NYC OTB: Court dismisses bankruptcy case..

[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.