Tribal Debt Workout Complicated By US Courts

A US court in Milwaukee has underlined the legal complexities surrounding Indian gaming finance by refusing to allow a tribal casino to be placed into receivership on the grounds that such a move required prior approval by federal gambling regulators in Washington, DC.In a January 6 decision, US District Court Judge Randolph T. Randa declared void a bond agreement involving a Northern Wisconsin tribe after ruling that terms granting outside interests potential oversight over the tribal casino’s financial management had not been pre-approved by regulators at the National Indian Gaming Commission (NIGC).

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