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Originally Posted by PaceAdvantage
Who says they paid the mortgage back with profits? They paid the mortgage with REVENUES, and any RESIDUAL REVENUE LEFT OVER after "paying the bills" (isn't a mortgage also a bill?), was sent to the state.
I don't see, at least by reading this article, any way you could come up with the theory that NYRA doesn't own the tracks outright.
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Now why you do this to yourself?
Worm on a hook, knowing you'd be swimming in this pond.
Mortgage costs are an expense and deducted from Gross Revenue on income statements. Many Firms own thier facilties and building (s). Also, it's standard accounting practice to deduct for a Captial Expenditure fund, where you can park cash for a rainy day. All standard practice at non-profits.
The language, amendments, on and after agreements all make up a Murky situation. Claims can be made by both sides.
