Wednesday, July 11, 2012

Chukchansi Restructures Debt after Defaulting on Payments

The Fresno Bee continues to report on the actions of the Chukchansi tribe, which now moves into a shady area. PAYDAY LOANS

When you owe a great deal of money, it's easier to get a new deal.  Those people that Chukchansi disenrolled won't be able to get new terms on their debt.    A new financing plan for the Chukchansi Gold Resort & Casino will push the payback on loans taken out by the Picayune Rancheria of the Chukchansi Indians to 2020.
More than $300 million in loans that were supposed to mature later this year were restructured in May to allow the tribe a longer-term payback, but at a higher interest rate. It will raise the overall financing costs, but it's unclear by how much.
The Chukchansi incurred a debt of $310 million to build its massive hotel and casino project 40 miles north of Fresno on Highway 41.
The new arrangement involved a series of transactions:
When bondholders with about $303.1 million of the debt agreed to a new payment plan, the tribe paid off nearly $40 million in notes with $30 million in cash. The tribe then exchanged $270 million in old notes for $250.4 million in new financing, according to Standard & Poor's Leveraged Commentary & Data division.

The tribe also had to pay $5 million to $6 million in fees, raising the total bond debt to $256 million, according to the Standard & Poor's report.
"It was unrealistic that the tribe would come up with $310 million by October," said Rob Rosette, the tribe's lawyer. "The tribe got restructured financing on an otherwise nonfinanceable project."
The tribe still owes other bondholders $6.9 million that needs to be repaid later this year, he said.
In addition to the cash payout, the tribe's investors will be paid a 9.75% interest rate instead of the previous 8% rate, said Max Frumes, a reporter for Standard & Poor's Leveraged Commentary & Data division.
Both sides get something out of the deal, he said."The bondholders have cash in their pockets and a new debt agreement with an increased interest rate," Frumes said. "The tribe then pays more interest on less debt."

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smokeybear said...

I don't pity any man who does hard work worth doing. I admire him. I pity the creature who does not work, at whichever end of the social scale he may regard himself as being."

- Theodore Roosevelt

And they don't pay their bills? "Lewis and his Criminals" don't care about their membership, just how much $$$ they can "Render To Themselves!" The future of their "Tribe" means nothing to those "Treasonous Leaches!" With all the $$$ that has passed through the "Casino" in its "Hayday, those bill could have been paid. But "NO," just how much $$$ have these "Criminal's Massed For themselves?" Only how much can they obtain for themselves" Hell with the good of the "Tribe!"..."Sovereignty, What A Concept," when used to "Steal From Their Own!" Lewis is holding his "Membership Hostage." He lost the election, but won't get the "Hell" out of the way for the "Tribe" to heal. And as usual, the B.I.A. is non commital. Won't lift a finger to "HELP!" They have the means and ability to right this wrong, but "Refuse To Act Responably" in this matter. It makes you wonder, why hasn't the B.I.A. taken a stand on all the "Illegal Dealings" of these "Corrupt and Criminal Tribal Leaders?" Just asking!..."Eagle Eyes."

Anonymous said...
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smokeybear said...

Question: Where does the B.I.A. get the money to operate? Dept. of Interior? "Casino Indians? "OR BOTH?"...."Just asking?"...."Eagle Eyes."

mouse32812 said...

One of the most ridiculous lawsuits I've seen so far coming from Indian Country! Mona Bragdon, one of the plaintiffs in the lawsuit declined a request by the federal bureau of Indian affairs to organize the tribe. Members of the Wyatt family stepped up to the plate because nobody else did and now are being called traitors by their own crew! Under Tillie Hardwick, any Indian who was deeded a parcel of terminated rancheria land from the federal government-- even if they sold it-- or any Indian who bought deeded rancheria land from another Indian before December, 1983, would be a member of the class represented in the case. BIA has taken the position that only members of that class can reorganize the tribe whose federal recognition was restored by that lawsuit. Wyatt and Ramirez families have and had equal power to reform the tribe. Ramirez family based on news reports simply want to be appointed to tribal council without being voted into power. These guys have been watching too much TV, we call that Royalty!

A more interesting potential case is coming to light at Table Mountain Rancheria. A tribal elder past away a few years ago and didn't leave behind a valid Will. A probate is now being conducted and administered by Leanne Walker-Grant, tribal Chairman. Documents have surfaced that paint a very ugly picture of the elder who was Mrs. Walker-Grants aunt. The documents indicate that the deceased stole deeded property from her deceased sister's own two sons and husband. What's interesting about this potential case is exactly what the Ramirez family is arguing. When Rancheria's were reestablished in the 1980's under Tillie Hardwick settlement, the federal government only recognized Indians who had been given rancheria land and their descendants as eligible to re-establish tribal governments. But, in the potential case the descendants of the deeded property owner at Table Mountain Rancheria had their rights systematically denied them by both Table Mountain Rancheria and Bureau of Indian Affairs. As a matter of fact, a probate on the original owner of the property declares that her heirs are her two sons and husband! But, over the years Table Mountain Rancheria has denied tribal membership to the heirs by saying they don't own the property. In 1999, the tribe enrolled one of the brother but not the other. Both men exceed the tribes criteria for membership, degree of Native blood has been computed to be 5/8 Mono/Chuk. As you might imagine, Table Mountain Rancheria and Bureau of Indian Affairs are trying to cover this up. As a matter of fact, the Hearing that established Leanne Walker-Grant as administrator took a grand total of 20 seconds from start to finish, Judge Oliver was presiding. Now this is interesting!

Anonymous said...

Leanne Walker-Grant is an interesting character. How did she land that Chairmanship? What is her relationship with Rodney Grant?-it's very hush hush. Interesting. I'd like to follow the money trail.