NYC OTB: Court dismisses bankruptcy case..

[freddymo]

As far as the liabilities that OTB created, I disagree that they should fall on NYRA. The State legislators created OTB, the patronage, the lavish union contracts and benefits that led to the only bookie that went bankrupt and are just as responsible for finding a way to pay for the mess they created, not the operation they robbed blind in order to what they did. What is nice to see is the opportunity that NYRA has to demonstrate the business can succeed without the biggest shackles it has had, even if some do remain, and even nicer to see NYRA quickly and eagerly pursuing those interests.

A couple things to consider and I couldn't agree more with your thoughts but you are completely unrealistic. Let's start with your first real premise, NYRA has its shiiit together and racing is finally going to get much better in NY. I agree a million percent. NYCOTB was a disgrace but a disgrace that employeed 1500 odd people. Those people made good money and hence were all decent tax paying citizen(save the schmuck) so while NYCOTB was horrible it still paid people 50mil a year in salary and bennys. That is a lot of taxable revenue. So while a failure it was certainly a good job. Now it is gone, now the State has to pay the piper. I get the State is at fault, I get NYRA or the horseman, or the owners had zero to do with their demise, but were the fvck do you want the money to come from? The logical place is the VLT's and if NYRA was smart they would be proactive and address this issue immediately with the State. Why? because it is going to happen anyways so it is smarter to address it before the carpet gets pulled from underneath you then waiting and crying about it. A broke State isn't goint to let the Horse Industry prosper with huge subsides because its the right thing to do for horseman. If NYRA was proactive they would say to the State they want to chip in to pay off the NYCOTB liabilty if they can have more reign on their product including teletheathers etc. All the "its not our fault" crying while true is not going to stop the State from garnishing the VLT deal to pay off NYCOTB tab.

The other NJ slot stuff is what it is if racing were to stop in NJ so be it. It is about time we start seriously closing tracks. This coming from a guy who loves MP and grew up 5 miles from Freehold. It is what it is if racings new Mecca is Parx or Remington park well shiit happens

[Cannon Shell]

Originally Posted by freddymo

As far as the liabilities that OTB created, I disagree that they should fall on NYRA. The State legislators created OTB, the patronage, the lavish union contracts and benefits that led to the only bookie that went bankrupt and are just as responsible for finding a way to pay for the mess they created, not the operation they robbed blind in order to what they did. What is nice to see is the opportunity that NYRA has to demonstrate the business can succeed without the biggest shackles it has had, even if some do remain, and even nicer to see NYRA quickly and eagerly pursuing those interests.

A couple things to consider and I couldn't agree more with your thoughts but you are completely unrealistic. Let's start with your first real premise, NYRA has its shiiit together and racing is finally going to get much better in NY. I agree a million percent. NYCOTB was a disgrace but a disgrace that employeed 1500 odd people. Those people made good money and hence were all decent tax paying citizen(save the schmuck) so while NYCOTB was horrible it still paid people 50mil a year in salary and bennys. That is a lot of taxable revenue. So while a failure it was certainly a good job. Now it is gone, now the State has to pay the piper. I get the State is at fault, I get NYRA or the horseman, or the owners had zero to do with their demise, but were the fvck do you want the money to come from? The logical place is the VLT's and if NYRA was smart they would be proactive and address this issue immediately with the State. Why? because it is going to happen anyways so it is smarter to address it before the carpet gets pulled from underneath you then waiting and crying about it. A broke State isn't goint to let the Horse Industry prosper with huge subsides because its the right thing to do for horseman. If NYRA was proactive they would say to the State they want to chip in to pay off the NYCOTB liabilty if they can have more reign on their product including teletheathers etc. All the "its not our fault" crying while true is not going to stop the State from garnishing the VLT deal to pay off NYCOTB tab.

The other NJ slot stuff is what it is if racing were to stop in NJ so be it. It is about time we start seriously closing tracks. This coming from a guy who loves MP and grew up 5 miles from Freehold. It is what it is if racings new Mecca is Parx or Remington park well shiit happens

Closing tracks solves nothing. It is like saying that the NFL getting rid of the horrid NFC west is going to solve the issue of concussions.

As for the $500 million liability that OTB has left to the state, I doubt that the true number is anywhere near that.

[freddymo]

Originally Posted by Cannon Shell

Closing tracks solves nothing. It is like saying that the NFL getting rid of the horrid NFC west is going to solve the issue of concussions.

As for the $500 million liability that OTB has left to the state, I doubt that the true number is anywhere near that.

Actually contraction works.

[richard]

I agree with pointman in that cutting the size of goverment, its spending, public employees salaries and benefits is the key to success . Put the money in the hands of the investors, the risk takers .

[Kasept]

Union argues against dismissal of New York City OTB bankruptcy case
By David Grening

The goal of the plan is not to re-open the shuttered parlors and teletheatres, but instead to recover monies previously paid to the state’s racetracks that would be used toward paying health and welfare benefits to the approximately 1,000 terminated OTB employees as well as approximately 600 retirees of the corporation.

[freddymo]

Originally Posted by Kasept

Union argues against dismissal of New York City OTB bankruptcy case
By David Grening

The goal of the plan is not to re-open the shuttered parlors and teletheatres, but instead to recover monies previously paid to the state’s racetracks that would be used toward paying health and welfare benefits to the approximately 1,000 terminated OTB employees as well as approximately 600 retirees of the corporation.

Wow that is the greatest argument ever by the Union attorney. 700 an hour for that swill? The creditors(tracks) should be forced to repay the shell because OTB was insolvent and they didnt get fair value. WHOLLY mother of G-d that is special.

[Kasept]

Judge dismisses NYC OTB bankruptcy case
By Matt Hegarty

A U.S. Bankruptcy Court judge has approved a request by the New York City Off-Track Betting Corporation to have its bankruptcy case dismissed, a decision that will effectively shutter the company for good.

In granting the motion, Glenn cast aside the objections of some of OTB’s creditors and a union representing the vast majority of OTB’s 1,300 former employees. Last week, lawyers for the union filed a motion asking the court to reject OTB’s motion for dismissal and instead appoint a trustee that would “investigate and prosecute potential claims against New York tracks for hundreds of millions of dollars of reimbursed payments” made by OTB during its attempt to reorganize under the protection of the bankruptcy court. The union’s lawyers had argued that the payments to the tracks were illegal, but the judge said that the payments were distributed due to statutory requirements.