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12-27-2017, 05:03 PM
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#1
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math/science # cruncher
Join Date: Sep 2017
Posts: 180
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Bankrupt Track Wants Man's Winnings Back
I wonder if this could happen again in today's market, with so many tracks struggling to keep afloat
Last edited by AstrosFan; 12-27-2017 at 05:04 PM.
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12-27-2017, 05:27 PM
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#2
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Registered User
Join Date: Oct 2010
Location: Home
Posts: 342
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Wow, that sucks.
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12-27-2017, 05:38 PM
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#3
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,760
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Joe Sullivan was a scumbag and deserves his trip to hell.
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12-27-2017, 05:59 PM
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#4
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Registered User
Join Date: Nov 2015
Location: LNN
Posts: 524
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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
__________________
They didn't take your money...You paid for lessons
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12-27-2017, 07:10 PM
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#5
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Registered User
Join Date: Sep 2007
Posts: 4,149
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12-27-2017, 07:13 PM
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#6
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Registered User
Join Date: Sep 2007
Posts: 4,149
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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.
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12-28-2017, 01:45 AM
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#7
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@TimeformUSfigs
Join Date: Jan 2002
Location: Moore, OK
Posts: 46,828
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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.
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12-28-2017, 09:48 AM
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#8
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Registered User
Join Date: Aug 2007
Location: Benton, La.
Posts: 1,841
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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.
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12-28-2017, 04:23 PM
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#9
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Registered User
Join Date: Sep 2006
Posts: 510
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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.
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12-28-2017, 04:46 PM
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#10
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Registered User
Join Date: Sep 2007
Posts: 4,149
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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.
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12-28-2017, 04:48 PM
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#11
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,871
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Quote:
Originally Posted by 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.
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Should be getting time from some judge.
__________________
Who does the Racing Form Detective like in this one?
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12-28-2017, 05:10 PM
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#12
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Veteran
Join Date: Oct 2001
Posts: 980
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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.
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12-28-2017, 07:18 PM
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#13
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Registered User
Join Date: Nov 2007
Posts: 1,012
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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.
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12-28-2017, 08:00 PM
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#14
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Registered User
Join Date: Aug 2007
Location: Benton, La.
Posts: 1,841
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ADW's have to post a bond to make sure the bettors and the state's tax money are protected.
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12-29-2017, 03:09 PM
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#15
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Registered User
Join Date: Aug 2007
Posts: 7,510
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Quote:
Originally Posted by RunForTheRoses
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PTC?
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