California cities in bankruptcy
After Stockton became the largest city in the nation to file for bankruptcy, other cities hit hard by the housing bust and state budget crisis began watching to see whether municipal bankruptcy proves medicine or poison.
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Mammoth Lakes( Mark Boster / Los Angeles Times / May 25, 2012 )
The High Sierra ski town of Mammoth Lakes filed for bankruptcy because it cannot afford to pay a $43-million breach-of-contract judgment against it brought by a developer. The resort village, above, is empty during a late-season snowstorm.
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