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Old 12-27-2017, 05:03 PM   #1
AstrosFan
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Question 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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Old 12-27-2017, 05:27 PM   #2
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Wow, that sucks.
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Old 12-27-2017, 05:38 PM   #3
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Joe Sullivan was a scumbag and deserves his trip to hell.
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Old 12-27-2017, 05:59 PM   #4
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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
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Old 12-27-2017, 07:10 PM   #5
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Andy Beyer was out 20 Grand from the same place:

https://blog.winningponies.com/2008/...or-bankruptcy/
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Old 12-27-2017, 07:13 PM   #6
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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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Old 12-28-2017, 01:45 AM   #7
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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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Old 12-28-2017, 09:48 AM   #8
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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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Old 12-28-2017, 04:23 PM   #9
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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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Old 12-28-2017, 04:46 PM   #10
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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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Old 12-28-2017, 04:48 PM   #11
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Quote:
Originally Posted by airford1 View Post
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.
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Old 12-28-2017, 05:10 PM   #12
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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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Old 12-28-2017, 07:18 PM   #13
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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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Old 12-28-2017, 08:00 PM   #14
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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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Old 12-29-2017, 03:09 PM   #15
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Quote:
Originally Posted by RunForTheRoses View Post
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?
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