NYC OTB: Court dismisses bankruptcy case..

[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.

[freddymo]

Originally Posted by 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.

I wonder how much the bill was from the Unions attorneys for that crock of shiiit argument.

[pointman]

Originally Posted by freddymo

I wonder how much the bill was from the Unions attorneys for that crock of shiiit argument.

I can't imagine that the lawyers were able to keep a straight face while making such a nonsensical argument before a Federal judge, but my guess is around $500 an hour.

[freddymo]

Originally Posted by pointman

I can't imagine that the lawyers were able to keep a straight face while making such a nonsensical argument before a Federal judge.

There invoice was sent with all the right stuff.