As you will recall, the Seventh Circuit, in its recent Lake of the Torches decision, affirmed the federal district court's holding that a bond indenture worth $50 million was an unapproved management contract. While the Circuit remanded for consideration of certain equitable claims, the fact remains that the contract remains void and there is no apparent method for the investors to obtain redress on $46 million of unpaid bonds. In late January, the investors took action, and sued the Law Firm for allegedly giving assurances that the bond indenture was a valid and enforceable contract.
The news coverage can be found at: http://www.jsonline.com/business/suit-filed-in-tribal-bond-deal-5d3sj17-137801053.html
