Got to love the NYRA......

Originally Posted by randallscott35

Euro,

You have such a hard on for the NYRA. Any chance to criticize and you take it. Getting loans while waiting for bankruptcy is not uncommon.

I like the NYRA. I don't mind them one bit and I have said numerous of times that I think they should retain the tracks. They put a great product out there. However, I do have some questions about the way the conduct business. Just because I am critical of them doesn't mean I don't like them or support them.

What I find amusing about this is that they are trying to use the tracks as collateral. Well, it hasn't been decided if they own them or not. You can't use something you don't own as collateral. Business decisions like this is what I question. And I know it isn't uncommon at all for a company to secure a loan using collateral when facing bankruptcy. But usually, those companies own their collateral.

[Rudeboyelvis]

Originally Posted by eurobounce

What I find amusing about this is that they are trying to use the tracks as collateral. Well, it hasn't been decided if they own them or not. You can't use something you don't own as collateral. Business decisions like this is what I question. And I know it isn't uncommon at all for a company to secure a loan using collateral when facing bankruptcy. But usually, those companies own their collateral.

They obviously feel they do in fact own the tracks. Securing a loan using them a colateral would further prove their point.
It's quite brilliant. They've got nothing to lose and everything to gain. Though I can't imagine that there's a banking institution that would go for it...

[Gander]

They prove their competence every day by making sure their website is updated with scratches and changes in a timely manner.

Originally Posted by Rudeboyelvis

They obviously feel they do in fact own the tracks. Securing a loan using them a colateral would further prove their point.
It's quite brilliant. They've got nothing to lose and everything to gain. Though I can't imagine that there's a banking institution that would go for it...

It was a brillant attempt. Could you imagine being GE Capital and funding the loan then finding out that the NYRA doesnt own the tracks. The NYRA would be in even more trouble. It is just troubling to me that they always need loans to operate.

[Downthestretch55]

Originally Posted by eurobounce

It was a brillant attempt. Could you imagine being GE Capital and funding the loan then finding out that the NYRA doesnt own the tracks. The NYRA would be in even more trouble. It is just troubling to me that they always need loans to operate.

Euro,
I'm with Gander on this.
Did you ever try to get a loan when you had nothing to put up?
Though I've never filed for bankruptcy (came close, knock on wood), lawyers ain't for free. How the heck can you pay them? They know your credit history from the get go.

Originally Posted by Downthestretch55

Euro,
I'm with Gander on this.
Did you ever try to get a loan when you had nothing to put up?
Though I've never filed for bankruptcy (came close, knock on wood), lawyers ain't for free. How the heck can you pay them? They know your credit history from the get go.

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

[Downthestretch55]

Originally Posted by eurobounce

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

Sure Euro,
No question about credit for nothing. I've done the same. (Credit cards, more).
When you're talking big bucks, you need something.
Even if NYRA is bluffing that they have what they're putting up...let the lawyers sort it ot. They'll take their cut.