Do not be taken in by Sandy Frucher's ploy in this. As with their bogus claims last year, NYC OTB is NOT bankrupt or in any short term danger of collapse. They are using a phony accounting charge off which Matt Hegarty identified a year ago, to make it look like they are in far worse shape than they are.
This is a political dodge Frucher is utilizing to try to re-position NYC OTB's obligations to Albany and NYRA in advance of the VLT parlor at Aqueduct.
The key elements from Hegarty's piece:
Frucher said that he expected to ask the legislature to scuttle provisions that require OTB to pay distributions to the racing industry and state and local governments off its gross revenue.
Frucher also indicated that the company would seek to change its relationships with state racetracks by negotiating with the tracks for the rights to their signals, instead of having statutes determine how much the tracks get paid.
Note that NYC OTB is current with their payments to OUT OF STATE racetracks and have been withholding their payments to NYRA. And they have blatantly been ignoring any directives from the State Racing and Wagering Board on any matter. Frucher is going to try to screw NYRA over the rake and will use his political connections and relationships with editorial boards to garner support.
But do not for a minute believe NYC OTB is bankrupt, because they aren't... other than morally at least.
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad
A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine
Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans
The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984.
Last edited by Kasept : 12-08-2009 at 05:52 AM.
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