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#1
01-06-2010, 11:37 AM
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NYRA strikes back; Will float OTB takeover..
On the heels of a vile anti-NYRA editorial planted in the NY Daily News by OTB head Sandy Frucher, the Association has rightfully come back swinging regarding the fallacies and inappropriateness of the NYC OTB bankruptcy. See the Matt Hegarty (DRF) and Tom Precious (Bloodhorse) pieces below...
The inequities and questionable legality of OTB's filing were pointed out weeks ago on ATR by Hegarty. As to the smear in the Daily News, I told ATR listeners what Ben Leibman (Executive Director of the Government Law Center of Albany Law School) correctly predicted as tactics that Frucher, a longtime Albany policy wonk and puppetmaster, would use on the editorial pages. NYRA objects to OTB bankruptcy petition By Matt Hegarty http://www.drf.com/news/article/109927.html The New York Racing Association and the New York Thoroughbred Horsemen's Associations are seeking to dismiss a bankruptcy petition by New York City Off-Track Betting Corp., according to objections the two groups have filed with the bankruptcy court. The objections signal that NYRA and its horsemen are preparing for a drawn-out battle with New York City OTB as the company seeks to reorganize under a little-used section of the bankruptcy code, Chapter 9, which is reserved for municipalities. New York City OTB, which is owned by the state, filed for Chapter 9 bankruptcy on Dec. 3, listing NYRA as it second-largest creditor with a debt of $14.7 million. In its objection, NYRA states that the court should dismiss the bankruptcy filing for several reasons, including its contention that the offtrack betting corporation did not obtain approval from the state legislature to file for Chapter 9 bankruptcy. In addition, NYRA contends in the objection that OTB "failed to demonstrate in good faith over a plan of adjustment with its creditors" and that OTB is using the bankruptcy filing to put pressure on the state legislature to reduce its statutory obligations to the racing industry and other parties that have a share in the company's revenues. NYRA: Toss Out NYCOTB Bankruptcy Petition By Tom Precious http://www.bloodhorse.com/horse-raci...uptcy-petition The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan. NYRA, which is the second largest creditor of the NYCOTB, said the OTB failed to negotiate with any of its creditors before filing its Chapter 9 reorganization plan and is using the bankruptcy filing as a maneuver to try to get its way on its long-stalled legislative agenda at the state Capitol. In a 23-page filing with the U.S. Bankruptcy Court in the Southern District of New York, NYRA’s lawyers argue that the OTB failed to meet the legal “good faith’’ provisions to seek bankruptcy protection. The legal brief, continuing a long-running battle between NYRA and NYCOTB, states that the OTB over-stepped its legal authority to file the petition in the first place. It said an executive order from New York Gov. David Paterson permitting the Chapter 9 move was not enough, and that the filing needed authorization from the state legislature. NYRA also maintains that the OTB “strangely’’ left out of its filing some $200 million owed to other creditors.
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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 
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#2
01-06-2010, 12:05 PM
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Thank you for the pieces Steve.
"OTB is using the bankruptcy filing to put pressure on the state legislature to reduce its statutory obligations to the racing industry " As usual, OTB does not assume any financial risk as those in the industry do every day . OTB wants more money however.
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#3
01-06-2010, 12:20 PM
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__________________
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
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#4
01-08-2010, 06:43 PM
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NYRA wants to take over NYC OTB
Bankrupt operation carries $228 million in debt By JAMES M. ODATO, Capitol bureau Last updated: 4:00 p.m., Friday, January 8, 2010 http://www.timesunion.com/AspStories...storyID=886659 ALBANY -- Despite its own fiscal problems, the New York Racing Association is proposing to take over the bankrupt New York City Off-Track Betting Corp. NYRA President Charles Hayward got up at a hearing of the Assembly and Senate and revealed that his not-for-profit organization will introduce a plan to take over the OTB in seven to 10 days. NYC OTB, with 1,381 employees, entered bankruptcy in December. Hayward began publicly declaring that the association expected to run out of money next year and may have to close the Belmont and Saratoga meets as a result. He emphasized that NYRA needs funds from the state because of the failure by state leaders to choose an operator for an Aqueduct racino. He also noted that NYRA is going to be hurt by OTB's bankruptcy because it is owed some $15 million. NYC OTB entered bankruptcy protection to shield itself from $228 million in debts. That includes $42 million owed to the state's harness and thoroughbred tracks, about $14.7 million alone owed to NYRA, and between $30 million and $40 million owed to the state of New York. Hayward initially hailed the move, saying he thought the OTB would emerge from the bankruptcy stronger -- just as NYRA had after its own bankruptcy, which ended after the state agreed to provide $105 million and help it wipe out its debt.
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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
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#6
01-08-2010, 08:10 PM
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How about the state legalizes DRUGS and PROSTITUTION as well? Then NYRA could sell DRUGS and have all the local women TURNING TRICKS (while they shoot up). And, of course, the state would then get its cut as well, and it'll all be fine. We can justify this, right? Why would we demand more efficient government instead of this alternative?
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#7
01-08-2010, 08:13 PM
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fat yonkers is thriving , i see a lot of jobs and people on the tax rolls now thx to the 5,000 slot thearte what is your answer to that?
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#8
01-08-2010, 08:39 PM
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#10
01-08-2010, 11:13 PM
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#11
01-08-2010, 11:14 PM
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#12
01-09-2010, 11:13 AM
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#13
01-09-2010, 01:50 PM
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#14
03-22-2010, 03:58 PM
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Judge rules for New York OTB
By Matt Hegarty http://www.drf.com/news/article/111618.html A New York Bankruptcy Court judge has overruled objections lodged by the New York Racing Association and its horsemen that challenged the legality of the Chapter 9 bankruptcy petition filed late last year by the state-owned New York City Off Track Betting Corporation. In a ruling issued on Monday, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York challenged the objections one-by-one and ultimately ruled that NYRA's arguments had no basis in law. As a result, NYCOTB will continue to enjoy the legal shelter of the court as it seeks to reorganize and lobby for changes to state laws that govern how its revenues are distributed to the racing industry.
__________________
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
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#15
03-23-2010, 09:59 AM
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Frucher/NYC OTB = big; Racing/breeding = little
Who isn't 'little' when compared to someone like the great Sandy Frucher?
"This is about jobs and not just OTB jobs. It's horse farms and agri-jobs and a lot of little-people jobs." said OTB Chairman Meyer (Sandy) Frucher. OTB: We'll close unless Albany rides to rescue BY Kenneth Lovett and Erin Einhorn Read more: http://www.nydailynews.com/ny_local/...#ixzz0j0Yg5xSl The city's Off-Track Betting board voted Monday to send pink slips to all of its 1,300 employees - unless Albany quickly throws a lifeline. Without a rescue deal from the state, the struggling OTB says it will shutter its 66 betting parlors after close of business on Sunday, April 11.
__________________
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
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#16
03-23-2010, 10:06 AM
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#17
03-23-2010, 11:39 AM
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03-23-2010, 11:53 AM
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#19
03-23-2010, 01:10 PM
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