Crippled by a staggering legal judgment, a California town and resort area, a popular training destination for Olympic athletes, faces bankruptcy throwing the town's future into question.
"We have a major judgment against us," Assistant Town Manager Marianna Marysheva-Martinez said Thursday, to the Associated Press. "With the magnitude, it's almost unimaginable for us how we're going to deal with this judgment."
According to the New York Times, The Sierra Nevada ski resort town of Mammoth Lakes, which sits five hours north of L.A., lost a breach-of-contract lawsuit after it had tried to back out of a 1997 agreement with Mammoth Lakes Land Acquisition that gave a developer the right to develop a hotel and buy land in return for improving the local airport.
But the town backed out of the deal after the Federal Aviation Administration, which provided Mammoth Lakes with grants to improve the airport, objected to development nearby.
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