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#1
03-22-2010, 02:58 PM
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Judge rules for New York OTB
By Matt Hegarty http://www.drf.com/news/article/111618.html A New York Bankruptcy Court judge has overruled objections lodged by the New York Racing Association and its horsemen that challenged the legality of the Chapter 9 bankruptcy petition filed late last year by the state-owned New York City Off Track Betting Corporation. In a ruling issued on Monday, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York challenged the objections one-by-one and ultimately ruled that NYRA's arguments had no basis in law. As a result, NYCOTB will continue to enjoy the legal shelter of the court as it seeks to reorganize and lobby for changes to state laws that govern how its revenues are distributed to the racing industry.
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