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Originally Posted by Magnanimous
If the judge is going to side with NYRA, and they are so confident his/her decision would survive an appeal, why are they willing to give over $1 billion worth of property so easily?
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Because it's an equity type situation and NYRA really just wants to run racing and they are willing to make a fair trade to be able to do so. It's not as though they are getting nothing in return for turning over the land, and while it could be argued they are getting less than fair value, they obviously believe the compensation is enough to warrant the exchange. Personally I respect the judgement of Steve Duncker and Jim Heffernan in this situation. I think if you knew them you might well feel similarly.
Look at it this way....it's effectively a settlement out of court. Let's say, for arguments sake, you are suing someone for $1 million and assume you have a 70% chance to win.....wouldn't you settle out of court for $750K?
12-29-2007, 10:56 AM
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