State bets $8M on NYRA's future

7 Nov 2006

LBANY, New York -- As reported by the Times Union: "A day after being criticized as incompetent in the New York Racing Association's bankruptcy filing, the Pataki administration lent NYRA $8 million on Friday.

"The money, arranged during a bankruptcy court proceeding, replaced private financing NYRA had set up. As collateral, NYRA would have put up the three state tracks that it claims it owns. The state contends it owns the tracks.

"Meanwhile, Attorney General Eliot Spitzer called NYRA's bankruptcy filing a work of fiction and said the track operator is wrong if it thinks it owns the Saratoga, Aqueduct and Belmont racetracks.

"...The attorney general's office is among more than 130 creditors listed in NYRA's Thursday submission to U.S. Bankruptcy Court in Manhattan.

"...The private, nonprofit racing association filed under Chapter 11 of the bankruptcy code, giving it time to reorganize debts and work out a repayment schedule..."

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	State bets $8M on NYRA's future 7 Nov 2006 LBANY, New York -- As reported by the Times Union: "A day after being criticized as incompetent in the New York Racing Association's bankruptcy filing, the Pataki administration lent NYRA $8 million on Friday. "The money, arranged during a bankruptcy court proceeding, replaced private financing NYRA had set up. As collateral, NYRA would have put up the three state tracks that it claims it owns. The state contends it owns the tracks. "Meanwhile, Attorney General Eliot Spitzer called NYRA's bankruptcy filing a work of fiction and said the track operator is wrong if it thinks it owns the Saratoga, Aqueduct and Belmont racetracks. "...The attorney general's office is among more than 130 creditors listed in NYRA's Thursday submission to U.S. Bankruptcy Court in Manhattan. "...The private, nonprofit racing association filed under Chapter 11 of the bankruptcy code, giving it time to reorganize debts and work out a repayment schedule..."