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#1
12-07-2010, 10:24 AM
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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. 
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#2
12-07-2010, 11:11 AM
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BTW I don't doubt Crist and Heggarty hearts are not in the very best of place..I find it "simply" silly that if the fix to solvency was so simple it would not have been mandated a long long time ago! Perhaps since you are so well versed you can expose the legal/GAP flaws in the bankruptcy judges decision and then feel free to expand on why the judges decision was not appealed by creditors that have millions owed to them, especially the Rooney's who have the financial resources to easily contest any decision that was so simply incorrect. I certainly dont suggest I am well versed on the NYCOTB situation, but if someone owed me 40 mil I might invest in a few professionals to unearth a simple accounting irregularity, especially since well respect Steve Crist and matt Heggarty already did the footwork and were 100% correct..How about you?
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#3
12-07-2010, 11:23 AM
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NYRA: Regional OTB Provisions Will Harm The Tracks
The New York Racing Association, Inc. (NYRA) announced today that the provisions being sought by the regional off-track betting corporations (Regional OTBs) as part of the legislation to permit New York City OTB (NYC OTB) to emerge from bankruptcy would force NYRA into bankruptcy once again. The legislation being sought by the Regional OTBs would reduce NYRA’s revenues from the regional OTBs in excess of $11 million. When combined with the revenue reductions provided to NYCTOB pursuant to the re-organization plan, NYRA’s revenues would be reduced by more than $20 million. "NYRA cannot sustain a revenue reduction of $20 million and continue to operate the three racetracks" said NYRA's President and CEO Charles Hayward. "The consequence of the legislation being advocated by the Regional OTBs is that NYRA would be forced to close."
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#4
12-07-2010, 11:35 AM
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An idea if NYCOTB closes shop!
http://twitpic.com/13yqba/full
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#5
12-07-2010, 11:48 AM
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#6
12-07-2010, 12:43 PM
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NYC OTB Bill May Not Get To The Senate Floor: Read more: http://www.nydailynews.com/blogs/dai...#ixzz17S8OnpaS Skelos: OTB will fail because three Dems are missing
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#7
12-07-2010, 12:57 PM
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Some special stuff... Seems to me the rabbit is going to have to draw another line on the ground
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