Bettors last on Hinsdale priority pay list..

[Kasept]

Hasn't been discussed much here but the abrupt Hinsdale bankruptcy caught a lot of players by surprise... Will be lucky to get .20-.30 on each dollar at the end of next year.

Herschel Bird out $138,000.. Andy Beyer $20,000.. Another player $50,000..

Other racetracks owed simu money also will get short-changed..

http://www.drf.com/news/article/100599.html

[philcski]

I always thought that bettor's money was ring-fenced in a separate account since the track is NOT the rightful owner (or the bettors a lender of credit, for that matter) and if that is not the case here they should be taken to court for misuse of funds. Just terrible.

[Kasept]

Originally Posted by philcski

I always thought that bettor's money was ring-fenced in a separate account since the track is NOT the rightful owner (or the bettors a lender of credit, for that matter) and if that is not the case here they should be taken to court for misuse of funds. Just terrible.

No law to enforce that in the state of New Hampshire.

[Suffolk Shippers]

Originally Posted by Kasept

Hasn't been discussed much here but the abrupt Hinsdale bankruptcy caught a lot of players by surprise... Will be lucky to get .20-.30 on each dollar at the end of next year.

Herschel Bird out $138,000.. Andy Beyer $20,000.. Another player $50,000..

Other racetracks owed simu money also will get short-changed..

http://www.drf.com/news/article/100599.html

Yours truly out a few hundo...nothing compared to the others, but I hadn't even heard this happened, thanks for the news Steve. Hinsdale was my "ADW-proof" account...no more!

[Mike]

I live across the river(in Vermont)from the Hinsdale dog/otb track. I never had money in an account there, and am surprised at the losses bettors will have to endure here.
However, this track has been struggling big time for several years, with many rumors of it closing and becoming a WalMart superstore.
Hinsdale was where I bet on horses years ago, and where I did enjoy many closed circuit boxing matches. But, once the Internet and online wagering came around, there was no reason for Hinsdale's existence anymore. They gave up on dog racing a while ago, I think, and tried to get interest in Poker
It was mainly a very depressing place

[herkhorse]

I spent quite a bit of time at Hinsdale in the 80's, it was actually a premier simulcasting facility. Hard to believe they fell this far.

I had my first harness racing experience there when I was in high school. I bet the 6 horse to win, and he broke before the start. I was like WTF? I thought the horse had broken his leg Took my a long time to get over that.

None of my business, but 138,000 is a lot of money to have in a wagering account.

[Suffolk Shippers]

Just wanted to give this a bump for those out there, like me, who were affected...you should have or should be getting a court document from Presti, Flaherty, Beliveau and Pachios regarding a meeting of "creditors" scheduled for some time in January, and it also lists the amount you have in claim as a "nonpriority claim". It is also has a claim form to begin the process of getting some of our money back.

[djw]

The Keene Sentinel is the only daily on this side of the state. It ran this AP story in todays editions:

A call for a probe into the sudden closing of the Hinsdale Greyhound track

Published: Wednesday, January 07, 2009
Agency asks AG to look into Hinsdale track

CONCORD — The New Hampshire agency that oversees the state’s race tracks wants to know if the Hinsdale Greyhound Park broke any laws when it declared bankruptcy last month.

Timothy Connors, head of the state’s Racing and Charitable Gaming Commission, has asked the attorney general to look into whether the track broke the law by declaring bankruptcy without alerting bettors who had accounts at the track.

Connors said the track had promised it would cover the money in wagering accounts, but did not.

The track’s lawyer says some of the $400,000 to $500,000 in the accounts was used to pay off employees. The lawyer, John Sullivan, says the track broke no law. (AP)

It is VERY odd that as the State of NH start to finally take a serious look at VLT's that this sompany turns in a license they could sell for more than the track itself is worth. All along there have been only 4 locations that have ALWAYS been mentioned as outlets: the 3 dog tracks;Seabrook, Hinsdale, and the Lodge at Belmont (Lakes Region) and Rockingham Park which has reverted back to Harness Racing.

[djw]

http://www.sentinelsource.com/articl.../id_391637.txt

This story had faded for a few months, but you might remember Kasept pointing out the serious $$ lost by some major palyers when this track folded with their accounts frozen. It seems as though there might be some faint light at the end of the tunnel here.

I can only hope that it get resolved quickly, cleanly, and that peole who ahve had their hard earned and hard won moneys denied to them might be made whole.

I do not get to contribute much of substance, so I have tried to keep an eye on this one.

Dan

[djw]

The forces of greed win again! Sullivan walks out of court without handcuffs. Bettors will end up with about 1/2 of what was in their accounts when they shut the doors. It beats a hot stick in the eye, but after a 15% - 25% take out, then to lose 50% just for having an account, it makes it hard on the working and betting man.

If you want to read the details, go to sentinelsource.com, it is one of today's top stories.

Kasept, I hope those you know see their frozen assets back soon and hope this has contributed some to those who have taught me a lot about the game and given me a lot of laughs along the way.

Dan