Michigan Indian – Page 149

Saginaw Chippewa Officials Refuse to Participate in Isabella County Celebration Due to Dispute over Treaty Rights

February 10, 2009Matthew L.M. Fletcher

The official flag of Isabella County acknowledges the Saginaw Chippewa Indian Tribe as a significant part of the community.

Yet, the lack of recognition of Isabella Reservation boundaries by the county are “at the heart of the issue” for the Tribal government’s lack of official sponsorship or representation at the upcoming sesquicentennial celebrations.

“It is the heart of the whole issue,” Tribal Chief Fred Cantu Jr. said. “We really are standing to those treaties.

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Gun Lake Band Casino Financing Should Not Be Affected by Stations Casino’s Bankruptcy

February 9, 2009February 9, 2009Matthew L.M. Fletcher

From the Vegas Review-Journal:

While Station Casinos plans to file for bankruptcy in March, a joint venture of the casino company plans to seek financing and break ground within weeks on a $200 million American Indian casino in Michigan.

Station Casinos spokeswoman Lori Nelson said its tribal gaming contracts wouldn’t be affected by the restructuring because contracts are held separately from the casino company’s financing structure.

Station Casinos announced late Tuesday its plans for prepackaged bankruptcy pending approval from investors holding $2.3 billion of the company’s $5.4 billion debt load.

Dennis Farrell Jr., a bond analyst for Wachovia Capital Markets, agreed the pending bankruptcy would not affect financing for the new casino.

“It will be financed on its own and Stations will help support the project,” said Farrell, adding that the company will collect a management fee once the casino opens.

***The Michigan casino was able to move ahead when a 10-year legal struggle by the Gun Lake Tribe, also known as the Match-E-Be-Nash-She-Wish Band of Pottawatomi, ended Jan. 30. At that time, the U.S. Department of Interior authorized the placing of 146 acres into trust. That move was made possible when the U.S. Supreme Court decided Jan. 21 not to hear an opposition group’s petition to block the casino.

The tribe’s gaming compact should be voted on in the Michigan Legislature in the next few weeks, tribe spokesman James Nye said.

He said the tribe plans to break ground on the casino in the next “several weeks.”

It would take nearly 16 months to convert an old 192,000-square-foot factory and warehouse into a casino with up to 2,500 slots machines, 75 table games, restaurants and a buffet.

Gun Lake Band’s Gaming Development Partners Seeking to Restructure

February 4, 2009Matthew L.M. Fletcher

From Station Casinos:

Company Elects Not to Make $14.6 Million Interest Payment On Subordinated Notes As It Launches Plan

Preliminary Fourth Quarter Results Show a 19% Revenue Decline and an Operating Loss of Approximately $2 Million (excluding anticipated impairments); Company Confirms Cash Position of Approximately $350 Million

LAS VEGAS, Feb. 3 /PRNewswire/ — Station Casinos, Inc. (“Station” or the “Company”) today announced that it is soliciting votes from its bondholders in favor of a restructuring plan that the Company’s equity sponsors and lead senior secured lenders have already agreed to support. As part of the restructuring plan, the Company and certain affiliates are offering the bondholders a combination of secured notes and cash in exchange for their outstanding bonds. The purpose of the restructuring plan is to significantly reduce the outstanding principal amount of indebtedness and cash interest expense of the Company.

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CMU to Host Panel on Indian Stereotypes in the Media (Monday)

February 4, 2009Matthew L.M. Fletcher

From the Saginaw News:

MOUNT PLEASANT — A panel discussion on media stereotypes about American Indians will begin at 3:30 p.m. Monday in Central Michigan University’s Moore Hall Kiva. Admission is free and open to the public.

The panel includes Joe Sowmick, public relations director for the Saginaw Chippewa Indian Tribe; Frank Cloutier, a spokesman for the tribe; and Patricia Ecker, a reporter for The Morning Sun newspaper.

Bankruptcy Court OKs Greektown Financing

February 4, 2009Matthew L.M. Fletcher

From the Freep:

Greektown Casino can borrow the money it needs to complete its new 400-room hotel, a U.S. Bankruptcy Court judge ruled today.

Judge Walter Shapero approved $22.5 million in loans, part of a $46-million financing package that the downtown casino owners say is needed to keep its general contractor on the job.

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Greektown Filing — Unsecured Creditors Objection to New Financing

February 4, 2009Matthew L.M. Fletcher

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Building Strong Sovereign Nations at Turtle Creek — Feb. 4-5, 2009

February 3, 2009February 3, 2009Matthew L.M. Fletcher

Here is the cover page of the brochure — Brochure Page 1

And here is the agenda — Brochure Page 2

And here is the press release:

EAST LANSING, Mich. — Tribal leaders from 11 of the 12 federally recognized tribes in Michigan will attend the first Building Strong Sovereign Nations (BSSN) Conference, Feb. 4-5 at Turtle Creek Casino & Hotel, in Williamsburg, Mich.

It is the first tribal governance training of its kind that will be held on Indian land in conjunction with a university. Participants will come from tribal communities located across the upper and lower peninsulas.

“We are thrilled at the broad intertribal interest,” says Aaron Payment, American Indian liaison for Michigan State University (MSU) Extension. “This initiative is just the first step. We plan to work even more closely with tribes to identify additional training and to bring this training to them.”
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Greektown Bankruptcy — New Financing Filings

February 3, 2009February 3, 2009Matthew L.M. Fletcher

Looks like they need $46 million more (news article).

greektown-motion-for-additional-financing

greektown-proposed-order-re-new-financing

greektown-proposed-credit-agreement-part-1

greektown-proposed-credit-agreement-part-2

greektown-proposed-credit-agreement-part-3

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Gun Lake Band Parcel Put Into Trust

January 30, 2009Matthew L.M. Fletcher

From Indianz:

After a lengthy court battle, the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, also known as the Gun Lake Tribe, finally has a place to call home.

The tribe celebrated after the Bureau of Indian Affairs placed 147 acres into trust. The land was the subject of an anti-gaming lawsuit that ended last week. “Today we rejoice knowing that all our hard work has paid off and the sacrifices of our ancestors was not made in vain,” said Chairman D.K. Sprague. “Now it’s official. Justice has been served to those who were motivated by greed and power to delay this project for nearly ten years.” The tribe plans to build a casino on the site in western Michigan. A press conference will be scheduled in the coming works to announce details.

Get the Story:
Gun Lake tribe says casino land in Wayland has been taken into trust (The Grand Rapids Press 1/30)