Got to love the NYRA......

The NYRA is trying to get a loan for $50mm even though they have filed for bankruptcy. Of course, they are going to have to put up some collateral. And what are they using as collateral....well the tracks. NYRA was hoping to slip this by today but the court (Judge Peck) decided to wait until Feb 6th to decide which party owns the land. The bankruptcy hearing or the case being dismissed is going to be on Jan 19th.

But you have to love the NYRA trying to secure a loan while filing for bankruptcy.

Here is the link to the story.

http://www.drf.com/news/article/81706.html

[randallscott35]

Euro,

You have such a hard on for the NYRA. Any chance to criticize and you take it. Getting loans while waiting for bankruptcy is not uncommon.

[blackthroatedwind]

Originally Posted by randallscott35

Euro,

You have such a hard on for the NYRA. Any chance to criticize and you take it. Getting loans while waiting for bankruptcy is not uncommon.

He is trolling for a fight.

The proper word for his repeated nonsense is " boorish ".

Originally Posted by randallscott35

Euro,

You have such a hard on for the NYRA. Any chance to criticize and you take it. Getting loans while waiting for bankruptcy is not uncommon.

I like the NYRA. I don't mind them one bit and I have said numerous of times that I think they should retain the tracks. They put a great product out there. However, I do have some questions about the way the conduct business. Just because I am critical of them doesn't mean I don't like them or support them.

What I find amusing about this is that they are trying to use the tracks as collateral. Well, it hasn't been decided if they own them or not. You can't use something you don't own as collateral. Business decisions like this is what I question. And I know it isn't uncommon at all for a company to secure a loan using collateral when facing bankruptcy. But usually, those companies own their collateral.

[Rudeboyelvis]

Originally Posted by eurobounce

What I find amusing about this is that they are trying to use the tracks as collateral. Well, it hasn't been decided if they own them or not. You can't use something you don't own as collateral. Business decisions like this is what I question. And I know it isn't uncommon at all for a company to secure a loan using collateral when facing bankruptcy. But usually, those companies own their collateral.

They obviously feel they do in fact own the tracks. Securing a loan using them a colateral would further prove their point.
It's quite brilliant. They've got nothing to lose and everything to gain. Though I can't imagine that there's a banking institution that would go for it...

[Gander]

They prove their competence every day by making sure their website is updated with scratches and changes in a timely manner.

Originally Posted by Rudeboyelvis

They obviously feel they do in fact own the tracks. Securing a loan using them a colateral would further prove their point.
It's quite brilliant. They've got nothing to lose and everything to gain. Though I can't imagine that there's a banking institution that would go for it...

It was a brillant attempt. Could you imagine being GE Capital and funding the loan then finding out that the NYRA doesnt own the tracks. The NYRA would be in even more trouble. It is just troubling to me that they always need loans to operate.