|Written by Mark Lineberger|
|Sunday, 16 September 2012 00:00|
Legal wrangling continues between the Yavapai-Apache Nation and a California-based tribe over a multimillion dollar casino resort financing deal that fell through.
The Yavapai-Apache 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. Other loan costs for the Iipay have risen to more than $34 million, according to the recent legal request filed by the Yavapai-Apache.
Eventually, the Yavapai-Apache Nation took over as the primary lender. The Nation expected to see its money again.
The Yavapai-Apache argued that the Iipay has defaulted on the loan, and the matter has been in the California court system since.
The Iipay argues that the Yavapai-Apache 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 Yavapai-Apache 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, Sept. 12, edition of The Camp Verde Journal.
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