Bankrupt Track Wants Man's Winnings Back

[AstrosFan]

I wonder if this could happen again in today's market, with so many tracks struggling to keep afloat

https://www.youtube.com/watch?v=d7KMsVwEnOQ

[Fox]

Wow, that sucks.

[lamboguy]

Joe Sullivan was a scumbag and deserves his trip to hell.

[deelo]

I can't imagine he'd lose this. Not only does a winning simulcast bet not cost them money but that actually made a little off their part of the handle. Seems silly

[RunForTheRoses]

Andy Beyer was out 20 Grand from the same place:

https://blog.winningponies.com/2008/12/23/hinsdale-greyhound-racing-association-files-for-bankruptcy/

[RunForTheRoses]

From that article I see the PTC owner is this guy who made real good tweets from Keeneland:

https://twitter.com/paddockreport

Did not know that.

[cj]

Can't imagine they can possibly get the money back. It was never their money in the first place. Belmont Park would have reimbursed them at some point.

[green80]

their is a lot wrong with that legal case. Don't see how they can ask for the money back from one bettor without asking for the money back from every winning bettor.

If they co-mingled the players money with their general operating account, that may be a violation of law which would exempt those funds from bankruptcy protection.

[airford1]

The track BOOKED the bets. Belmont pool never saw the wagers. The player placed a bet knowing it was legal and the track management put those bets in there pocket, thus becoming an illegal book maker. They aren't getting squat from anybody.

[RunForTheRoses]

This is an old story. Anyone know the outcome? I googled briefly and couldn't find anything. Maybe it is not an old story for jurisprudence.

[Tom]

The track BOOKED the bets. Belmont pool never saw the wagers. The player placed a bet knowing it was legal and the track management put those bets in there pocket, thus becoming an illegal book maker. They aren't getting squat from anybody.

Should be getting time from some judge.

[linrom1]

It's not clear cut case, John Corzine defrauded thousands of commodity traders by using funds that were supposed to be held separately from his investment firm's to pay off JP Morgan before he went bankrupt and got away with it.

Before FDIC insurance when banks went bankrupt, their customers would lose their money.

[Bennie]

this is from 2008 when they shut down. Only TLG can tell you what became of the monies he was owed and only if he care to share. It is his business.

[green80]

ADW's have to post a bond to make sure the bettors and the state's tax money are protected.

[thespaah]

From that article I see the PTC owner is this guy who made real good tweets from Keeneland:

https://twitter.com/paddockreport

Did not know that.

PTC?

[thespaah]

Can't imagine they can possibly get the money back. It was never their money in the first place. Belmont Park would have reimbursed them at some point.

100% correct. Pari-Mutuel. Loosely translated as "among ourselves"..Meaning, the money won by this individual never belonged to the track in the first place. Less their takeout of course which the track takes off the top of the handle.
This looks feels and smells like a scam perpetuated by the tracks bankruptcy attorneys to cook up a scheme to get paid for their work.
If I was this guy, I'd tell them to go pound sand.
The track never had "ownership" of the funds in the betting pools except to hold until the winning bets were paid.
In effect, after the takeout is removed, tracks just simply push the wagering handle from one place to another.
This looks like a load of crap.
BTW,m I noticed this person won the money in 2008. The story is from 7 years ago. I think

[cj]

PTC?

Premier Turf Club, or BetPTC.

[toddbowker]

Joe Riddell hasn't had an ownership stake in Premier Turf Club since late 2010.