Jacoby & Jacoby Articles Suffolk OTB Awaiting Bankruptcy Approval

Suffolk OTB Awaiting Bankruptcy Approval

By Jacoby & Jacoby  Mar. 21, 2011 1:00p

March 16th – Suffolk OTB is awaiting Chapter 9 bankruptcy approval from the Suffolk County Legislature today. Suffolk Off-Track Betting Corp. filed for Chapter 9 bankruptcy last February after state auditors found they were $750,000 in the red.

Suffolk OTB will become the state’s second OTB Company to declare bankruptcy after New York City’s betting agency folded last year. Suffolk anticipates getting back in the black once they close down unprofitable betting shops and, by putting focus on growing it’s internet and telephone wagering business. NYRA president Charles Hayward says that the only hope for Suffolk would be to consolidate with one or more of New York’s five remaining off-track betting companies.

Hayward feels that Suffolk president and CEO Jeffrey Casale “runs a good operation.” Suffolk has already shown that they are trying to cut costs where they can, they proved this by laying off approximately 100 employees and by closing two betting shops in the last two years on their own accord. If you need more information about bankruptcy and further experience from a qualified attorney, contact a Long Island Bankruptcy attorney today.

Bankruptcy Attorney in Long Island

In today’s economy, millions of individuals and businesses are turning towards bankruptcy for financial solutions. Whether you are single, married or a business owner, and you are experiencing your own financial difficulty, it would be in your best interests to speak with a Long Island bankruptcy lawyer from Jacoby & Jacoby. We specialize exclusively in bankruptcy law; we have the experience and the knowledge to help you decide if bankruptcy is right for you. Let us give you all the information you need in order to make an informed decision.

Contact a Long Island bankruptcy attorney from our firm today for a free initial consultation.

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