UPDATE: State meets obligation to NYRA; Legislature OK's advance

[pointman]

Originally Posted by parsixfarms

I also sit on the Board of a non-profit, and there are a whole host of tasks fulfilled by Board members. There is nothing legally prohibiting the Board members from financially propping up such an entity. That's why such boards often have so-called "money seats" on them, albeit as it related to the task of fund-raising for the organization. If there were some concerns about how to structure a loan to the organization (that's not the same as having a financial stake in the organization) without running afoul of potential conflict of interest rules, I'm sure that NYRA could run it past Getnick & Getnick, their high-priced "integrity counsel" (if they are looking at places to cut expenses, there'd be a good place to start).

I completely understand that the WARN notices had to go out just in case they do shut down.

Why should board members put up their own money when the State is financially obligated to float NYRA until the casino is up and running? And if the State is not living up to their obligation to NYRA, what would lead any board member to believe that their loan is secure?