NYC OTB pleads its case

[philcski]

Originally Posted by freddymo

I am Series 7 licensed..I know what a Public company is.. Everything about OTB financial situation is fully transparent including the BS mentioned in this article:
http://www.huffingtonpost.com/daniel..._b_251567.html

It is fully transparent? Show me the books and records. Show me where they previously disclosed the 87 vehicles driven by executives. Freddy, this operation is a sham. They should all be sent to jail. There is almost no possible way a company with (hypothetically) very low overhead and a risk-free 25% cut of money handled should EVER lose money. It just doesn't compute.

[mm1019]

What the President of OTB should be focusing on is why they don't take .10 supers on any tracks but NYRA and why you cant bet a .50 pick 4 when the tracks are offering them........

[freddymo]

Originally Posted by philcski

It is fully transparent? Show me the books and records. Show me where they previously disclosed the 87 vehicles driven by executives. Freddy, this operation is a sham. They should all be sent to jail. There is almost no possible way a company with (hypothetically) very low overhead and a risk-free 25% cut of money handled should EVER lose money. It just doesn't compute.

Phil do you realize I 100% agree that they are in "the Shiet" for no reason. Do you realize I think its outrageous they are criminals that have no clue how to run a business. I never suggested I am behind OTB's managaement just that the Audit and Auditors believe that what has been repped financial is CORRECT.

Steve Crist and Mat Hegarty have made the asertion that a large part of the losses are from surcharges which are deemed a liabilty instead of an asset. And that is someone either intentional made this decision and it is incorrect or a blatant accounting error.. Phil which one do you think it is? Wouldn't it be prudent to have a professional expert review the audit and render his or her opinion. What do you think is going happen in Court they are going to copy and paste Hegarty's DRF piece(Byk's indisputable smoking gun) hand it to the judge and say"here is all the proof you need"?

[gales0678]

Originally Posted by freddymo

Phil do you realize I 100% agree that they are in "the Shiet" for no reason. Do you realize I think its outrageous they are criminals that have no clue how to run a business. I never suggested I am behind OTB's managaement just that the Audit and Auditors believe that what has been repped financial is CORRECT.

Steve Crist and Mat Hegarty have made the asertion that a large part of the losses are from surcharges which are deemed a liabilty instead of an asset. And that is someone either intentional made this decision and it is incorrect or a blatant accounting error.. Phil which one do you think it is? Wouldn't it be prudent to have a professional expert review the audit and render his or her opinion. What do you think is going happen in Court they are going to copy and paste Hegarty's DRF piece(Byk's indisputable smoking gun) hand it to the judge and say"here is all the proof you need"?

Fred the $600 Mil pension obligation - if bankruptcy happens , who picks up that tab the city or the state? where does ny get the $ to pay off the pensioneers? patterson says ny state is broke

[gales0678]

the $250mm bond offering , does anyone know who is going to by the leader of this syndicate and what the interst rate will be?

anybody have a guess as to who would buy the bonds if the offering goes through?

[GBBob]

Somewhat related

http://www.harnessracing.com/news/ny...dmillions.html

[Cannon Shell]

Originally Posted by gales0678

Fred the $600 Mil pension obligation - if bankruptcy happens , who picks up that tab the city or the state? where does ny get the $ to pay off the pensioneers? patterson says ny state is broke

The pension obligation is a red herring.