CHICAGO — The trustee who represents owners of $46.6 million of taxable tribal gaming revenue bonds issued for the Lac du Flambeau tribe in Wisconsin is appealing a federal judge’s ruling that the tribe is not responsible for repaying the debt because the trust indenture’s structure required federal approval.

Both sides are bolstering their legal and consulting teams and the first legal briefs in the case  of Wells Fargo Bank NA against Lake of the Torches Economic Development Corp. are due next month to the Seventh Circuit Court of Appeals in Chicago. Lake of the Torches is the tribe’s corporate entity.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.