Former Bankruptcy Lawyer of NCC Questions Foreclosure Action

by San Antonio Attorney

The former bankruptcy lawyer of the National Cattle Congress of Waterloo said that the basis of foreclosure on the NCC fairgrounds and Waterloo Greyhound Park did not coincide with actual facts of the case.

John Titler, a lawyer from Cedar Rapids who handled the case of NCC Chapter 11 filings during the 1990s, stated that NCC drew out the entire $9.1 million worth of how the tribe extended last 1995 in order to pay its creditors in full amount.

Titler added that he knows that they took out every penny that they were entitled by law and it can be proven through legal documents.  It was stipulated in the reorganization plan and the plan was implemented according to the contract.

In a ruling held last month, foreclosure proceedings were given an opportunity to move forward.  According to George Stigler, Judge of Black Hawk District Court, the NCC did not withdraw $4 million out of the $9.1 million as extended by the tribe.

Titler said that they were undergoing challenges to maintain the license.  However, NCC, who replaced another set of employees in the counsel, requested for a rehearing of the proceedings of the foreclosure.

Titler also emphasized that the money used by the tribe for extension would need to be repaid should NCC attempt to start a gambling operation along with Meswaki Casino, another competitor.

As the tribe and NCC worked hand in to hand to create a renewed gaming operation, it was not successful as the Black Hawk County voters approved a gambling referendum in 2003.

The commission has approved the license of the Isle Casino Hotel Waterloo by the Black Hawk County Gaming Association.  However, the tribe disagreed with the argument of NCC and Tiler, as they are owned $13.9 million; this includes interest of the money borrowed 20 years ago.

Michael Treinen, a local tribal attorney of Waterloo, was contacted by media with regards to Titler’s comments but the tribe has refused to comment on the pending litigation.

Leave a Comment

Previous post:

Next post: