Lac Vieux Desert Band Buys Bellicose Capital, LLC

Link to news coverage here.

In a major deal that will bring millions of dollars in economic development to the Lac Vieux Desert Band of Lake Superior Chippewa Indians (LVD) and its geographically isolated reservation in Watersmeet, MI, LVD has today announced that it has completed the purchase of Bellicose Capital. Bellicose has been a valued service provider to the Tribe’s lending business and talks to acquire Bellicose have been underway for several years.

Arizona State Law Journal Article on Tribal Lending

Here, by Rob Rosette and Saba Bazzazieh

Opening Brief in Yavapai-Apache Nation v. Iipay Nation of Santa Ysabel

Interesting case to watch in the California Court of Appeal. The case involves intertribal lending.

Here is the opening brief: YAN Opening Brief.

The YAN statement of the case:

May an Indian tribe avoid the jurisdiction of California courts, even after its chairperson (i) was authorized to negotiate and execute an agreement with a lender, (ii) executed an agreement with the lender containing a clear waiver of sovereign immunity, and (iii) warranted that the tribe had approved the agreement? The trial court below answered in the affirmative, dismissing a lawsuit for breach of a loan agreement, brought by plaintiff and appellant the Yavapai-Apache Nation (the “YAN”) against the defaulting borrower, defendant and respondent the Iipay Nation of Santa Ysabel (the “Iipay”).

The YAN asks this Court to correct this error. The law of California and of the United States has, for over a century, upheld the validity of acts of foreign officials and provided a presumption that such acts are valid; the burden of proof is on the party challenging the validity of such acts to show why they are not effective. This presumption, which applies equally to officials of Indian tribes, was not rebutted in this case. The Iipay authorized its chairperson to make an agreement with its lender (the rights to which the YAN succeeded), and all admissible evidence shows that the agreement was executed and approved by the Iipay. The Iipay breached the agreement. The Iipay should not be permitted to enjoy the benefits of an agreement until it defaults, and then avoid the consequences of its default by selectively disavowing the part of the agreement – the waiver of sovereign immunity and consent to jurisdiction in California – it finds inconvenient.

Lac du Flambeau Case: “Unique” or Widespread “Disarray”? — Another Turtle Talk Poll

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…. 🙂