Got to love the NYRA......

[Rudeboyelvis]

Originally Posted by eurobounce

What I find amusing about this is that they are trying to use the tracks as collateral. Well, it hasn't been decided if they own them or not. You can't use something you don't own as collateral. Business decisions like this is what I question. And I know it isn't uncommon at all for a company to secure a loan using collateral when facing bankruptcy. But usually, those companies own their collateral.

They obviously feel they do in fact own the tracks. Securing a loan using them a colateral would further prove their point.
It's quite brilliant. They've got nothing to lose and everything to gain. Though I can't imagine that there's a banking institution that would go for it...