New York fighting the NYRA Bankruptcy

Pretty good read right here. Both parties have good points. Be real interesting to see what the judge does.

Here is the link:
http://news.bloodhorse.com/viewstory.asp?id=36955

[sumitas]

"In page after page of its motion, the state lays out a case in which it insists NYRA since 1955 has served as an arm of the state government. It notes NYRA was originally created by the state to preserve Thoroughbred racing in New York and to provide revenue to the state. Since 1955, by NYRA’s own admission, NYRA has paid more than $470 million in local taxes and more than $2.6 billion in direct taxes to the state."

It is odd that "an arm" of state government pays property taxes.

[Downthestretch55]

Originally Posted by sumitas

"In page after page of its motion, the state lays out a case in which it insists NYRA since 1955 has served as an arm of the state government. It notes NYRA was originally created by the state to preserve Thoroughbred racing in New York and to provide revenue to the state. Since 1955, by NYRA’s own admission, NYRA has paid more than $470 million in local taxes and more than $2.6 billion in direct taxes to the state."

It is odd that "an arm" of state government pays property taxes.

Sumitas,
I usually agree with you. This time, it looks to me like Williams is playing two roles. Nader doesn't seem concerned.
The state has demonstrated involvement (interest) and oversight.
I'll watch to see how this shakes out.

btw, did you get your new copy of the NY stallion directory? It's free from the site. Suzie O'Cain has a real nice story about their High Cliff teaser, Say I'm Smart. Story title, "Blue Mare Season". A good read.

[Left Bank]

What I think is funny is how other pro sports teams are bailed out all the time by government for stadiums and the like.Wonder why they mention that?
I seem to remember something from real estate class though,and that is the fact that "He who has paid the taxes on the land is the rightful owner".

[sumitas]

Thanks DTS. I'm no lawyer Kimmee but I seem to recall that too. Doesn't seem like the NYRA is just going to go away when they've paid the state a lot more than they have received in tax monies.