Friday, October 18, 2013

Chukchansi Indian UNABLE to make FULL PAYMENT TO BANK. AYALA FACTION. CAN they PAY Winners, Or TIGHTEN THE SLOTS?

REMEMBER:  IF the Chukchansi Tribe will cheat, pepper spray, and smoke out their own people, are their customers protected?
Marc Benjamin has the story at the FRESNO BEE:
The Picayune Rancheria of the Chukchansi Indians was unable to make a full payment last month to the bank that restructured financing for the tribe's Madera County casino, according to court documents released Friday.
The tribe's financial predicament surfaced in a ruling by a New York judge who is requiring the two opposing factions, led by Nancy Ayala and Reggie Lewis, to give all their financial information to the trustee, Wells Fargo. Judge Melvin Schweitzer also wants a professional audit completed.
The Ayala group took control of the Coarsegold tribal business center and Chukchansi Gold Resort & Casino after a February referendum that the Lewis faction -- which split from the Ayala group -- contends was unconstitutional.
In a hearing Wednesday, the judge said casino operators were obligated to make an interest payment of $12.49 million to the bondholders on Sept. 30, but paid only $6.25 million.
"We asked why they did not have sufficient money to make the interest payment," said Richard Verri, lawyer for the Lewis group. "The Ayala group has been in control of the till; we want to know why the casino doesn't have a plan for operating the business so it can pay its debts."
The casino and Chukchansi Economic Development Authority, the agency in charge of the casino, "state that they have no existing plan for payment of the remaining interest," court documents said.



Read more here: http://www.fresnobee.com/2013/10/18/3560447/chukchansi-miss-half-of-payment.html#storylink=cpy




Read more here: http://www.fresnobee.com/2013/10/18/3560447/chukchansi-miss-half-of-payment.html#storylink=cpy
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