Gaming Legal News: January 25, 2012 • Volume 5, Number 3


In this issue: Lac Du Flambeau: The Fallout Continues...; and Bank of America Wins Dispute With Jamestown S'Klallam.

Excerpt from 'Lac Du Flambeau...':

Readers of this publication are well-versed in the ongoing battle involving the default by the Lac du Flambeau tribe and its gaming operations on a $50 million bond offering. At the time of default in 2010, more than $46 million was outstanding, and the federal courts determined that the bondholders could not seek legal recourse because the transactions constituted a management agreement that is void because it was never approved by the Chairman of the National Indian Gaming Commission.

The sole bondholder is Saybrook Capital, a Santa Monica-based investment group.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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