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Mammoth Lakes, California to file for bankruptcy

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posted on Jul, 3 2012 @ 05:08 PM
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Reuters


Mammoth Lakes, California, will file later on Tuesday for Chapter 9 bankruptcy protection from its creditors in U.S. Bankruptcy Court for the Eastern District of California, according to its assistant town manager.

Mammoth Lake's town council voted on July 2 in favor of the bankruptcy, specifically to seek protection from a property developer that has a $43 million legal judgment against the resort town of about 8,000 residents in the Sierra Nevada mountains.

Mammoth Lakes Land Acquisition will contest the town's eligibility for Chapter 9 protection, said Dan Brockett, a lawyer for the company.

The company and town have been in a legal fight that began in 2006 over a property development dispute.

Stockton, a city of nearly 300,000 people in California's Central Valley, filed for bankruptcy protection last week, becoming the most populous U.S. city to seek protection from its creditors.

The Sacramento court in which Mammoth Lakes is filing for bankruptcy protection is due on Friday to hear Stockton, California's Chapter 9 case.


Last week Stockton. This week Mammoth Lakes. Next week?




posted on Jul, 3 2012 @ 05:22 PM
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Next Week?

California.

Next Month?

America.

Next Year?

Servitude of the entire Planet.

Seems incredulous and impossible but somehow I don't think I'm that far off.

Peace



posted on Jul, 7 2012 @ 06:01 PM
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reply to post by surrealist
 


Mammoth Lakes was sued and has to pay a large judegement.

This is totally different than Stockton and the housing bubble bursting.



posted on Jul, 8 2012 @ 12:00 PM
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Originally posted by bg_socalif
reply to post by surrealist
 


Mammoth Lakes was sued and has to pay a large judegement.

This is totally different than Stockton and the housing bubble bursting.


Not necessarily; Stockton has some judgments against it that it will now avoid paying due to bankruptcy as well. One can deduce that both cities had a more attractive option in Chapter 8 that they might have avoided for the bad PR and political fallout that come after seemingly running your city into the ground, if not for the millions of dollars in lawsuit payments each had looming over it.



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