when will the town declare bankruptcy?

[ofset]

Paul is the man. his team helped us purchase our Condo last May. That being said, there are a few units in our complex that are owned by TOML. (this almost blew the deal with the bank when the Condo review was requested by the lender, btw.... as Fannie Mae wouldnt guaranteeing any loan when a single entity owns 10% stake in any project) well in a 12 unit complex, the moment you own more than 1 condo automatically makes you a 10%+ stake holder.

If the town files for bankruptcy, what will they do with all the real estate on their books? will the town be forced to sell?

[Sierra Lady]

Forgot a story in the MT from 2/24:

Mediation last hope for lawsuit settlement: Process a required step in town’s aim for relief

Mediation is a required step. Neither is negotiation of a already awarded judgement.
MLLA filing for a writ is a step to protect themselves. If this writ is granted it might secure the judgement from a bankruptcy. If so then the town might have to pay the full amount regardless of BK, A Lawyer should chime in here!

^ More on that subject on Sierra Wave News:

MLLA presses court for $42 million

[snowfiend]

It seems to me that the best job and highest paying in Mammoth these days is being a mediator for TOML. Do they pay these guys cash every week?

Then, she did say, “My understanding is that they are open to mediation. From our attorneys,” she said, “we get the idea that they are willing.”

Amazing...

[skibuddy2]

Paul is the man. his team helped us purchase our Condo last May. That being said, there are a few units in our complex that are owned by TOML. (this almost blew the deal with the bank when the Condo review was requested by the lender, btw.... as Fannie Mae wouldnt guaranteeing any loan when a single entity owns 10% stake in any project) well in a 12 unit complex, the moment you own more than 1 condo automatically makes you a 10%+ stake holder.

If the town files for bankruptcy, what will they do with all the real estate on their books? will the town be forced to sell?

The housing projects and other properties you speck of I believe are owned by Mammoth lakes housing Inc. This is a private 503c non profit!

[snowfiend]

Paul is the man. his team helped us purchase our Condo last May. That being said, there are a few units in our complex that are owned by TOML. (this almost blew the deal with the bank when the Condo review was requested by the lender, btw.... as Fannie Mae wouldnt guaranteeing any loan when a single entity owns 10% stake in any project) well in a 12 unit complex, the moment you own more than 1 condo automatically makes you a 10%+ stake holder.

If the town files for bankruptcy, what will they do with all the real estate on their books? will the town be forced to sell?

The housing projects and other properties you speck of I believe are owned by Mammoth lakes housing Inc. This is a private 503c non profit!

Is this the same Mammoth Lakes Housing Inc?? Without government funding how does it work?

A glance at the legal notices this week will show that Property Owner John Vereuck is foreclosing on Mammoth Lakes Housing for defaulting on two loans connected with Suite 5 in the Sherwin III Plaza.
Mammoth Lakes Housing said it ultimately made $237,000 in payments to Vereuck over eight years. The old note/new note monthly payment on the 900 square-foot Suite 5 cost $3,500/month.

http://thesheetnews.com/archives/12918

[ofset]

wow what a mess. unfortunately, the condos in my project are indeed owned by TOML. .....NOT Mammoth Lakes Housing.

[Sierra Lady]

Tonight on Sierra Wave News:

Town braces for decision on MLLA writ

[snowfiend]

two candidates running for two open Town Council seats in the municipal election on June 5

What is the deal with this??

The people in the Town Council will be the architects of the new city... And only 2 people are stepping up??

[Sierra Lady]

It's a done deal. No election. Saves the TOML $17,000. They are in as of June 20th. Maybe the bagel guy will be an asset...who knows?

MLTC: council appointments and court hearing coming up

In all of Mammoth’s history as a town, Council elections have usually drawn a stampede of candidates. This year’s sparse showing is one more testimony to the dreadful state of affairs in Town government.

[TheSnowman]

The bagel guys runs three businesses, so he will be a great asset for sure. I sat down and had a great chat with him up at his shop.

[DemonDuck]

The bagel guys runs three businesses, so he will be a great asset for sure. I sat down and had a great chat with him up at his shop.

I can't think of a Town Council member that hasn't had some kind of business interests in town (although there must have been some) and look what we got.

Being a business owner is no guarantee of good decisions made for the town. Given the brief history of our town -- 28 years since incorporation -- it couldn't be worse to choose council members at random from people who have lived in town for at least 10 years.

[SKIPUNK]

Better a business owner than a Real Estate person. They are the one's who really F'ed this town up.

[longlivechair19]

any news yet on the Writ?

[Sierra Lady]

Sierra Wave News 3/29:

Mammoth Town Council has no comment on MLLA, approves $4.4 million internal loan

They spent an hour in a closed session Thursday, but the Mammoth Town Council said nothing in public about the recent offer from Mammoth Lakes Land Acquisition to resolve the $42 million lawsuit debt. Now, officials say they will speak openly to the public at their next regular meeting on April 4th.

...

In that letter, MLLA lawyer Eric Winston said that the company declined to participate in mediation. He said the Town has “studiously avoided accepting any responsibility for its contractual obligations to MLLA.” With the debt now swollen to nearly $43 million, MLLA offered that the Town can pay $2 million now and $2.8 million per year for 30 years, with other terms.

SWN 3/28:

Mammoth Town Council: MLLA offer, internal loan

The money issues have deepened for the Town of Mammoth. The Town Council faced analyzing the recent and somewhat hostile letter from Mammoth Lakes Land Acquisition. An MLLA attorney accused Mammoth officials of refusal to accept the responsibility of paying the $42 million lawsuit judgment debt. The letter implied bad faith on the part of Mammoth. MLLA’s Jay Becker further insulted officials by sending the letter to the media before Town officials received it.

[CalvaryMike]

How much of the $4.4 million is going towards lotto tickets?