7th Circuit hears Lac du Flambeau casino debt case this month

Thursday, October 7, 2010  

The 7th Circuit Court of Appeals will hold oral arguments in a closely-watched Indian gaming debt case on October 20.

The Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin defaulted on a $50 million bond. A federal judge ruled that the lending agreement was invalid because it was not approved by the National Indian Gaming Commission.

Wells Fargo Bank lent the money to the tribe on behalf of the bondholders. The bank says the agreement does not meet the definition of gaming management agreement under the Indian Gaming Regulatory Act.

Turtle Talk has posted briefs from the case, Wells Fargo v. Lake of the Torches.

Get the Story:
Casino tribes in others states defaulting on debts — with few consequences (The Capitol Weekly 10/7)

Related Stories:
Briefs due in appeal of Lac du Flambeau gaming bond case (5/26)
Lac du Flambeau deal was unique in tribal gaming industry (5/12)
Bank appeals decision over Lac du Flambeau gaming debt (5/3)