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| Poor Tribes' Investors Have Own Financial Woes |
How is it that three so-called poor, impoverished tribes and their so-called investors who have financial woes of their own, managed to pay $5.6 million to Washington D.C. lobbyists in pursuit of gambling halls?
The Bay Mills Indian Community, Los Coyotes Band of Cahuilla and Cupeno Indians, and the Shinnecock Indian Nation, have often been described as “poor” and/or “impoverished.” That, as they have pleaded, is why they should be allowed to build off-reservation casinos.
Those who are reportedly bankrolling these tribes’ still unapproved casino schemes, Detroiters Michael Malik and Marian Ilitch, have had their own unfortunate financial woes.
Property controlled or owned by controversial casino investor Michael Malik has been delinquent on property taxes, seized for delinquent taxes and even gone into foreclosure. He was in default on a $1 million line of credit and had to repay $170,000 in ill-gotten funds to a Receivership charged with sorting out a federal Ponzi scheme case. Michigan gaming regulators have failed to grant Malik a gambling license and he has a track record of violating political campaign finance laws and hiring shady Capitol Hill lobbyists.
Marian Ilitch bought controlling interest in Detroit’s MotorCity Casino from Las Vegas-based Mandalay Resorts/Mirage in 2005. The parent company of that gambling hall (CCM Merger) controlled by Mrs. Ilitch has since seen its credit ratings drop and been in violation of covenants with its investors.
Who really put up the $5.6 million?
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