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Bankruptcy

Apr. 27, 2012

Mammoth test for Assembly Bill 506

The decision by Mammoth Lakes' judgment-creditor to reject a facilitated negotiation reveals a weakness in the AB 506 scheme. By Michael Sweet of Meyers Nave PC


Banking analyst and pundit Meredith Whitney may have garnered some creditability for predicting the financial crisis in 2007. Thankfully, her 2010 warning that a flood of municipalities would soon be defaulting on their debts never materialized and likely was unwarranted.


Still, considerable anxiety about the condition of local finances exists because revenues continue to stagnate, weighed down by the on-going malaise in real estate markets, especially in housin...

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