CHICAGO — A federal appellate panel in Chicago last week delivered a mixed opinion in a dispute over whether a Wisconsin tribe is on the hook for repayment of $47 million of debt, upholding the district court’s voiding of the bond indenture while overturning its refusal to consider other documents in an argument over the tribe’s sovereign immunity.

The case pits bond trustee Wells Fargo Bank NA, which represents the sole bondholder, Saybrook Capital LLC, against the issuer of the taxable tribal gambling bonds, Lake of the Torches Economic Development Corp., which serves as the corporate entity for the Lac du Flambeau tribe.

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