Got to love the NYRA......

[Downthestretch55]

"Adverse Possession" is used to demonstrate use for seven years (NY Law).
Not a solid case for NYRA, as the state is also the beneficiary.
Might play, but I think tax records are all that's required.
We'll see.

[AeWingnut]

I think Enron used to use the same collateral over and over. They simply used off sheet balancing to hide the first loans.. not that anyone bothered to check.

Why not just do what the Russian gangs are doing. Have someone appraise everything at 10 times the value, get a loan, split up the cash and let them foreclose while you move to the next mark.

[sumitas]

The NYRA has paid lots of taxes for many years on what is probably their property. I don't think the state will be able to get around that.

To me the case on who owns the property is more intriguing than who gets the license to operate the tracks. I for one, believe the NYRA owns the tracks, however the state make a very good point on why they own the property. For example, I still own the propery and bulidng that my old store is on. But I do not pay the taxes. Triple SSS Tire Corporation pays the taxes. Then again, I had that written into the contract.

[Sightseek]

Originally Posted by eurobounce

To me the case on who owns the property is more intriguing than who gets the license to operate the tracks. I for one, believe the NYRA owns the tracks, however the state make a very good point on why they own the property. For example, I still own the propery and bulidng that my old store is on. But I do not pay the taxes. Triple SSS Tire Corporation pays the taxes. Then again, I had that written into the contract.

If only careful eyes had reviewed the renewal contract.