Special closed sessions over bankruptcy issues continue with the Mammoth Town Council. They planned to meet in private Wednesday evening before their regular meeting, and now they have scheduled yet another special closed session for Thursday at 10am. Assistant Town Manager Marianna Marysheva-Martinez said that the Town is taking final resolution of the $43 million debt “one day at a time.”
Martinez said that she could not reveal any new details on the settlement yet. She said that she does not know how long the process will take and that the Council continues to schedule special closed sessions so they can “make sure to address the issues.”
The Assistant Town Manager said that the sessions are allowing the Town Council to actively work through a “number of documents.” She said that as soon as the final documentation comes together, the Council will then be able to address that.
It was nearly a month ago that the Town of Mammoth Lakes announced a tentative agreement to settle the $43 million court judgment debt. The resolution is with both Mammoth Lakes Land Acquisition and Terry Ballas, holder of at least part of the still active Development Agreement at the Mammoth Airport. The August press release on the settlement said that the negotiated deal would address all development agreement contract breaches which were the subject of the original lawsuit.
In August, the Town said the parties had reached an agreement on the amount and terms and signed a “term sheet containing the settlement’s key point.” Officials did make it clear that all of the details would remain confidential until it is all “fully documented and executed.”