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#1
05-16-2012, 06:05 PM
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Priceless.. Sabini instructed NYRA to name new executives
NYRA STATEMENT – WEDNESDAY MAY 16
ELMONT, N.Y. – The New York Racing Association, Inc. (NYRA) Board of Directors exercised its business judgment as a private, not-for-profit corporation to appoint a President and Secretary. These appointments were made to stay in compliance with NYRA’s Bylaws, Article VII, Section 7.01. NYRA’s Board acted to insure that there was professional management in place to operate a complex business which has a significant economic impact on New York State. The NYRA Board has a fiduciary obligation to exercise its business judgment to protect the best interests of racing and the income stream that pari-mutuel wagering provides to the state. On May 1, 2012 Racing and Wagering Board Chairman John Sabini sent a letter to the NYRA Board of Directors, which stated “…it is imperative that you provide an interim operational plan to the Board, especially who will be performing functions as Chief Executive Officer and Counsel.” This letter contained no indication of any concerns or limitations with respect to these appointments. The NYRA Board acted to name a President and Secretary without any knowledge of any concerns by either the Franchise Oversight Board or the Racing and Wagering Board. Furthermore, neither the Racing and Wagering Board nor the Franchise Oversight Board has authority over the naming of officers by the NYRA Board of Directors. The suggestion in the May 15, 2012 letter from Chairman Sabini and Chairman Megna that the NYRA Board and other NYRA executives have a potential role in the improper take-out investigation, thereby making the NYRA Board’s action inappropriate, is flawed. This reasoning would effectively paralyze the corporation based on innuendo. The Inspector General’s investigation is ongoing and there should not be a rush to judgment until a final report is issued, and due process is provided.
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984. 
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#2
05-16-2012, 06:06 PM
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Quite something..
On May 1, NYRA is instructed -- implored in fact -- to name new executives to replace Hayward and Keogh... Then 2 weeks later are admonished and threatened when they do so. Anyone still confused by what's going on here?
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984.
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#3
05-16-2012, 06:28 PM
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Can NY racing survive this? All of Albany seems out to get them.
__________________
"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts
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#4
05-16-2012, 07:57 PM
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Quote:
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#5
05-16-2012, 08:10 PM
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Quote:
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#6
05-16-2012, 08:15 PM
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yet another example of shooting racing in the foot..congrats to albany..you have done it again.
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