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Expert Analysis

Evaluating The Validity Of Tribal Bonds

Law360, New York (September 13, 2011, 1:15 PM EDT) -- A case of interest to holders of bonds issued by Indian tribes to finance gaming facilities continues to wend its way through the courts. On Sept. 6, 2011, the United States Court of Appeals for the Seventh Circuit issued its opinion in Wells Fargo Bank NA v. Lake of the Torches Economic Development Corporation. The case centers on whether a trust indenture for bonds issued by an instrumentality of an Indian tribe to finance a gaming facility is a "management contract" that is void if not approved by the National Indian Gaming Commission (NIGC)....

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