when will the town declare bankruptcy?

[ShiftyRider]

IMO Skip Harvey was by far the best councilmember over the last ten years, and tended to buck the status quo re the airport.

[ATOMICBOY]

Maybe they have some "secret" money they haven't told us about??

They do... the town is waiting for Helicopter Ben to announce QE3 and then all residents of Mammoth can run outside with their hats turned upside down to collect all the free inflated $ they can grab.

This could be the answer to the towns prayers



coming soon to stores in Mammmoth Lakes

[snowfiend]

I think the Minky Monkey has this copter already. Sorry that money is only for Unions projects and Bankers..

[Sierra Lady]

Today on Sierra Wave News:

Mammoth’s money problems: chronic and serious

[lisa_grecco]

The Author of that Article is WRONG!

To quote this article:

“Assembly Bill 506 requires local governments to enter an evaluation process with bond holders, creditors, employee unions and retirees for up to 90 days in an effort to avoid Chapter 9 protection.”

Absolutely WRONG!

Assembly Bill 506 requires local governments, before resorting to bankruptcy protection, to do EITHER:

1) engage in a neutral evaluation process with its creditors with the help of a mediator;

OR

2) declare a fiscal emergency.

Sources: http://www.publiclawgroup.com/wp-conten ... ruptcy.pdf

http://www.leginfo.ca.gov/pub/11-12/bil ... floor.html

If the local government decides to go with option 1 (neutral evaluation), the CREDITORS DO NOT HAVE TO PARTICIPATE . - including MLLA

So… the TOML will drag its feet, once again.

I think it’s fair to say that this is just another stall tactic made by the Town of Mammoth Lake’s inept government to delay the inevitable (aka Bankruptcy Protection).

Hey, Mammoth – Just Declare a Fiscal Emergency and move forward.

Hey Sierra Wave - Maybe a little more fact checking is needed before these sloppy articles are released.

[snowfiend]

^^ Maybe they just want to pile on more debt on debt?

[lisa_grecco]

I just love all the articles by the Sierra Wave that FAIL to mention the OTHER OPTION Mammoth has…

DECLARE A FISCAL EMERGENCY
Here’s some articles by the Sierra Wave that FAIL to Mention this OTHER OPTION:

April 11, 2012
“Assembly Bill 506 requires local governments to enter an evaluation process with bond holders, creditors, employee unions and retirees for up to 90 days in an effort to avoid Chapter 9 protection.”

Source: http://www.sierrawave.net/11356/mammoth ... -problems/


April 5, 2012
"The Town continues to formulate a plan to accomplish this goal that will involve concessions from multiple interested parties, including MLLA, who have been invited to participate in the mediation process provided by section 53760.3(a) of the California Government Code. So far, MLLA has refused to participate in that mediation."

Source: http://www.sierrawave.net/11251/respond ... la-letter/


March 30, 2012
"He (Dave Wilbrecht) explained that in California if a public entity is thinking about Chapter 9 and a re-structuring of debt, the Town “has to go through mediation.” Wilbrecht said that regardless of what MLLA does, some of the Town’s creditors will go to mediation."

Source: http://www.sierrawave.net/11122/town-manager-says/


Feb 15, 2012
"on February 15, 2012, the Town sent MLLA a letter requesting that the parties continue their settlement discussions through a neutral evaluation process (i.e., mediation) in accordance with section 53760.3 of the California Government Code."

"the Town sent MLLA a letter requesting that the parties participate in a neutral evaluation process (i.e., mediation) in accordance with section 53760.3 of the California Government Code."

"Town sent MLLA a letter requesting that the parties continue their settlement discussions through a neutral evaluation process (i.e., mediation) in accordance with section 53760.3 of the California Government Code."
http://www.sierrawave.net/10190/town-of-mammoth/


What Gives with the Sierra Wave News?

[lisa_grecco]

MLLA Does NOT have to Mediate.

LETTER FROM MLLA LAWYER TO TOWN OF MAMMOTH LAWYER:
“We have considered your proposal for mediation of the amounts owed to MLLA by the Town of 
Mammoth Lakes (“TOML”). Under the circumstances, we must decline to participate.

Source: http://www.sierrawave.net/10954/mlla-wins-court/

The law/code (Assembly Bill 506, aka… AB506, Section 53760, Sections 53760.1,53760.3, 53760.5, of the California Government Code)

Does Not Force or oblige the creditors (like MLLA) to participate in this mediation.

MLLA already gave the Town of Mammoth Lakes its answerer…..

MLLA wants nothing to do with this Mediation Stall Tactic.

The incompetence of Mammoth’s government will now turn this $30M judgment, into the current $42M Judgment, in to a $45M+ judgment.

What a FARCE.

The Local Papers in Mammoth Should Be All Over This…..

But they’re not…. interesting … don’t you think.

Is the Sierra Wave trying to pull the wool over your the eyes ?

[ynot]

Making national news...NY Times online edition front page. Ugh.

http://www.nytimes.com/2012/04/14/us/ma ... cy.html?hp

[LarBear2]

Woops. Forgot to post the edited version.
I was dumbfounded when the development agreement was first made. Then I was astounded at the cavalier altitude of the town council when they refused to participate in meaningful settlement talks. Then I got sick at the verdict and the pronouncements of our “leaders” that "we will win the appeal". And now the absurd stalling. These people live in a different world of altered reality The basic problem with this disaster is that no one has ever wanted to do their job and step up and take the heat for resolving the case. Everyone plays kick the can down the road.
The real question is what effect the day of reckoning will have on our property taxes , for how long and on property values. I haven’t read anything about how the $42M (and growing at 10% a year) judgment will be paid except that it will be in installments. I wonder how that translates into addtional taxes? For example, how much will the tax be increased on each $100,000 of value?

[oldskier]

IMO Skip Harvey was by far the best councilmember over the last ten years, and tended to buck the status quo re the airport.

agreed, if he'd had more company TOML would not be in this situation. Greed blinded the past councils to reality and Mammoth's history of real estate volatility until it was too late.

If the Town Council thinks they can raise property taxes and circumvent the intent of Prop 13, they will likely be sued - and hopefully each of the council members personally that originally voted for, then continued, this farce with the exception of Skip Harvey. this would be a class action lawsuit that would have no shortage of participants. It would add to the 42 Million no doubt.

[PE395]

Town made the NY Times over the bankruptcy:

http://www.nytimes.com/2012/04/14/us/ma ... h_20120414

[TheSnowman]

"Dave Wilbrecht, the town manager, said big projects would most likely be delayed, including improvements to a new ice rink. "

Dave you need to take a major pay cut as well!

[MountainNut]

This whole thing with the TOML and its court-ruled lawsuit-debt, kicking the ol' can down the road some more, and its possible future bankruptcy is a lesson to be learned for all. Legal violations with/of a fraudulent nature can have some serious ramifications in a court of law, obviously.

It goes without saying that it always pays to be very, very careful just who you vote for in any election - be it locally, as well as statewide and nationally. The consequences of not paying attention to the person or persons involved (and their representative-predilections) can surely cost you in the long run.

Maybe it is still a good thing to trust your own inherent conscience and not easily give in to the bandwagon-led greed-factor, when everyone just seemingly appears to want to go with the flow and not think independently (in stubborn fashion) on vital matters..

Good luck to all involved here.

[moralizing with my .02 on the soapbox for today..]

[snowfiend]

Town made the NY Times over the bankruptcy:

http://www.nytimes.com/2012/04/14/us/ma ... h_20120414

Love that Photo of Jo Bacon. She should have a glass of chardonnay in her hand.