Gotta wonder, because that loan seems to have vaporized.
Here's mention of it in the TDN:
In their annual report to the U.S. Securities & Exchange Commission, the Mohegan Tribal Gaming Authority says the tribe continues to support the Cowlitz project, but it's uncertain it will move forward.
"While certain events ... are generally positive steps in the furtherance of the project, other events ... may ultimately delay or prevent the completion of the project," the report reads.
The Mohegans did, though, make the Cowlitz project a one-year, $10 million loan at 15 percent interest on Sept. 30, according to the Mohegans' SEC filing.Oddly, I can't find anything anywhere to indicate that the Tribe has repaid this loan, which was due in full in September of last year, nor can I find any mention of even a payment.
If any reader can show otherwise, I'll be happy to correct this... but right now, it looks like the Cowlitz Tribe has defaulted on this loan.
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That article is sure a nice piece of work, Kelly. I mean in the sense it writes out a lot of the issues going on with the Cowlitz casino.
ReplyDeleteYou might want to save that to a PDF in case you need it for further reference.
And it does not read like a really bad CRC claptrap from the snoozemedia inc.....
Kelly, if you are not aware, the Nooksack Tribe up in Bellingham a year ago was in default on a loan that was for a very small casino that they were looking to expand and make a lot bigger than some of the smaller casino operations and get their other casino operation that is far from I-5 closed.
ReplyDeleteThey want to be as close to the Canadians as possible and the Northern Border!
Same problem with the Snoqualmie Tribe, the almost defaulted on their loan for their new place right off I-90? But I believe they were able to work their deal out. But this tribe is in the middle of a internal battle of WHO runs the casino.
And there are several MORE tribes in Washington state that are similar straights.
And unless they are all situated near good population centers, just about every tribe is moving that way, The Yakima, Warm Springs, Colville, Cowlitz, Skalllam, Nooksack and on and on.
You once referred to it as Reservation Shopping?
And one final comment, if a Tribe is in default, would they not OWE the whole loan?
ReplyDeletefrom the article you posted:
"The Mohegans are owed $28.7 million for their investment in the Cowlitz project to date, and this year they wrote off $8.6 million of that debt, assuming they may never get it back. (The tribe itself is not in debt. It's owed by David Barnett, a Seattle developer, tribal member and key figure the behind casino plan, and his partner in the project, the Paskenta Band of the Nomlaki Indians, which own a casino north of Sacramento.)"
$38M + 10 Mil and that does not even cover the Northern California tribe.....