NYRA strikes back; Will float OTB takeover..

[richard]

Thank you for the pieces Steve.

"OTB is using the bankruptcy filing to put pressure on the state legislature to reduce its statutory obligations to the racing industry "

As usual, OTB does not assume any financial risk as those in the industry do every day . OTB wants more money however.

[Kasept]

Originally Posted by richard

Thank you for the pieces Steve.

"OTB is using the bankruptcy filing to put pressure on the state legislature to reduce its statutory obligations to the racing industry "

As usual, OTB does not assume any financial risk as those in the industry do every day. OTB wants more money however.

Really well put..

[Kasept]

NYRA wants to take over NYC OTB
Bankrupt operation carries $228 million in debt

By JAMES M. ODATO, Capitol bureau
Last updated: 4:00 p.m., Friday, January 8, 2010

http://www.timesunion.com/AspStories...storyID=886659

ALBANY -- Despite its own fiscal problems, the New York Racing Association is proposing to take over the bankrupt New York City Off-Track Betting Corp.

NYRA President Charles Hayward got up at a hearing of the Assembly and Senate and revealed that his not-for-profit organization will introduce a plan to take over the OTB in seven to 10 days.

NYC OTB, with 1,381 employees, entered bankruptcy in December. Hayward began publicly declaring that the association expected to run out of money next year and may have to close the Belmont and Saratoga meets as a result. He emphasized that NYRA needs funds from the state because of the failure by state leaders to choose an operator for an Aqueduct racino. He also noted that NYRA is going to be hurt by OTB's bankruptcy because it is owed some $15 million.

NYC OTB entered bankruptcy protection to shield itself from $228 million in debts. That includes $42 million owed to the state's harness and thoroughbred tracks, about $14.7 million alone owed to NYRA, and between $30 million and $40 million owed to the state of New York.

Hayward initially hailed the move, saying he thought the OTB would emerge from the bankruptcy stronger -- just as NYRA had after its own bankruptcy, which ended after the state agreed to provide $105 million and help it wipe out its debt.

[gales0678]

steve , did you see patterson speech the other day

he effectivly says we are broke - ny state

when can we get the slots? , this will help nyra immensly

[the_fat_man]

Originally Posted by gales0678

steve , did you see patterson speech the other day

he effectivly says we are broke - ny state

when can we get the slots? , this will help nyra immensly

Yeah, it's not about all the people that can't pay their mortgages and lost their houses (especially in the area immediate to AQU), or those who have lost their jobs or the homeless BUT, as the urgency on this forum indicates: it's about GETTING SLOTS so some mismanaged entities can (then appear to) get their affairs in order.

How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?

[gales0678]

Originally Posted by the_fat_man

Yeah, it's not about all the people that can't pay their mortgages and lost their houses (especially in the area immediate to AQU), or those who have lost their jobs or the homeless BUT, as the urgency on this forum indicates: it's about GETTING SLOTS so some mismanaged entities can get their affairs in order.

How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?

fat yonkers is thriving , i see a lot of jobs and people on the tax rolls now thx to the 5,000 slot thearte

what is your answer to that?

[Cannon Shell]

Originally Posted by the_fat_man

Yeah, it's not about all the people that can't pay their mortgages and lost their houses (especially in the area immediate to AQU), or those who have lost their jobs or the homeless BUT, as the urgency on this forum indicates: it's about GETTING SLOTS so some mismanaged entities can (then appear to) get their affairs in order.

How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?

If drugs and prostitution were legal you might have a point.

[freddymo]

Originally Posted by Cannon Shell

If drugs and prostitution were legal you might have a point.

If Prostitution wasn't illegal TFM would be a perfect human being..Right Fatty

[chucklestheclown]

Originally Posted by the_fat_man

Yeah, it's not about all the people that can't pay their mortgages and lost their houses (especially in the area immediate to AQU), or those who have lost their jobs or the homeless BUT, as the urgency on this forum indicates: it's about GETTING SLOTS so some mismanaged entities can (then appear to) get their affairs in order.

How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?

You are preachin to the choir brother.

[pointman]

Originally Posted by the_fat_man

Yeah, it's not about all the people that can't pay their mortgages and lost their houses (especially in the area immediate to AQU), or those who have lost their jobs or the homeless BUT, as the urgency on this forum indicates: it's about GETTING SLOTS so some mismanaged entities can (then appear to) get their affairs in order.

How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?

Maybe it is also about the same money that the same people are going to feed to slot machines doesn't end up in CT, NJ, DE, WV, PA for their governments to raid, maybe?

[johnny pinwheel]

Originally Posted by richard

Thank you for the pieces Steve.

"OTB is using the bankruptcy filing to put pressure on the state legislature to reduce its statutory obligations to the racing industry "

As usual, OTB does not assume any financial risk as those in the industry do every day . OTB wants more money however.

so true, but the otb up here does alright. i think nyra should take over the city district and open some simulcast outlets. not many because i think most people there bet on the internet. its probably whats killing nyc otb. the guys online are betting $$$$$$$ the people in the parlors are betting a fraction. otb might not even be feasable in the city.

[Cannon Shell]

Originally Posted by johnny pinwheel

so true, but the otb up here does alright. i think nyra should take over the city district and open some simulcast outlets. not many because i think most people there bet on the internet. its probably whats killing nyc otb. the guys online are betting $$$$$$$ the people in the parlors are betting a fraction. otb might not even be feasable in the city.

NYCOTB's problems have nothing to do with betting

[Kasept]

Judge rules for New York OTB
By Matt Hegarty

http://www.drf.com/news/article/111618.html

A New York Bankruptcy Court judge has overruled objections lodged by the New York Racing Association and its horsemen that challenged the legality of the Chapter 9 bankruptcy petition filed late last year by the state-owned New York City Off Track Betting Corporation.

In a ruling issued on Monday, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York challenged the objections one-by-one and ultimately ruled that NYRA's arguments had no basis in law. As a result, NYCOTB will continue to enjoy the legal shelter of the court as it seeks to reorganize and lobby for changes to state laws that govern how its revenues are distributed to the racing industry.