The Town of Mammoth Lakes announced today the dismissal of its bankruptcy case by U.S. Bankruptcy Judge Holman. The dismissal follows the recent settlement of a 2008 legal judgment and cancellation of the related airport Development Agreement. Click here for the judge’s order.
The settlement is between the Town, and, collectively, Mammoth Lakes Land Acquisition LLC (MLLA) and Airport Developer Terrence Ballas (“Ballas”). The settlement amount is $29.5 million, and allows the Town to pay the reduced $29.5 million amount over for 23 years, at a fixed 5.17% interest rate.
The Town continues to be open for business.