Calif. Judge Dismisses Mammoth Lakes Ch. 9 Bankruptcy

Law360, New York (November 19, 2012, 10:59 PM EST) -- The California town of Mammoth Lakes officially exited bankruptcy Friday when a judge dismissed the Chapter 9 proceeding following the resolution of a real estate dispute whose outcome, a $43 million judgment against the town, had launched it into insolvency.

U.S. Bankruptcy Judge Thomas C. Holman dismissed the bankruptcy, three months after the town first announced that it had reached a tentative deal with Mammoth Lakes Land Acquisition LLC, its opponent in the real estate dispute. The bankruptcy court had sent the parties to mediation....
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