Government
Jul. 4, 2012
Mammoth Lakes latest to look at bankruptcy
One week after the city of Stockton voted to proceed toward bankruptcy, Mammoth Lakes is following suit.
By Paul Jones
Daily Journal Staff Writer
One week after the city of Stockton voted to proceed toward bankruptcy, Mammoth Lakes is following suit.
The town was required under a court order to pay its largest creditor, Mammoth Lakes Land Acquisition, a $43 million breach-of-contract judgment in full by June 30.
Mammoth officials issued a statement calling bankruptcy "the only option left." The judgment is three times its operating budget, and the town has al...
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