This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 WynnNancy 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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs