Paterson proposal to bail out NYC OTB
(AP) - Gov. David Paterson plans to offerlegislation to bail out the troubled New York City Off TrackBetting Corp.
Now owned by the state after years of fiscal troubles, New YorkCity OTB is in bankruptcy court to reorganize and deal with itsdebt.
Paterson says the proposal he'll outline Wednesday would keepOTB from having to make regular dark day payments to tracks, createsome new revenue sources and establish an early retirementprovision for workers.
He says it would provide revenues to keep the New York RacingAssociation afloat through its summer thoroughbred racing season.
On Friday, the OTB's board voted to suspend for a week thedeadline for shutting down parlors and laying off 1,300 workerswhile Paterson and lawmakers try to solve its cash-flow problems.