bankruptcy

First Phase Of Zayat Liquidation, High-Priced Remedy Highlight Fasig-Tipton Kentucky Winter Mixed Sale

Following a relatively tame opening session of the Fasig-Tipton Kentucky Winter Mixed Sale on Monday, the market woke up during the auction’s second half, propelled by a solid group of offerings in the supplemental catalog to produce returns that were down slightly from last year’s sale in the averages but ahead by gross. At the […]

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Kentucky Requiring Added Protection Against ADW Bankruptcy

During a meeting on Tuesday, Nov. 22, the Kentucky Horse Racing Commission approved a new measure targeted at advance deposit wagering companies, according to bloodhorse.com. The ruling will require each ADW to acquire a bond, maximum $500,000, as a way to protect customers and the state against ADW bankruptcy. According to the article, the KHRC’s […]

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Lansdowne Thoroughbreds Bankruptcy Case Dismissed After New Investors Agree To Purchase Company

U.S. Bankruptcy Court Judge Tracey N. Wise on Tuesday¬†sustained a motion by Lansdowne Thoroughbreds LLC to dismiss its Chapter 7 bankruptcy case filed earlier this month. According to a Motion for Dismissal filed on Monday by the Lexington, Ky., law firm Bunch & Brock, which represents Lansdowne Thoroughbreds, the bankruptcy petition was filed in order […]

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Lansdowne Thoroughbreds Lists 76 Creditors In Chapter 7 Bankruptcy Filing

Lansdowne Thoroughbreds LLC, which began buying horses at public auction in 2014 and spent nearly $1.5 million to purchase at least 30 broodmares, yearlings and 2-year-olds in training, filed for Chapter 7 bankruptcy on Monday. The voluntary petition, submitted to U.S. Bankruptcy Court for the Eastern District of Kentucky, claims the company has less than […]

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Hoosier Park parent company emerges from bankruptcy

The company that owns Hoosier Park racetrack and casino near Indianapolis has officially emerged from bankruptcy with a new structure and a new name.¬† Centaur Holdings LLC replaces Centaur Inc., which took several steps to alleviate debt and trim down during the bankruptcy process.¬† Hoosier Park borrowed heavily to pay state licensing fees for video […]

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NYRA expects to recover $8.5m from NYC OTB

NYRA president and CEO Charles Hayward says he expects to recover at least $8.5 million of the nearly $27 million owed by the NYC OTB. The money will come from the $14.7 million the OTB has put into escrow.

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OTB Shut Down

According to the NYC OTB, the NY state senate’s failure to act on a reorganization plan to save the public benefit corporation earlier this week may be the final nail in the coffin. Preparations are being made to permanently close on Friday with notices already being sent to the unions who represent the 1,300 employees […]

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ZAYAT AND THE ‘TALE OF TWO BANKS’

By Ray PaulickThe Chapter 11 bankruptcy filed yesterday by Zayat Stables stems from a “tale of two banks,” owner Ahmed Zayat contends, both of them named Fifth Third. The first, a “good bank,” was the one based in Lexington, Ky., that sought business in the Thoroughbred industry and worked with its clients. The second, the […]

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