MLT Settles… Before Winter
Well, if Steve Harvey lived here, he’d be out of a job.
Because the “Feud” between Mammoth Lakes Tourism and erstwhile event/event venue developer Dirk Winter has apparently runs its course.
MLT and Winter reached agreement this week to settle their differences.
The differences were obstructing Winter’s ability to close escrow on a deal to flip the Woodsite property he acquired just two-and-a-half years ago – using MLT’s money as the down payment.
Winter bought the property from Sam Walker and Dennis Hartman for $3.95 million. The sales price is said to be $5.9 million.
Understandably, MLT wanted its $300,000 back, money it had given Winter to encourage him to close initially back in April, 2017. MLT believed the money would go towards infrastructure improvements to develop the site as an events venue.
The terms of the deal, as outlined by Mammoth Lakes Tourism Board Chair John Morris, call for Winter to make two $300,000 payments by january, 2021.
The first $300,000 is due within thirty days.
The second payment, due in approximately 14 months, carries a 7% interest rate.
In addition, The Festival of Beers and Bluesapalooza, Sierra Classic Theatre’s Shakespeare in the Woods and the Mono Arts Council’s Labor Day Arts Festival will have a home for 2020.
Rent charged to Mammoth Brewing Company for the 2020 Bluesapalooza is also capped at a CPI increase.
The agreement represents a separate addendum and supersedes the existing contract.
On the surface, it looks decent. $600,000 for $300,000 plus the estimated $85,000 MLT has spent in legal fees.
But this doesn’t take into account lost time – three years down the road. Lost opportunity. Staff time wasted – and in Executive director John Urdi’s case, that’s expensive staff time. Then there’s Events Coordinator Caroline Casey, who has been handcuffed by uncertainty and lack of a venue.
As Morris said, “It’s the best outcome we could hope for. We’ve tried to account for every contingency.”
But no one’s really happy. Or should be happy, anyway. Except perhaps those involved in the real estate transactions.
And the attorneys. Don’t forget the attorneys.
The Sheet asked Morris why MLT believes Winter will follow through on his promises now when he’s never followed through on a promise before.
Morris said that while the lien MLT had on the property during the legal battle has been removed, MLT can still go after Mr. Winter personally if he does not live up to the terms and make his payments.
MLT attorney Tim Sanford added that loser pays attorney fees, so that would represent a “poison pill” that Mr. Winter would likely wish to avoid.
“He [Winter] would have to go to personal bankruptcy to avoid it [the settlement],” said Morris, who said the $600,000 from the settlement will be dedicated for the elusive events venue.
On a lighter note, The Sheet asked Morris if MLT would be coming before the town asking for emergency marketing funds in the near future given that
it hasn’t snowed yet – a reference to last year, when Mammoth’s Town Council gave MLT $250,000 before Thanksgiving – and therecord snowfall that followed.
Morris laughed. “After last year, we built timing issues into the marketing plan. I don’t anticipate we’ll be asking for emergency money,” he said.
From the “You Can’t Make This Shit Up” department …
So if I have this straight, you’re gonna hire me – but only for two months, while we liquidate.
If there ever was a deal where I’d want my money up front …
I’ll bet you Dirk Winter is gonna head over there, negotiate a big signing bonus, and then never show up for work.
You could learn a lot from that guy.
But it’s funny, I’m sitting here looking at the photo and realizing, “But … what’s gonna happen to Little Caesars?”
Hite didn’t address that in his story. Rookie mistake.
He didn’t address the hiring question either, come to think of it.
But back to Little Caesars. I’ve never ordered it – probably because the idea of ordering pizza in a Kmart is like … there are certain places which are antithetical to producing decent cuisine. Kmart, airport food courts, Elko, Nevada.
Never mind that when it comes to pizza in Bishop, I’m partial to the Pizza Factory. And my daughter’s partial as well (game room). I mean, it’s a factory devoted to pizza. Not a Kmart devoted to … well, I don’t really know what Kmart’s devoted to, aside from flourescent lights and a somnabulant atmosphere. Which is probably why there’s no more Kmart.
Alright, the printer’s calling for this last page. It’s not a matter of printing all the news that’s fit to print. It’s just a matter of printing what we found, or what found us
And we’ll have something on Marty Burgenbauch next week. Marty deserves the Marvel treatment for sure. He was a great one.
