Pechanga links to a WSJ article (available here: WSJ Disarray Article–thanks to Mike McBride) suggesting that the recent Wells Fargo v. Lake of the Torches case has thrown tribal lending into disarray.
Indianz links to the same article, but quotes an expert suggesting that the case is “unique.”
Which is it?
Ignore the typo…. 🙂
I think its neither. It will have widespread impact but not necessarily disarray. Any contract that you would have sent in to NIGC for a ruling on whether it is a management contract can just as easily be approved under the management contract requirements. Lenders should send their existing contracts in for approval b/f more tribes try to take advantage of this ruling.