NYC OTB: Court dismisses bankruptcy case..

[freddymo]

Originally Posted by classhandicapper

I am very informed on this issue and Crist pretty much has the entire story correct.

In a perfect world there would be one OTB corporation in the state that is given more freedom to operate itself like a business instead of being regulated to death by imbeciles that don't know anything about racing and being used as a political patronage dumping ground. However, there is still a role for branches in this industry. So there's no reason to liquidate NYCOTB, stick the state with all the pension and health care liabilities for former employees, and lay off 100 employees. The goal should be to fix it and eventually merge all the OTBs.

I am assuming then you can you expand upon why this 12mil surcharge which seems to be the white elephant is accounted for as such and please feel free to apprise us why the Crist/Heggarty simple accounting resolution couldn't keep NYCOTB out of bankrupcy?

BTW I don't doubt Crist and Heggarty hearts are not in the very best of place..I find it "simply" silly that if the fix to solvency was so simple it would not have been mandated a long long time ago!

Perhaps since you are so well versed you can expose the legal/GAP flaws in the bankruptcy judges decision and then feel free to expand on why the judges decision was not appealed by creditors that have millions owed to them, especially the Rooney's who have the financial resources to easily contest any decision that was so simply incorrect.

I certainly dont suggest I am well versed on the NYCOTB situation, but if someone owed me 40 mil I might invest in a few professionals to unearth a simple accounting irregularity, especially since well respect Steve Crist and matt Heggarty already did the footwork and were 100% correct..How about you?