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N.Y. Wants Racing Association's DIP Rejected

Law360 (January 3, 2007, 12:00 AM EST) -- A $50 million financing package arranged by recently bankrupt New York Racing Association Inc. should be scrapped because the racetrack operator doesn’t control the land it’s using to guarantee the loan, according to an objection filed Tuesday by the State of New York.

New York, the NYRA’s largest creditor, said bankruptcy law doesn’t trump the state’s racing laws, which stipulate that the association must receive approval from a state oversight board before putting the tracks at risk to line up funding.

“NYRA has slipped language into...
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