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Mammoth Lakes seeks bankruptcy protection

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Mammoth Lakes seeks bankruptcy protection

 Poster: A snowHead
Poster: A snowHead
Things don't seem to be looking good for Mammoth Lakes, the third most popular US ski resort. The second-lowest snowfall in 20 years kept tourists away last season, home prices are down 25% from their peak, and a $43 million breach-of-contract judgment threatens to wipe the municipal government off the map. The town has now had to seek bankruptcy protection....However, the ski resort, owned by Mammoth Mountain Ski Area LLC, has said that it doesn’t expect any effect from the town’s bankruptcy.

See: http://www.reuters.com/article/2012/07/03/us-mammoth-lakes-bankruptcy-idUSBRE8611GW20120703 and http://www.bloomberg.com/news/2012-07-10/california-ski-town-aiming-to-rival-vail-faces-upheaval.html
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 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
The first sentence is a bit misleading the latter part clarifies it better - this is effectively the local council saying it's bust in the light of an outstanding property development deal liability due to some shenanagins re the local airport. Decreased property tax take and sales tax has probably also had an impact.

While the ski area is still ok it has also closed June Mountain this summer at no notice placing the local community at June Lake in financial jeopardy.
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