth has two councilmember-elects who will take seats on the Council June 20th. With all of the problems that face the Town of Mammoth, only two candidates signed up to run for two open seats – Mayor Jo Bacon and Michael Raimondo.  According to government code, the Town Council had […]

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SierraWave.net

Town braces for decision on MLLA writ

When the Town of Mammoth Lakes and Mammoth Lakes Land Acquisition go back to court on Friday, Judge Randall will decide if he will issue a writ on behalf of MLLA or not.  If the Judge does order in favor of MLLA, that will mean Mammoth has a short time frame for payment of the […]

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SierraWave.net

Rusty Gregory on marketing and town debt

As Mammoth Mountain CEO Rusty Gregory struggles with low snow, low visitor numbers and a $22 million drop in revenue, he did recently take part in a state commission that spends $57 million on California tourism. In the same conversation with Sierra Wave, Gregory also commented on the Town of Mammoth debt. Gregory holds the […]

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SierraWave.net

Town government braces for shortfall

Forecasts for Town of Mammoth finances ride the same wave as weather forecasts – dry and partly cloudy.  Even as Mammoth Mountain’s CEO confirmed a revenue shortfall of 30% and pay cuts for workers, Town Manager Dave Wilbrecht also confirmed that he and others are watching developments carefully, know a revenue shortfall will come and […]

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SierraWave.net

MLLA issue goes public before Council

There were no angry attacks and not many questions Wednesday night when the Mammoth Town Council finally brought the issue of the $42 million lawsuit judgment to a public meeting.  Mammoth people did express concern and fear for the future.  Officials talked about a careful process to preserve Mammoth’s economy and ability to function as […]

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SierraWave.net

Mammoth Town Council finally goes public on MLLA

Over the past year, the Mammoth Town Council has been virtually silent about the $42 million lawsuit debt owed to Mammoth Lakes Land Acquisition until MLLA blew the lid off of the silence when they went to court to immediately collect their debt and emailed a letter to local media that claimed the Town had […]

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