NYC OTB's new leader: Plan for restructuring coming within 30 days

bigdog_14086 · #1 07-20-2010, 10:30 PM

By PAUL POST, The Saratogian

SARATOGA SPRINGS — The new head of bankrupt New York City Off Track Betting Corp. says he’ll have a plan in place for restructuring the firm within 30 days.

Greg Rayburn, hired earlier this month at a salary of $125,000 per month, says all stakeholders — racetracks, breeders, unions and governments — will have to share some of the pain involved with getting OTB back on solid financial ground.

For more...

http://www.saratogian.com/articles/2...3240885965.txt

freddymo · #2 07-21-2010, 08:32 AM

Very impressive stuff. By the tenor of NYRA's statement it seems they like the new leadership and are hoping for the best.

What chance the Union gives up jobs?

Cannon Shell · #3 07-21-2010, 02:30 PM

I love that the breeders and tracks should "share the pain". Like they are responsible for OTB's ineptness.

freddymo · #4 07-21-2010, 02:36 PM

Quote:

Originally Posted by Cannon Shell

I love that the breeders and tracks should "share the pain". Like they are responsible for OTB's ineptness.

I think he means we all mmed to come together and sing kombaya

Cannon Shell · #5 07-21-2010, 02:44 PM

Quote:

Originally Posted by freddymo

I think he means we all mmed to come together and sing kombaya

Or "we need to start with a clean slate" then "renegotiate the percentages"

freddymo · #6 07-21-2010, 02:51 PM

TB's is part of a powerful Union. At the new OTB;s in NJ the supervisors learn to fix the terminals. At OTB NYC when a terminal breaks you call the maintainence dept. Which comes in from LI in a vehicle that is serviced by another Union. Then they load the machine fring it to a service area have another Union guy un load and load it back onto a truck and bring it back 3 days later on OT. Its just the way things work and racing simply can't afforf the ridiculous process.

freddymo · #7 07-21-2010, 04:50 PM

Quote:

Originally Posted by richard

I don't see any reason the tracks, owners (are allready suffering because of reduced purses due to NYOTB rerfusal to pay debts), or breeders need to share in any pain.

Fire all the employees at NYCOTB and eliminate that organization. They are the cause of this problem. I have written my senator expressing this solution.

And why is this new guy being paid $125,000 a month to screw breeders, owners, and tracks ?

Richard do you know what Union reps the majority of OTB's employees?