NYC OTB: Court dismisses bankruptcy case..

[Kasept]

Originally Posted by parsixfarms

This was fairly predictable: http://blog.timesunion.com/capitol/a...-nyc-otb-plan/

How much would the extension of the NYCOTB concessions to the regional OTBs cost the racing industry?

Ed Fountaine brought the Lanza bill up yesterday. That package is a non-starter.

[freddymo]

Originally Posted by Kasept

Ed Fountaine brought the Lanza bill up yesterday. That package is a non-starter.

I thought todays ATR opening was Classic Byk.. I love when you say NYCOTB isnt Bankrupt? I wonder if we should have the Judge who granted NYCOTB such protection call the show and explain why he doesn't concur with your assessment! Then you can explain to him why he is wrong..Now that would be great radio.

[Kasept]

Originally Posted by freddymo

I thought todays ATR opening was Classic Byk.. I love when you say NYCOTB isnt Bankrupt? I wonder if we should have the Judge who granted NYCOTB such protection call the show and explain why he doesn't concur with your assessment! Then you can explain to him why he is wrong..Now that would be great radio.

Considering they are using a codicil of bankruptcy that hadn't been invoked since the late 1800's, I doubt anyone even bothered to look at their finances. Only Matt Hegarty did the actual math. They are so completely full of crap their eyes are brown. But despite that, it's important to get the ADW/Phone-A-Bet out of their hands and salvage something for the tracks and breeders. As I said, it will but time to formulate a viable bricks and mortar plan for the future.

But believe me and Assemblyman Pretlow when we tell you that they could be making $1,000,000+ per month if the operation's feet were held to the fire.

[freddymo]

Originally Posted by Kasept

Considering they are using a codicil of bankruptcy that hadn't been invoked since the late 1800's, I doubt anyone even bothered to look at their finances. Only Matt Hegarty did the actual math. They are so completely full of crap their eyes are brown. But despite that, it's important to get the ADW/Phone-A-Bet out of their hands and salvage something for the tracks and breeders. As I said, it will but time to formulate a viable bricks and mortar plan for the future.

But believe me and Assemblyman Pretlow when we tell you that they could be making $1,000,000+ per month if the operation's feet were held to the fire.

If the guy making 150k a month thought so I would think we would have said as much..These 1.8mil jobs in companies earning 12 mil a year aren't bad.

[Kasept]

Originally Posted by freddymo

If the guy making 150k a month thought so I would think we would have said as much..These 1.8mil jobs in companies earning 12 mil a year aren't bad.

Not sure what you're saying here Freddy. The numbers that Crist and Hegarty presented, and Pretlow backs up, say that OTB basically had been breaking even WITHOUT applying the surcharge (typically worth about $12 million annually, the $1,000,000/month net).

Now fold in the $40-50 million in operational savings Pretlow proposed to Sheldon Silver, (that have gone ignored by Albany), and you can see where NYC OTB's entire premise of insolvency is bullschit.

[freddymo]

Originally Posted by Kasept

Not sure what you're saying here Freddy. The numbers that Crist and Hegarty presented, and Pretlow backs up, say that OTB basically had been breaking even WITHOUT applying the surcharge (typically worth about $12 million annually, the $1,000,000/month net).

Now fold in the $40-50 million in operational savings Pretlow proposed to Sheldon Silver, (that have gone ignored by Albany), and you can see where NYC OTB's entire premise of insolvency is bullschit.

Because if it was this easy then why screw with 1500 jobs, most of which are cream puffs, especially given the difficulty of retraining such people to earn what they do. It doesnt make sense to have all of this BS for a entity earning 12 mil a year. Even if the NYCOTB past idiot caretakers(Furcher) didnt think the payment structure was fair why in the world would he stand on ceremony while he and his were earning and 1500 people had cushy jobs.

Don't you think Rooney and NYRA tried to present the Crist/hegarty math to the proper authorities namely the bankrupcy judge etc? Rooney is making millions at Yonkers you dont think the family was capable of hiring a professional firm both legal and accounting to present such SIMPLE (What do you have to know) facts..

I suggest Hegarty and Crist are 100% correct in their concept but apparently that concept either doesnt follow GAP or hold water? Why in the world would have the past caretakers rocked the boat and faced such turmoil if all they had to do was simply advise their professional CPA team that Crist and Hegarty didnt feel they were accounting for a surcharge correctly? Seriously Steve if it was that friggin simple the tragedy is more heinous then is being repped..

If Crist, someone we all respect immensely, could have saved 1500 jobs with a simple written legal opinion from a forensic accountant I am quite sure he would have found the bucks somewhere to save NYCOTB.. My point is simple it isnt as simple as a surcharge being in the wrong column on a tax return.

NYCOTB is in bankruptcy as a result of several million dollars of professional services being spent to secure its place as such. I am sure creditors such as NYRA and Yonkers etc have had enormous expense to professionals which they retained to support their interests. Creditors were given every opportunity to fly the "Crist/Heggarty" accounting theorem and for whatever reason it didnt seem to reverse the judges mind. Perhaps these two well meant men are right in spirit but technically WRONG.

[classhandicapper]

I am very informed on this issue and Crist pretty much has the entire story correct.

In a perfect world there would be one OTB corporation in the state that is given more freedom to operate itself like a business instead of being regulated to death by imbeciles that don't know anything about racing and being used as a political patronage dumping ground. However, there is still a role for branches in this industry. So there's no reason to liquidate NYCOTB, stick the state with all the pension and health care liabilities for former employees, and lay off 100 employees. The goal should be to fix it and eventually merge all the OTBs.