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.
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