Calif.'s Mammoth Lakes Exits Suit That Sent It Into Ch. 9

Law360, New York (August 22, 2012, 7:05 PM EDT) -- Mammoth Lakes, one of several California municipalities to file for Chapter 9 protection recently, said Wednesday that it had reached a settlement in the real estate dispute whose outcome, a $43 million judgment against the town, launched it into insolvency.

The town and Mammoth Lakes Land Acquisition LLC, its opponent in the dispute, announced the settlement, which they attributed to mediation implemented by a California bankruptcy court, saying they have reached a tentative deal on MLLA's judgment against the town.

"The parties, guided by U.S. Bankruptcy...
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