bankruptcy documents on its website in an easy to access and search format and fashion.
The bettors of New York State look forward to
Kevin Jefferson
P.O. Box 1469
Riverhead, NY 11901
bringing a declaratory judgment action against Suffolk OTB so that his rights secured by NY Const. Art. 1, Sec. 3 are not abridged by Suffolk OTB. How can these bankrupt boys et al not have asked the Attorney General for an Opinion so that Suffolk OTB might have opened without fear on every day in April 2012 when tracks across the United States were running that Suffolk County bettors including Kevin Jefferson wanted to bet.
Suffolk OTB belongs with NYC OTB in Bankruptcy heaven. Working? only for people that are neither lawyers or politicians?
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Chapter 9 Protection Update
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May 14, 2012
Update:
Suffolk OTB Files for Chapter 9 Bankruptcy Protection;
State Authorization Granted As Part of Recent Budget Passage
On Friday, May 11, 2012, Suffolk Regional Off-Track Betting Corporation filed a petition for modification of its debts under Chapter 9 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of New York, Central Islip Division.
U.S. Bankruptcy Court Chief Judge Carla Craig dismissed Suffolk OTB’s original March 18, 2011 petition this past December, ruling that Suffolk OTB required State authorization in order to proceed with Chapter 9 bankruptcy.
Suffolk OTB received State authorization as a result of the passage of the New York State 2011-2012 budget. The bill also allows Suffolk OTB access to its capital acquisition fund for operational purposes.
Handle for this year’s Kentucky Derby was the highest in the last five years, with a 25% increase over the 2011 Run for the Roses. After several years of decline, the handle numbers for the entire day were up by 3%: $2.23-million this year versus $2.16-million for 2011.
Suffolk OTB President and CEO Jeffrey A. Casale said that the new business model developed over the past year is responsible for the strong start to the 2012 racing season. “With the successful filing of Friday’s Chapter 9 petition, Suffolk OTB will be in the position of completing its reorganizational plan. That means a stronger Suffolk OTB and increased support for Suffolk County, New York State and taxpayers.” Casale said that Suffolk OTB will continue to make surcharge payments to Suffolk County while under bankruptcy protection.
The case now goes to the Chief Judge of the United States Court of Appeals, who will select a bankruptcy judge in the Second Circuit to hear the case.
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| By clicking here, you will be taken to the PACER (Public Access to Court Electronic Records) web site, which is an electronic public access service. Registration for Pacer is necessary in order to access documents.
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