Recent Developments Regarding Chukchansi Economic Development Authority
FRESNO, Calif., March 29, 2013 /PRNewswire/ -- Chukchansi Economic Development Authority ("CEDA"), a wholly owned enterprise of the Picayune Rancheria of the Chukchansi Indians and issuer of its 9¾% Secured Notes due 2020 (the "Notes"), today announced the following recent developments.
Changes in the Membership of the Board of Directors
The Picayune Rancheria of the Chukchansi Indians ("Tribe") duly elects and appoints a Tribal Council ("Tribal Council") pursuant to the Tribe's Constitution and Election Ordinance ("Tribal Laws"). The elected Tribal Council also sits as the Board of Directors (the "Board") for CEDA. Accordingly, the make-up of the elected Tribal Council mirrors the make-up of the CEDA Board at all times. The Tribe's current enrollment consists of 902 tribal members. The Tribe's Governing Body is the Tribal Council. The General Council, which consists of tribal members that are 18 years or older ("General Council"), elects, pursuant to the Tribe's Election Ordinance, the members of the Tribal Council. At a General Council Meeting, once a quorum is established, the General Council may then "conduct all business".
On February 21, 2013, the duly elected Tribal Council consisted of the following members: Nancy Ayala (Active), Reggie Lewis (Active), Chance Alberta (Active), Charles Sargosa (Active), Carl Bushman (Active), Tracy Brechbuehl (Suspended by Tribal Council Resolution on January 24, 2013); and Karen Wynn (Suspended by Tribal Council Resolution on January 24, 2013).
On February 21, 2013, upon commencement of a regular Tribal Council Business Meeting, Nancy Ayala accepted and introduced an unverified petition and referendum consisting of 14 signatures. The petition stated that 14 signatures constituted 30% of the tribal membership because the petition alleged that there are only 46 tribal members consisting solely of members of the Wyatt and Ramirez families. Nancy Ayala, a member of the Wyatt family, accepted the petition and referendum and proceeded to attempt to remove the entire Tribal Council including, Reggie Lewis, Chance Alberta, Charles Sargosa, Carl Bushman, Tracy Brechbuehl, and Karen Wynn. Nancy Ayala did not remove herself because she was the sole member of the Tribal Council who is also a member of the Wyatt family. Nancy Ayala then attempted to appoint 6 new, never-elected tribal members to the Tribal Council consisting only of members of the Ramirez and Wyatt families.
Under the Tribe's Bureau of Indian Affairs approved Tribal Constitution, a referendum would require the verified signatures of at least 30% of the enrolled membership to be effective; therefore, a valid petition would have had to include at least 246 verified signatures of the General Council.
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