NYCOTB Remains Open

[Zman179]

Motion to remain open and rescind layoff notices at 13:00 of webcast.

http://www.webcasting.com/otb/player.php?clientname=otb&eventname=-board&eventdate=04.17.2010

[Robert Goren]

Talk about beating a dead horse.

[badcompany]

Who would put money in their account not knowing whether OTB will be in business the next day?

[tribecaagent]

Who would put money in their account not knowing whether OTB will be in business the next day?

They've gauranteed the funds. It was scrolling along the bottom of the OTB station this morning.

[Robert Goren]

They've gauranteed the funds. It was scrolling along the bottom of the OTB station this morning.With what? How? I don't think the FDIC is going get involved with this bunch.

[kenwoodallpromos]

WOW! 25% TAX SOURCE STAYS OPEN!

[tribecaagent]

Forget about the FDIC my man....what about the lawsuits against a government agency like OTB?

It's now a moot point but any monies are safe.

BTW-I have ZERO affiliation with OTB.

[hibiscus]

Motion to remain open and rescind layoff notices at 13:00 of webcast.

Correct me if I’m wrong but didn’t they state publicly twice now that they don’t have the funds to stay open after April 11 and again after April 18? If they don’t have the funds how can they now remain open “indefinitely”?



Were they lying then or are they lying now?

[Indulto]

Correct me if I’m wrong but didn’t they state publicly twice now that they don’t have the funds to stay open after April 11 and again after April 18? If they don’t have the funds how can they now remain open “indefinitely”?



Were they lying then or are they lying now?The union(s) must have reversed their position that ended the negotiations.

[rjorio]

Chairman NYC OTB,Meyer Frucher stated:''Statutory payments to tracks will be delayed.''This is how NYC OTB intends to stay open.

[johnhannibalsmith]

Chairman NYC OTB,Meyer Frucher stated:''Statutory payments to tracks will be delayed.''This is how NYC OTB intends to stay open.

Delayed until when? Never?

Did they actually adopt a plan that will move them towards profitability and to a degree that they can compound liabilities in the interim?

Strange.

[Robert Goren]

The tracks agreed to that?

[slew101]

Shocking. I thought they would close.

[rjorio]

Meyer Frucher,Chairman NYC OTB:"We can't be forced to pay money we don't have." Whistling in the dark and waiting for a bailout.

[Robert Goren]

Why would any track let them use their signal? I just don't get it.

[johnhannibalsmith]

Meyer Frucher,Chairman NYC OTB:"We can't be forced to pay money we don't have." Whistling in the dark and waiting for a bailout.

I'm going to use that line at some point and see how well it works for me. Didn't I just read a quote where he (Frucher) referred to those payments as "statutory"?

[rjorio]

Steve Crist in his DRF column today has the solution for the NYC OTB fiasco, if only the politicians would follow his advice. GO TO THE DRF WEBSITE TO READ THIS COLUMN.

[Tom]

OTB now gets to keep uncashed ticket money.
That is about 25 million that WE taxpayers will not get now.
So instead of NYS helping it's taxpaying citizens, they will reward fat-cat losers who have done nothing constructive in decades.

The solution to me is clear - total boycott of ALL NYS racing - FL, NYRA harness.....no more money at all to these thieves.

[GARY Z]

I pulled my money out Friday afternoon for the second time in about a
year and had little trouble other than waiting 5 minutes for the $$ :mad:


I'm thinking this may be the final count....

[Brogan]

Why would any track let them use their signal? I just don't get it.
BINGO!

[PaceAdvantage]

I posted before that I would have been shocked to see them close their doors on Monday.

Of course they were bluffing. Maybe not long term, but definitely short term.

NYCOTB has PLENTY of areas where it can cut costs DRASTICALLY in order to stay open...I think we all know this by now...bloated salaries...unnecessary executives...useless branches....

[badcompany]

Forget about the FDIC my man....what about the lawsuits against a government agency like OTB?

It's now a moot point but any monies are safe.

BTW-I have ZERO affiliation with OTB.

Even so, I'm sure there will be a process involved and who wants to go through that?

[classhandicapper]

For the record, any money in an OTB account is safe because customer money is segregated from operating money. In the event of a future closing, a few branches in each borough will be kept open to process withdrawals. It will be very clean and easy.

[classhandicapper]

Why would any track let them use their signal? I just don't get it.

Actually, there is a very big misunderstanding on this.

When OTB started expanding its track menu years ago in order to satisfy customers and potentially expand handle, it negotiated a bunch of horrible deals with small tracks.

OTB is required to pay large fees for some signals even if OTB takes very little action on the track and loses money on the deal. That's one of the major cost problems. Those deals need to be renegotiated or broken. That is one of the goals of the bankruptcy.

The deal should be that OTB pays the host track some fixed market rate percentage of what OTB handles on that track, not a cost that far exceeds what the track generates for OTB or a cost much higher than places YOUBET etc.... Of course the tracks are against that because they are more than willing to rape and pillage OTB because of the stupidty of its former management and they also have fat salaries and political patronage jobs to support.

[Zman179]

For the record, any money in an OTB account is safe because customer money is segregated from operating money.

Tell that to the horseplayers who got soaked when Hinsdale Greyhound Park went into bankruptcy. There is no such thing as "safe" money unless the account is insured.

[Zman179]

When OTB started expanding its track menu years ago in order to satisfy customers and potentially expand handle, it negotiated a bunch of horrible deals with small tracks.


NYCOTB has always taken advantage of what could be coined "volume discounts" since NYCOTB alone accounts for 7% of the nation's handle. But what cemented NYCOTB's problem was when the entity overpaid the NY State harness tracks so that they would give permission for NYCOTB to begin nighttime simulcasts of thoroughbred tracks. It proved to be a dismal failure and OTB's been paying through the nose ever since; that is why Yonkers took so long to reopen after slots renovations, they were getting paid even though they didn't run for almost a year.

[Thomas Roulston]

I'll probably be at the NYCOTB parlor near the Staten Island Mall, either today or tomorrow. I'll let you all know what I find there.

[classhandicapper]

NYCOTB has always taken advantage of what could be coined "volume discounts" since NYCOTB alone accounts for 7% of the nation's handle. But what cemented NYCOTB's problem was when the entity overpaid the NY State harness tracks so that they would give permission for NYCOTB to begin nighttime simulcasts of thoroughbred tracks. It proved to be a dismal failure and OTB's been paying through the nose ever since; that is why Yonkers took so long to reopen after slots renovations, they were getting paid even though they didn't run for almost a year.

Those are some of the bad deals I was referring to. Thanks for clarifying.