NYC OTB pleads its case

[freddymo]

Originally Posted by Kasept

Freddy,

Hegarty is racing media's single top business correspondant. His accumen on these topics is unquestioned. Do you think Steven Crist would base his columns on the topic on faulty, shoddy or uncertain conclusions? Come on...

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

[Scav]

Originally Posted by freddymo

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

And in alot of trouble also

[freddymo]

Scavs you figure the CPA's screwed up? Your kidding right?

[Scav]

Originally Posted by freddymo

Scavs you figure the CPA's screwed up? Your kidding right?

I have no idea what is going on with this, the only interest I have in NY racing is Saratoga turf racing.

[philcski]

Originally Posted by freddymo

I don't think accountants in this day in message numbers for PUBLIC entities. My best friend is an audit partner at Delotte and on there Board..There is zero chance he is signing a public company's audit that is BS. An audit starts Jan1 and ends Dec31 on a company like OTB with constant reporting. Now private companys are completely different story.

As for if people should question OTB and there business model and practices OF COURSE THEY SHOULD. I am not an OTB supporter but I really hope there is more to story then Matt Hegarty's opinions on accounting theory..

Since when is NYCOTB a public company?

[freddymo]

Originally Posted by philcski

Since when is NYCOTB a public company?

Since day 1:

While the concept of an off-track betting system was approved by New York City voters in a 1963 referendum by a three-to-one margin, the official history of the New York City Off-Track Betting Corporation began on April 22, 1970. That is the date that Governor Nelson Rockefeller signed into law two pieces of legislation which established the structure of off-track wagering. NYCOTB was designated to operate as a public-benefit corporation, a relatively new form of governmental entity run along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. The mission given us was three-fold: to raise needed revenue for the City and State, to combat organized crime's hold on gambling by providing a legal alternative and to help New York State's racing industry.

[gales0678]

Originally Posted by freddymo

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

just like the one's at arthur anderson freddy? do u remember Enron???

[philcski]

Originally Posted by freddymo

Since day 1:

While the concept of an off-track betting system was approved by New York City voters in a 1963 referendum by a three-to-one margin, the official history of the New York City Off-Track Betting Corporation began on April 22, 1970. That is the date that Governor Nelson Rockefeller signed into law two pieces of legislation which established the structure of off-track wagering. NYCOTB was designated to operate as a public-benefit corporation, a relatively new form of governmental entity run along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. The mission given us was three-fold: to raise needed revenue for the City and State, to combat organized crime's hold on gambling by providing a legal alternative and to help New York State's racing industry.

A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?

[freddymo]

Originally Posted by philcski

A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?

I am Series 7 licensed..I know what a Public company is.. Everything about OTB financial situation is fully transparent including the BS mentioned in this article:
http://www.huffingtonpost.com/daniel..._b_251567.html

[Mawhip]

Freddy. I love you man. Keep up the good work here.

[philcski]

Originally Posted by freddymo

I am Series 7 licensed..I know what a Public company is.. Everything about OTB financial situation is fully transparent including the BS mentioned in this article:
http://www.huffingtonpost.com/daniel..._b_251567.html

It is fully transparent? Show me the books and records. Show me where they previously disclosed the 87 vehicles driven by executives. Freddy, this operation is a sham. They should all be sent to jail. There is almost no possible way a company with (hypothetically) very low overhead and a risk-free 25% cut of money handled should EVER lose money. It just doesn't compute.

[mm1019]

What the President of OTB should be focusing on is why they don't take .10 supers on any tracks but NYRA and why you cant bet a .50 pick 4 when the tracks are offering them........

[freddymo]

Originally Posted by philcski

It is fully transparent? Show me the books and records. Show me where they previously disclosed the 87 vehicles driven by executives. Freddy, this operation is a sham. They should all be sent to jail. There is almost no possible way a company with (hypothetically) very low overhead and a risk-free 25% cut of money handled should EVER lose money. It just doesn't compute.

Phil do you realize I 100% agree that they are in "the Shiet" for no reason. Do you realize I think its outrageous they are criminals that have no clue how to run a business. I never suggested I am behind OTB's managaement just that the Audit and Auditors believe that what has been repped financial is CORRECT.

Steve Crist and Mat Hegarty have made the asertion that a large part of the losses are from surcharges which are deemed a liabilty instead of an asset. And that is someone either intentional made this decision and it is incorrect or a blatant accounting error.. Phil which one do you think it is? Wouldn't it be prudent to have a professional expert review the audit and render his or her opinion. What do you think is going happen in Court they are going to copy and paste Hegarty's DRF piece(Byk's indisputable smoking gun) hand it to the judge and say"here is all the proof you need"?

[gales0678]

Originally Posted by freddymo

Phil do you realize I 100% agree that they are in "the Shiet" for no reason. Do you realize I think its outrageous they are criminals that have no clue how to run a business. I never suggested I am behind OTB's managaement just that the Audit and Auditors believe that what has been repped financial is CORRECT.

Steve Crist and Mat Hegarty have made the asertion that a large part of the losses are from surcharges which are deemed a liabilty instead of an asset. And that is someone either intentional made this decision and it is incorrect or a blatant accounting error.. Phil which one do you think it is? Wouldn't it be prudent to have a professional expert review the audit and render his or her opinion. What do you think is going happen in Court they are going to copy and paste Hegarty's DRF piece(Byk's indisputable smoking gun) hand it to the judge and say"here is all the proof you need"?

Fred the $600 Mil pension obligation - if bankruptcy happens , who picks up that tab the city or the state? where does ny get the $ to pay off the pensioneers? patterson says ny state is broke

[gales0678]

the $250mm bond offering , does anyone know who is going to by the leader of this syndicate and what the interst rate will be?

anybody have a guess as to who would buy the bonds if the offering goes through?

[GBBob]

Somewhat related

http://www.harnessracing.com/news/ny...dmillions.html

[Cannon Shell]

Originally Posted by gales0678

Fred the $600 Mil pension obligation - if bankruptcy happens , who picks up that tab the city or the state? where does ny get the $ to pay off the pensioneers? patterson says ny state is broke

The pension obligation is a red herring.