Got to love the NYRA......

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.

[Downthestretch55]

Originally Posted by eurobounce

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.

Euro,
I'm with Gander on this.
Did you ever try to get a loan when you had nothing to put up?
Though I've never filed for bankruptcy (came close, knock on wood), lawyers ain't for free. How the heck can you pay them? They know your credit history from the get go.

Originally Posted by Downthestretch55

Euro,
I'm with Gander on this.
Did you ever try to get a loan when you had nothing to put up?
Though I've never filed for bankruptcy (came close, knock on wood), lawyers ain't for free. How the heck can you pay them? They know your credit history from the get go.

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

[Downthestretch55]

Originally Posted by eurobounce

I dont understand your point here. I have had several loans with nothing to put up. All I had was my credit, reputation and assests. The difference here is that they NYRA is not even sure they own the collateral they were putting up.

Sure Euro,
No question about credit for nothing. I've done the same. (Credit cards, more).
When you're talking big bucks, you need something.
Even if NYRA is bluffing that they have what they're putting up...let the lawyers sort it ot. They'll take their cut.

[blackthroatedwind]

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

[Sightseek]

Originally Posted by blackthroatedwind

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

I was wondering if they could also place an Adverse Possession claim as well, but I don't know how well that would hold up against the state seeing as it is a difficult case against individuals who own property.

[blackthroatedwind]

Originally Posted by Sightseek

I was wondering if they could also place an Adverse Possession claim as well, but I don't know how well that would hold up against the state seeing as it is a difficult case against individuals who own property.

I don't know what that is.

[Downthestretch55]

Originally Posted by blackthroatedwind

Maybe I'm crazy, but having the deeds and having purchased the property is at least a reasonable case for ownership.

BTW,
I think you're right, not crazy.
Deeds will work, so will tax records.

[Downthestretch55]

"Adverse Possession" is used to demonstrate use for seven years (NY Law).
Not a solid case for NYRA, as the state is also the beneficiary.
Might play, but I think tax records are all that's required.
We'll see.