NY Off-Track Betting chairman quits
June 5, 2010NEW YORK (AP) -The chairman of the state entity that handles all off-track betting on horse races in New York City has resigned, citing the collapse of his plan to refinance the bankrupt company.
Meyer ``Sandy'' Frucher submitted his resignation to the governor Friday, on the eve of the Belmont Stakes. Gov. David Paterson appointed him a year ago.
In the letter, Frucher said he decided to quit as chairman of the New York City Off-Track Betting Corp. after the state's budget director said he wouldn't sign off on a plan to finance the company's turnaround with up to $300 million in municipal bonds.
The OTB has been operating under bankruptcy court protection and has threatened to shut down if state government doesn't bail it out.