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Originally Posted by freddymo
I am 100% sure they HAVE 134mil in operating expense. Do you think the CPA firm that signs the audit can't justify the operating expense? The question that need be asked is WHY is it 134mil, and what can you do to get that below the 116mil fig.
I know OTC management is full of it ,but it is going to take a lot digging to get to the root of the issues. Maybe Steve could have them on ATR?
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I don't think anyone doubts that they actually had $134 million, I am sure they can document that, the question is why? As Phil rightly points out, how is that figure so high when their likely overhead seems to not support that? Where is that $134 million going?
I refuse to accept that they need that amount of money to legitimately run this operation. Most likely a vast amount of that is waste that no profitable company would allow or would be expensed by a private for profit company. If he wants to cry poverty, than put it all out on the table. But to just simplify the numbers like that in a deceiving way, suggest that the loss of NYC OTB puts the racetracks, horsemen and breeding industry at risk of survival and suggest we should just accept that they need to spend that kind of money to operate is pure BS.