Bankruptcy
Secured Transaction
Chapter 9
In Re: Town of Mammoth Lakes, California
Published: Mar. 9, 2013 | Result Date: Nov. 16, 2012 | Filing Date: Jan. 1, 1900 |Case number: 2012-32463 Bench Decision – Dismissal
Facts
The Town filed for Chapter 9 bankruptcy, seeking protection from its creditors and confirmation of a plan of adjustment that would have paid Mammoth Lakes Land Acquisition (MLLA) no more than $550,000 per year for ten years.
Result
The Town of Mammoth Lakes and Mammoth Lakes Land Acquisition (MLLA) jointly negotiated a mediated settlement and obtained a voluntary dismissal of the Town's Chapter 9 case, resulting in a 68.6 percent recovery for MLLA on a present value basis under which Mammoth Lakes was obligated to pay MLLA the present value of $29.5 million.
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