Guild Gets Seat on NYRA Unsecured Creditors Committee
Updated: Thursday, November 16, 2006 7:36 AM
Edited press release
Posted: Wednesday, November 15, 2006 12:21 PM
The Jockeys' Guild has been named a member of the Unsecured Creditors Committee in the bankruptcy proceedings of the New York Racing Association.
The decision was made by the U.S. Bankruptcy Court Trustee for the Southern District of New York, according to Guild national manager Dwight Manley and Guild general counsel Tom Kennedy, who view the unprecedented appointment as an indication the Guild has corrected its own financial problems, and that jockeys can play an important role in assisting NYRA to again have sound financial footing.
"The Guild understands difficult financial situations because we've recently encountered them, and we look forward to helping NYRA become successful and prosper along with the entire racing industry," Manley said. "The Guild has worked very hard to turn the corner, and we will help NYRA to do the same."
Kennedy said the inclusion of the Guild gives the organization greater standing in the industry.
"The decision by the trustees to include the Guild on the seven-member Unsecured Creditors Committee demonstrates to the industry how important jockeys are to the successful conduct of a pari-mutuel meet," Kennedy said. "For far too long, the industry regarded the only participants in the business of racing to be the tracks, the owners, and trainers, and the expertise of the jockeys was previously ignored."
NYRA filed for bankruptcy protection earlier in November, though it continues to operate its business--live racing at Aqueduct--as usual.
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