Client Update: $50 Million Bond Indenture Voided: Recent Court Ruling Underscores Critical Issues in Transactions Involving Indian Tribes

Client Update: $50 Million Bond Indenture Voided: Recent Court Ruling Underscores Critical Issues in Transactions Involving Indian Tribes

Feb 16, 2010

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Brownstein Client Update, February 16, 2010

On January 11, 2010, a federal district court voided a $50 million bond indenture in its entirety, highlighting the often-complex issues accompanying transactions involving Indian tribes and the serious consequences that can result if those issues are not fully addressed. The case of Wells Fargo Bank v. Lake of the Torches Economic Development Corporation (2010 WL 62638 (E.D. Wis.)) implicates the regulatory framework surrounding contracts relating to Indian gaming operations, but the result serves as a forceful reminder that transactions involving Indian tribes and their affiliated business entities present unique legal and regulatory challenges that should not be ignored.

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