waiting or

Chapter 9 Protection Update

To Our Customers November 2011 On October 25th, Suffolk OTB and Churchill Downs Inc. appeared before Chief Judge Carla Craig in U.S. Bankruptcy Court in Brooklyn. This was the final hearing on the Churchill Downs Inc. challenge to Suffolk OTB’s Chapter 9 bankruptcy filing. The main issue before the court was whether or not Churchill Downs Inc. has standing in this case. Does Churchill Downs Inc. stand to suffer financial harm as a result of its relationship with Suffolk OTB? Suffolk OTB says ‘no’. We now await Judge Craig’s ruling. The possibilities are numerous: She may dismiss the Churchill Downs Inc. challenge and allow Suffolk OTB to continue to operate under bankruptcy protection. She may uphold the Churchill Downs challenge but still rule to allow Suffolk OTB to continue in Chapter 9 bankruptcy. She may issue an entirely different ruling. We cannot predict how Judge Craig will rule. What we can say for certain is that Suffolk OTB will do everything in its power to continue implementing its new business model. Our goal is to emerge from bankruptcy as soon as possible, pay off our creditors over time and continue providing support to Suffolk County and its taxpayers.