|Y-A Nation wants its money back from Iipay Nation of Santa Ysabel|
|Written by Mark Lineberger|
|Thursday, 16 August 2012 00:00|
The Yavapai-Apache Nation is asking that the United States Bankruptcy Court in California deny a request from a San Diego County Tribe to seek bankruptcy protection.
The Nation lent money to the Iipay Nation of Santa Ysabel for construction of a casino resort.
The San Diego County tribe, formerly known as the Diegueno Band of Mission Indians, has since accumulated $28 million in debt.
At one point, the Yavapai-Apache took over as the primary lender, expecting the Iipay to meet their financial obligations.
The Yavapai-Apache Nation has argued that the Iipay has defaulted on the loan and the matter has been in the California court system.
The Iipay Nation argues that the Yavapai-Apache Nation stopped making payments on the loan agreement in October 2008, thus breaching a contract signed with the California tribe to serve as its guarantor, since the YAN bought the loan agreements from JPMorgan Chase Bank and National City Bank, thus taking on the responsibilities and liabilities that came with the purchase.
For the full story, see the Wednesday, Aug. 15, edition of The Camp Verde Journal or the Cottonwood Journal Extra.