Last week, private reports in Mammoth Lakes indicated there might have been some news on the settlement of the $43 million debt to MLLA. There wasn’t. Assistant Town Manager Marianna Marysheva-Martinez had invited us to contact her Friday to check on any developments. We did, but she had nothing to report. Again, this week, the Town Council has scheduled two closed sessions on the debt issue and bankruptcy in general.
At 5:30pm Tuesday, the Town Council scheduled a special meeting compromised only of a closed session on town bankruptcy proceedings. On Wednesday, the Council has scheduled a regular meeting with a 4pm closed session on bankruptcy issues. The agenda notes a teleconference location as a condo in Mexico. Town Clerk Jamie Gray explained that Councilman Michael Raimondo wanted to be able to call in and vote on the closed session item.
It is still an unknown when or if the Town will conclude a settlement deal with MLLA and Terry Ballas. Mammoth officials had announced that a settlement was reached but must go through documentation and detailing. Assistant Town Manager Martinez had said that she hoped to have some news by the Wednesday night Town Council meeting. The public now waits to find out how much the Town may have settled for and the terms of payment.
Also on Wednesday’s agenda – a 5pm workshop with the Recreation Commission and Measure U Application Committee on funding priorities for tax Measures R and U, a report from the Sierra Business Council on economic possibilities in Inyo and Mono, Measure R fall funding applications, and some planning issues.