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NYC Off-Track Betting's Ch. 9 Case Shut Down

Law360 (January 26, 2011, 4:19 PM EST) -- A federal judge has closed the books on New York City Off-Track Betting Corp.'s municipal bankruptcy, agreeing that the state Legislature's failure to adopt vital changes to racing law thwarted any chance of the debtor confirming a reorganization plan.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York on Tuesday granted the debtor's motion to dismiss without prejudice its Chapter 9 bankruptcy, finding that many of NYC OTB's creditors are being substantially harmed by its failures to complete a plan...
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